International Trade and Finance Questions

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International Trade and Finance: Review questions for final exam 1. Suppose the American Association of University Professors (AAUP) successfully coordinated and lobbied congress to pass a requirement that all professors at U.S. universities must have graduate degrees from U.S. universities. a. How would this requirement affect the market for 4-year college degrees in the U.S.? Graph and explain your answer. What would happen to tuition and the number of degrees conferred? b. How would this requirement affect the market for graduate degrees at universities outside the U.S.? Again, graph your answer and explain what would happen to both tuition and the number of degrees conferred. c. Suppose that the requirement were instead that all professors at U.S. universities had to be U.S. citizens, but there was no requirement that professors’ graduate degrees be conferred by U.S. universities. How would this policy change your answers to Parts a and b? 2. Medical Doctors earn much higher salaries in the U.S. than in most of the world. Salaries vary widely by specialty and region, but the average for all physicians is roughly $200,000 per year. Explain why, in 3-4 paragraphs. You may give more than one reason, but use the labor market for doctors’ services to explain your answer. A graph is not required, but it can clarify your thinking. 3. Using consumer behavior theory, i.e. utility-maximization theory, to explain how international trade makes consumers better off in terms of individual utility. Who is harmed by international trade? Explain how, using the tools of microeconomics. Your answer should be 3-4 paragraphs long and should include supply and demand graphs where appropriate. 4. Some macroeconomists believe that Long-Run Aggregate Supply (LRAS) is perfectly inelastic. a. Explain why they would believe so in 3-4 sentences. b. If LRAS is perfectly inelastic, what are the implications for monetary policy? Explain in 2-3 sentences. c. If LRAS is perfectly inelastic, what are the implications for countries considering fixed exchange rates? 5. On foreign aid to developing countries: a. What are the circumstances under which foreign aid can help a developing country? Explain your answer in 3-4 sentences. b. How can foreign aid harm a developing country? Explain in 3-4 sentences. c. What are the problems with sending money as foreign aid? Explain in 2-3 sentences. d. What are the problems with sending goods as foreign aid? Explain in 2-3 sentences. 6. On international economic development: a. What do you believe is the key to international economic development, i.e. what is the root cause of sustainable economic growth in poor countries? (2-3 sentences) b. What do you believe are the necessary conditions for growth, i.e. what conditions MUST already exist for growth to occur? (2-3 sentences) c. How can the U.S. government best promote economic growth in the developing world? (3-4 sentences) ...
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Msharon
School: University of Virginia

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International Trade and Finance: Review questions for the final exam
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Question one
Question a
The primary improvement of any level of out or productivity in an institution is reliant on the
existence of the proper knowledge and skills. Universities professors are part of the essential
workforce in the United States.

Education has always been one of the supreme priorities in the

United States. Without knowledge, the workplace will be unable to utilize the full potential and
the resources. If the American Association of University Professors (AAUP) passes a law that
requires University professors to have degrees increased the quality of the tuition and the increases
the number of degrees conferred. The following a is a graph that represents this relationship
Question b:
This requirement will, however, reduce the market for the graduate degrees at the Universities
outside of the United States.
Question c.
Question 2
Medical doctors have been known to stand out concerning the payment of high salaries in the
United States. Various media platforms have identified that the American doctors are overpaid.
Compared to the annual pay for the doctors in other major developed countries, the medical doctors
in the United States have considerably 78 percent higher income on average. This amount is not
on apples-to-apples because these earnings include the primary care doctors and the specialists.

As such, comparing the average pay of the doctors in the United States to that of countries such as
Canada is ...

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Anonymous
Thanks, good work

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