Assume that there are now 24 snow boots that are purchased and sold in this market (this could be the result of a government subsidy).  What is the value of wasted resources when there are 24 snow boots purchased and sold in this market? Hint: enter your answer as a number only with no $ sign Example: if the answer is $10,000, enter 10,000

What is the equilibrium quantity for snow boots? Hint: enter your answer as a number only with no units Example: if the answer is 500 snow boots, enter 500

Use the following information for the next 9 questions.  Assume the following:  It takes the US 300 units of labor to produce one ton of sugar and 1200 units of labor to produce one crane.  It takes Brazil 400 units of labor to produce one ton of sugar and 2000 units of labor to produce one crane.

What is the opportunity cost of producing one crane for the US (in terms of tons of sugar)? Hint: enter your answer with no units and use a decimal if it is a fraction Example: if the answer is 1/8 cranes, enter 0.125

If a government or central bank creates (prints) a lot of money, which of the following is likely to occur?

All of the following are true about trade EXCEPT

Use the following information for this question: Belarus: the average amount of leisure per week is 4 hours Romania: the average amount of leisure per week is 8 hours Turkey: the average amount of leisure per week is 15 hours. France: the average amount of leisure per week is 19 hours.    If you know nothing else about these countries, which one would you think has the lowest income per person (lowest wealth)?

Who has the absolute advantage in crane production?

In this writing sample, please use the “Rules for Completing Quizzes/Exams/Essays” (particularly the use of a strategically-placed mirror) for the course to write a basic, five-paragraph essay about yourself. Use your best grammar and writing skills to sound professional, academic, and formal in tone. Be sure to include all parts of a basic essay, including introduction (with thesis), body, and conclusion. *Note that, in general, paragraphs should be approximately 8-12 sentences long and should consist of one main idea each that is further exemplified, analyzed, etc. by major and minor supporting details. Body paragraphs should begin and end with topic and concluding sentences that directly reflect and support your thesis statement. Do your best!

All of the following are risks of Federal Reserve and federal government action to moderate recessions EXCEPT