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- a) Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? b) The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Geppetto ? puzzles and ? puppets Lewis ? puzzles and ? puppets Please explain to me how to solve these questions. Don't just give me the answers. Thank you!What problem does barter entail? Indicate the economic significance of money as a medium of exchange. What is meant by the statement “We want money only to part with it”?Recognize the situation when both the parties in a barter economy have to agree to sell and buy each other's commodities ? What is it called ?
- Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stick their toy store shelves. Based on pic graph who will be supplier of puzzles and who will be supplier of puppets? b. The two store owners agree to specialize and trade 30 puzzles to 10 puppets the terms are still same 3 puzzles for each puppet how many puzzles and puppets will each one have after they complete tradeIs Principle of Unequal Cost and Principle of Unequal Exchange the same? Why? Cite their similarities and/or Differences2 In terms of being digitally connected, Canadian consumers: O A. have generally chosen to back away from 24/7 access. O b. are among the most connected in the world. O c. maintain a preference for desktop or laptop computers. O d. lag behind many countries but are beginning to embrace the technologies. O e. lag behind most European and Asian countries.
- Which are the five conditions for occur exchange ?Looking at the scope of central planning in the Soviet Union post WW-II, between 1951 and 1960 the number of items for which output targets were set O a. increased from 1,600 items to 12,750 items. O b. increased from 10 items to 525 items. O c. decreased from 25,482 items to 16,351 items. O d. decreased tom 4,592 items to zero items (since central planning was abandoned in the country in 1960).please clear explain why choose D
- 2. What is the equation of exchange? What are the variables, which are in it, and how do they relate to each other?It takes Andy 45 minutes to complete a load of laundry and 15 minutes to wrap a present. It takes Bob 60 minutes to complete a load of laundry and 30 minutes to wrap a present. Which of the following statements is true? Select one : O A. Bob's opportunity cost of doing a load of laundry is wrapping 3 presents. O B. Bob has a comparative advantage in doing laundry. O C. Bob has a comparative advantage in wrapping a present. O D. Andy's opportunity cost of wrapping a present is doing 3 loads of laundry. O E. Bob has an absolute advantage in doing laundry.not sure hoe to go about this- can someone show answers?
