- (5 points) Think of one scenario of market transactions where the circular-flow diagram can be used. Draw the circular-flow diagram for both examples and briefly explain..
- (10 points) Suppose that in a year, an American worker can produce 100 shirts OR 20 computers while a Chinese worker can produce 100 shirts OR 10 computers. So our production possibilities for ONE worker over ONE year is:
Shirts per Worker per Year Computers per Worker per Year
U.S. 100 20
China 100 10
(a) Suppose the U.S. has 100 workers (recall the table above shows the production of ONE worker) and China has 100 workers. Draw the PPF for the U.S. and China with shirts on the X-axis and Computers on the Y-axis.
(b) In the U.S., what is the opportunity cost of producing an additional shirt. In China, what is the opportunity cost of producing an additional shirt. Who has comparative advantage in producing shirts? Producing computers?
(c) Recall both countries have 100 workers each. What happens if each country devotes half its workers to each industry. How many shirts and computers does each country produce? Graph these.
(d) Suppose the countries decide to trade. They produce only the good in which they have comparative advantage. The country that specializes in shirts exports 5,000 shirts. The country that specializes in computers exports 750 computers. Graph these points for each country. Compared to your answer in part (d), what does each country gain from trade?
- Describe the wealth tax. Who are its proponents? What is its purpose? What are the potential costs and benefits? (5 points)
Sample Solution
The utilization of creatine supplements as a guide to upgrade execution in games shot to noticeable quality after it was uncovered that the British Olympic group had utilized said wholesome enhancements in the development to the Barcelona rounds of 1992. The Times (7 August 1992) announced that prominent competitors, for example, Linford Christie and Sally Gunnell had won gold decorations while utilizing creatine during their readiness. Albeit in some cases saw as questionable by segments of the donning network, creatine as a wholesome enhancement is splendidly legitimate and its utilization is supported by certain brandishing foundations. A case of this difficulty is inside the NCAA (National Collegiate Athletic Association), whereby the circulation of creatine by group mentors is prohibited yet singular competitors are still permitted to get the enhancement themselves, despite the fact that the Athletic Management diary, among others, hypothesizes this was done so as to “make everything fair” instead of because of a reaction revelation (‘NCAA cinches down on enhancements’, 2000: 12.5). Creatine is a normally happening substance found for the most part in meat and fish {{2 Herda,T.J. 2009; }} that was first confined in skeletal muscle by Michel-Eugène Chevreul in 1832 and given its name from the deduction of the Greek word for tissue, Kreas. After twelve years, the German researcher Justus von Liebig estimated that this compound was important to deliver solid activity in vertebrates subsequent to watching foxes in the wild and contrasting their creatine levels with those in imprisonment. He even ventured to reap his own stock of creatine from the foxes and promoted it as “Fleisch Extrakt”, announcing that it would enable the body to accomplish more “work” and for over a century this was the main creatine supplement delivered. It has been set up by mainstream researchers that expanded ingestion of creatine as a dietary enhancement will prompt an expansion in the all out creatine (TC) and phosphocreatine (PC) focuses in skeletal muscle {{10 Finn,J.P. 2001;11 Harris,R.C. 1992; 14 Greenhaff,P.L. 1994; }}. PC is essentially the phosphorylated type of creatine that is found predominantly in skeletal muscle which is used during high-intesity exercise to rapidly supplant the reduced adenosine triphosphate (ATP) stores {{2 Herda,T.J. 2009; }}. This is accomplished through the activities of the compound creatine phosphokinase (CPK) which is found in high fixations in muscles, considering quick recharging of ATP in spite of the rising degrees of intracellular adenosine diphosphate (ADP) that happens during activity {{2 Herda,T.J. 2009; }}. Hence expanding the bodies creatine stores should bring about an improved capacity to recover the skeletal muscle fiber’s ATP stores and therefore lead to improved execution and deferred beginning of exhaustion during episodes of high-force work out (Hargreaves, M. 2006). The point of this paper is to audit the present writing in regards to creatines guessed valuable impact on muscle execution and figure out what is the ideal strategy for conveying the enhancement to the skeletal muscle. Since creatine ended up elegant in the mid 1990s, various games supplement organizations have been inquiring about how it can best be directed into the body, concerning portion size, timing and the various types of creatine now accessible. Different variables need to>
The utilization of creatine supplements as a guide to upgrade execution in games shot to noticeable quality after it was uncovered that the British Olympic group had utilized said wholesome enhancements in the development to the Barcelona rounds of 1992. The Times (7 August 1992) announced that prominent competitors, for example, Linford Christie and Sally Gunnell had won gold decorations while utilizing creatine during their readiness. Albeit in some cases saw as questionable by segments of the donning network, creatine as a wholesome enhancement is splendidly legitimate and its utilization is supported by certain brandishing foundations. A case of this difficulty is inside the NCAA (National Collegiate Athletic Association), whereby the circulation of creatine by group mentors is prohibited yet singular competitors are still permitted to get the enhancement themselves, despite the fact that the Athletic Management diary, among others, hypothesizes this was done so as to “make everything fair” instead of because of a reaction revelation (‘NCAA cinches down on enhancements’, 2000: 12.5). Creatine is a normally happening substance found for the most part in meat and fish {{2 Herda,T.J. 2009; }} that was first confined in skeletal muscle by Michel-Eugène Chevreul in 1832 and given its name from the deduction of the Greek word for tissue, Kreas. After twelve years, the German researcher Justus von Liebig estimated that this compound was important to deliver solid activity in vertebrates subsequent to watching foxes in the wild and contrasting their creatine levels with those in imprisonment. He even ventured to reap his own stock of creatine from the foxes and promoted it as “Fleisch Extrakt”, announcing that it would enable the body to accomplish more “work” and for over a century this was the main creatine supplement delivered. It has been set up by mainstream researchers that expanded ingestion of creatine as a dietary enhancement will prompt an expansion in the all out creatine (TC) and phosphocreatine (PC) focuses in skeletal muscle {{10 Finn,J.P. 2001;11 Harris,R.C. 1992; 14 Greenhaff,P.L. 1994; }}. PC is essentially the phosphorylated type of creatine that is found predominantly in skeletal muscle which is used during high-intesity exercise to rapidly supplant the reduced adenosine triphosphate (ATP) stores {{2 Herda,T.J. 2009; }}. This is accomplished through the activities of the compound creatine phosphokinase (CPK) which is found in high fixations in muscles, considering quick recharging of ATP in spite of the rising degrees of intracellular adenosine diphosphate (ADP) that happens during activity {{2 Herda,T.J. 2009; }}. Hence expanding the bodies creatine stores should bring about an improved capacity to recover the skeletal muscle fiber’s ATP stores and therefore lead to improved execution and deferred beginning of exhaustion during episodes of high-force work out (Hargreaves, M. 2006). The point of this paper is to audit the present writing in regards to creatines guessed valuable impact on muscle execution and figure out what is the ideal strategy for conveying the enhancement to the skeletal muscle. Since creatine ended up elegant in the mid 1990s, various games supplement organizations have been inquiring about how it can best be directed into the body, concerning portion size, timing and the various types of creatine now accessible. Different variables need to>
