Explain the difference between Discretionary Fiscal Policy and Automatic Fiscal policy (built-in stabilizers).
September 3, 2020
In two paragraphs, defend the position that the Federal and/or state government should be able to seize private property and make way for projects
September 3, 2020

18

a. Which country has the absolute advantage in

Food production

Vehicle production

b. What is opportunity cost of producing 1 tonne of vehicles for both

Australia

South Korea

c. What is opportunity cost of producing 1 tonne of food for both

Australia

South Korea

d.Which country has the comparative advantage in

Food production

Vehicle production

e. Which country should specialise in

Food production

Vehicle production

f. What is the maximum Australia would pay (in terms of tonnes of food) for a tonne of vehicles

g. What is the minimum South Korea would accept (in terms of tonnes of food) for a tonne of vehicles

h. What does this suggest the terms of trade or price of vehicles (in terms of tonnes of food) will be

KM
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