-Suppose, as a result of various dynamic factors associated with exposure to international competition, Albania's economy grew, and is now represented by the rightmost production possibility frontier in the figure above. If its point of production with trade was point b, would you consider this growth to be export-biased or import biased?
If Albania were a large country with respect to the world trade of A and B, how would this growth affect Albania's terms of trade?
Its real income?
What if Albania were a small country?
Definitions:
On-the-Job-Training
The practice of teaching employees the skills and competencies needed to perform their jobs directly within the workplace.
Compensating Differential
The additional amount of income that a worker receives for accepting a position that has undesirable aspects, such as high risk or unpleasant conditions.
Narcotics Squad
A specialized police unit focused on enforcing laws against the illegal use and trafficking of drugs.
Compensating Differential
The variation in wages that arises to offset the desirability or undesirability of a job attribute, like risk or location.
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