One of the basic economic laws is the law of one price. Does it imply that the

Question:

One of the basic economic laws is the “law of one price.” Does it imply that the U.S. wage level will have to equal the Chinese wage level if free trade is allowed? Why or why not?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Macroeconomics

ISBN: 978-1259663048

10th edition

Authors: David C. Colander

See More Books

Question Posted: Dec 05, 2018 05:39 AM

See More Questions

One of the basic economic laws is "the law of one price." It says that given certain assumptions one would expect that if free trade is allowed, the price of goods in countries should converge. a....
One of the basic laws of economics is the law of one price. It says that given certain assumptions one would expect that if free trade is allowed, the prices of goods in multiple countries should...
One of the basic assumptions of the material presented in chapter 8 is that the form of reproduction will exert substantial influence on social interactions within a species. How might interactions...
Three charges are arranged as shown in the figure. Find the (a) magnitude and (b) direction (angle with the x axis) of the electrostatic force on the 6.00- nC charge. In the figure, q= 3.64 nC. 0.500...
Many people consider their smart phone to be essential! Communication, news, Internet, entertainment, photos, and just keeping current are all conveniently possible with a smart phone. However, the...
Basic Summary Statistics Problem: Percent of State Expenditures for Roads and Bridges that comes from user fees. An article noted that owners of EV vehicles do not pay gas taxes that are often...
The pump suitable for small discharge at high pressure head is (a) axial flow (b) centrifugal (c) mixed flow (d) reciprocating
Whirlpool manufactures and sells home appliances under various brand names. IBM develops and manufactures computer hardware and offers related technology services. Target Stores operates a chain of...
Bonita, Inc. decided to implement the activity-based costing approach and was quite successful in its use. However, the controller is wondering if instead of only two activity cost pools, they should...
An IP datagram has arrived with the following partial information in the header (in hexadecimal): 45000054 00030000 2006... a. What is the header size? b. Are there any options in the packet? c. What...
One way to equalize imports and exports would be to pass a law that (1) in order to import, importers must provide a certificate certifying that an equal value of exports had occurred; and (2) in...
How important is international trade in terms of its relationship to total U.S. production? What does this suggest about the importance of trade policies relative to other countries?
Consider a binary mixture of ideal gases, a and b, at temperature T and pressure P. Come up with an expression for in terms of T, P, and ya. What is the value of (AGmix) a
As a project manager at Expedia, one of the largest online travel services in the world, youve seen plenty of college interns in action. However, few have impressed you as much as Maxine Max...
Why is it essential to understand your readers likely motivations before writing a persuasive message?
Your organization operates in an open and inclusive manner with regard to employee relations and interactions. For some years it has operated an employee suggestion scheme and has adopted some of the...
Claris Inc. is an advertising agency that is pitching for a new account at the baby food company Baby Bright. The agency has never held any previous account in this business and has no idea what the...
Discuss the comparative advantages and disadvantages of using emotional appeal and logical appeal.
a. At what speed, as a fraction of c, must a rocket travel on a journey to and from a distant star so that the astronauts age 10 years while the Mission Control workers on earth age 120 years? b. As...
$10,000 was borrowed at 3.5% on July 17. The borrower repaid $5000 on August 12, and $2000 on September 18. What final payment is required on November 12 to fully repay the loan?
Find the equilibrium level of GDP demanded in an economy in which investment is always $300, net exports are always 2$50, the government budget is balanced with purchases and taxes both equal to...
Referring to Test Yourself Question 1, do the same for an economy in which investment is $250, net exports are 0, government purchases and taxes are both $400, and the consumption function is as...
In each of these cases, how much saving is there in equilibrium?
make a scenario for each of the following Gesture communication Facial expression communication Oral communication Written communication discuss briefly each scenario
Problem 7-30 Holding Period Yield (LO2) The YTM on a bond is the interest rate you earn on your investment if interest rates don't change. If you actually sell the bond before it matures, your...
According to theknot.com, online dating is the most common way people meet their spouses today. This claim was based on a survey of 1,400 randomly selected recently married couples, with 266...

One of the basic economic laws is the law of one price. Does it imply that the

Question:

Step by Step Answer:

The law of one price states that the price of equivalent goods will cost the same across c...View the full answer

Macroeconomics

Students also viewed these Business questions