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Answer the 5 questions below. Submit these answers in one single Word document. Each answer should be at least 1 page in length. Your finished document should be approximately 5 or more pages. Offer examples from the text and/or your own personal experiences.

Date Posted: 17/10/2021
Category: Economics
Due Date: 17/10/2021
Instruction
1.) How might a relatively lower income country such as China have a comparative advantage in the manufacturing industry? How have multinational firms capitalized on such comparative advantages? 2.) Use the laws of supply and/or demand to help illustrate how sales of fuel efficient cars may outpace the sales of SUVs during record high gas prices. Feel free to include graphic examples. 3.) Think of a good that is consumed in your dorm or household. Diminishing marginal utility leads to a downward sloping demand curve. Offer examples of how this theory applies to that certain good and its corresponding consumption. 4.) How do governments of countries such as the U.S. redistribute income among citizens? Is this effective? 5.) This course covered 19 chapters. Choose one economic theory from the text and explain how it is illustrated in the decisions you make between each paycheck. These will likely be decisions that you were already making before this course.
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