Which of the following is true about specialization and trade?
Which of the following is true about specialization and trade?
Select one:
a. A country should specialize in and export the good for which it has comparative advantage
b. A country should specialize in and export the good for which it has absolute advantage
c. A country should specialize in and export the good for which it has both comparative and absolute advantage
d. A country should specialize in and import the good for which it has absolute advantage
e. A country should specialize in and import the good for which it has comparative advantage
Homework Answers
A country should specialize in and export the good for which it has comparative advantage is true about specialization and trade. Hence, option(A) is correct.
4. Specialization and trade When a country has a comparative advantage in the production of a...
4. Specialization and tradeWhen a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods.The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Desonia. Both countries produce grain and sugar, each initially (i.e., before specialization and trade) producing 12 million pounds of...
1. Suppose country A can produce 30 units of Corn per time period (if it specializes...
1. Suppose country A can produce 30 units of Corn per time period (if it specializes in Corn). Country A can produce 4 outfits per time period (if it specializes in outfits). If country B specializes in Corn, it can produce 40 units per time period. If country B specialized in Outfits, it can produce 3 outfits per time period. A has a comparative advantage in Corn. B has a comparative advantage in Outfits. neither country has a comparative advantage....
This question is about specialization and trade. A.) Suppose a worker in the U.S. can produce...
This question is about specialization and trade. A.) Suppose a worker in the U.S. can produce 4 cars or 10 computers. A worker in Russia can produce 2 cars or 10 computers. Suppose that the U.S. has 100,000 workers and Russia has 200,000 workers. Draw the PPF for each country. Be sure to keep the axes on the two graphs consistent. B.) Compute absolute advantage C.) Compute comparative advantage D.) Suppose that the U.S. makes only what they have comparative...
4. Specialization and trade When a country has a comparative advantage in the production of a...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods The following graphs show the production possibilities frontiers (PPFS) for Freedonia and Desonia. Both countries produce lemons and sugar, each initially (.e., before specialization and trade) producing 6 million...
1) True 2) False 7. Specialization and trade When a country specializes in the production of...
1) True
2) False
7. Specialization and trade When a country specializes in the production of a good, this means that it can produce this good at a lower opportunity cost than its trading partner. Because of this comparative advantage, both countries benefit when they specialize and trade with each other The following graphs show the production possibilities frontiers (PPFs) for Candonia and Lamponia. Both countries produce grain and tea, each initially i.e., before specialization and trade) producing 24 million...
Edit View History Bookmarks Window Help 4. Specialization and trade When a country has a comparative...
Edit View History Bookmarks Window Help 4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers 〔PPFs) for Candona and Desoia. Both countries produce grain and coffee, each initially (i.e., before...
Unit Labor Requirements Cloth Widgets Home 20 10 60 Foreign 30 11) Given the information in...
Unit Labor Requirements Cloth Widgets Home 20 10 60 Foreign 30 11) Given the information in the table above A) neither country has a comparative advantage in cloth B) Home has a comparative advantage in cloth. C) Foreign has a comparative advantage in cloth. D) Home has a comparative advantage in both cloth and widgets. E) neither country has a comparative advantage in widgets. 12) Given the information in the table above, if wages were to double in Home, then...
Specialization and trade When a country has a comparative advantage in the production of a good,...
Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other good The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Lamponia. Both countries produce grain a tea, each initially (Qie., before specialization and trade) producing 24 million pounds...
4. Specialization and trade When a country has a comparative advantage in the production of a...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Sylvania. Both countries produce grain and coffee, each initially (i.e., before specialization and trade) producing 6 million...
4. Specialization and trade When a country has a comparetive advantage in the production of a...
4. Specialization and trade When a country has a comparetive advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Sylvania. Both countries produce potatoes and coffee, each initially (i.e., before specialization and trade) producing marked with...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods The following graphs show the production possibilities frontiers (PPFS) for Freedonia and Desonia. Both countries produce lemons and sugar, each initially (.e., before specialization and trade) producing 6 million...
1) True
2) False
7. Specialization and trade When a country specializes in the production of a good, this means that it can produce this good at a lower opportunity cost than its trading partner. Because of this comparative advantage, both countries benefit when they specialize and trade with each other The following graphs show the production possibilities frontiers (PPFs) for Candonia and Lamponia. Both countries produce grain and tea, each initially i.e., before specialization and trade) producing 24 million...
Edit View History Bookmarks Window Help 4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers 〔PPFs) for Candona and Desoia. Both countries produce grain and coffee, each initially (i.e., before...
Unit Labor Requirements Cloth Widgets Home 20 10 60 Foreign 30 11) Given the information in the table above A) neither country has a comparative advantage in cloth B) Home has a comparative advantage in cloth. C) Foreign has a comparative advantage in cloth. D) Home has a comparative advantage in both cloth and widgets. E) neither country has a comparative advantage in widgets. 12) Given the information in the table above, if wages were to double in Home, then...
Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other good The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Lamponia. Both countries produce grain a tea, each initially (Qie., before specialization and trade) producing 24 million pounds...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Sylvania. Both countries produce grain and coffee, each initially (i.e., before specialization and trade) producing 6 million...
4. Specialization and trade When a country has a comparetive advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Sylvania. Both countries produce potatoes and coffee, each initially (i.e., before specialization and trade) producing marked with...
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