Homework Answers
1 - 12. Imports - It refers to goods that are produced in a different country and bought in to a domestic market.
2 - 9. Exports - Goods that are produced within the domestic markets and sold in a foreign market.
3 - 20 Trade Deficit - it occurs when imports exceeds the exports.
4 - 21 Trade surplus - it occurs when exports exceeds the imports.
5 - 1 having an absolute advantage - if a country is able to produce goods and services with fewer resources it is said to have an absolute advantage.
6 - 4 having comparative advantage - if a country is able to produce goods and services with lower opportunity costs it is said to have a comparative advantage.
7 - 11 Free international trade - international trade without any restrictions is called a free trade.
8 - 18 tariffs - a tax on imports is referred to as tariffs.
9 - 19 Quotas - an absolute limit on imports of certain products.
10 - 15 military self sufficiency - It is an argument that stresses being able to produce domestically produce all the goods required for military.
11 - 13. Infant industry - An argument for trade restrictions that stresses protecting newly formed industries from foreign competition.
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MATCHING Match the key terms with the descriptions. Goods or services produced in another country and...
CCIO An argument for trade restrictions that stresses being able to domestically produce all the products...
CCIO An argument for trade restrictions that stresses being able to domestically produce all the products need for the military. An argument for trade restrictions that stresses protecting newly formed industries from foreign competition. Selling of excess goods in a foreign market at a price below the cost of production. Hiring an outsider to take over a particular function of a business. Outsourcing functions to a firm in another country. The net of all foreign trade, investment, and other transactions....
apter 6 Name When a firm in another country outsources a function to a US company....
apter 6 Name When a firm in another country outsources a function to a US company. Domestic price of a foreign currency. Exchange rates determined by supply and demand. That part of a country's balance of payments that includes trade, income from investments, and foreign aid. That part of a country's balance of payments that includes investments made in other countries and foreign investments in the domestic country. KEY TERMS ILI ILIIVI D d 1. Having an absolute advantage 2....
9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David...
9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David can wash four cars in one hour or cut two lawns. Ralph can wash three cars in one hour or cut two lawns. David's opportunity cost for cutting one lawn is car washes, and Ralph's opportunity cost for cutting one lawn is car washes. a. 2; 1.5 4; 3.5 1.5; 2 d. 3.5; 4 11. Gains from trade are based on rather than: opportunity...
Measuring Global Trade Most nations cannot produce all the products its people want and need. Even...
Measuring Global Trade
Most nations cannot produce all the products its people want and
need. Even if a country did become self-sufficient, other nations
would seek to trade with it to meet the needs of their own people.
Examine the chart containing trade figures from various countries
and determine the balance of trade.
Global trade enables a nation to produce what it is most capable of
producing and buy what it needs from others in a mutually
beneficial exchange relationship....
Please help me with my economics homework? 1. The United States and Brazil each produce only...
Please help me with my economics homework?
1. The United States and Brazil each produce only cheese and wine. Domestic prices are given in the following table United States $5 per pound Brazil 8 BRL per pound 15 BRL per bottle Wine $8 per bottle On April 1, the London exchange listed an exchange rate of $1-1 BRL According to the table, (1) production of wine has an absolute advantage in the production of cheese and (2) has an absolute...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...
0.25 points9) Refer to the above table which shows the alternative outputs which can be produced...
0.25 points9) Refer to the above table which shows the
alternative outputs which can be produced in 2 different countries
with 1 year of labor. It can be concluded that Sweden has a(n)
A.) absolute advantage in both goods and a comparative advantage
only in autos.
B.) absolute advantage in both goods and a comparative advantage
only in computers.
C.) absolute advantage in both goods and a comparative advantage
in both goods.
D.) absolute advantage in both goods and a...
Questions: c) An emergency tariff on a wide range of imports would be effective in addressing...
Questions: c) An emergency tariff on a wide range of imports would be effective in addressing U.S deficits and forcing other nations to purchase more U.S. exports; d) One reason the U.S. does not export more is lagging investment in domestic industries. Why Protectionism Cannot Cure the Trade Deficit The causal link between investment flows, exchange rates, and the balance of trade explains why protectionism cannot cure a trade deficit. In his 1997 book, One World, Ready or Not, Washington...
1 .Which concept represents the broadest view? Trade Surplus Globalization International Business 2 If you are...
1 .Which concept represents the broadest view? Trade Surplus Globalization International Business 2 If you are able to produce 1 piece of fine furniture or 10 birdhouses using the same resources, and your competitor is able to produce 5 pieces of fine furniture or 10 birdhouses using the same resources, who has the comparative advantage? You Neither Your competitor in fine furniture 3 When conducting business in a market of comparative advantage, trading partners will realize: decreased demand for products....
Paragraph One- Introduce your primary source "Chapter" (Economics of Public Issues, Miller et.al, 2014) claims....introduce the...
Paragraph One- Introduce your primary source "Chapter" (Economics of Public Issues, Miller et.al, 2014) claims....introduce the main point of the chapter and explain: Why should we care? How will this topic, issue, problem affect us? Or more to the point, who will benefit from knowing more about this issue, situation, problem. Why is this an important topic, issue, or problem? Paragraph Two Introduce the main points of your research. Make sure you give credit to at least two other sources....
CCIO An argument for trade restrictions that stresses being able to domestically produce all the products need for the military. An argument for trade restrictions that stresses protecting newly formed industries from foreign competition. Selling of excess goods in a foreign market at a price below the cost of production. Hiring an outsider to take over a particular function of a business. Outsourcing functions to a firm in another country. The net of all foreign trade, investment, and other transactions....
apter 6 Name When a firm in another country outsources a function to a US company. Domestic price of a foreign currency. Exchange rates determined by supply and demand. That part of a country's balance of payments that includes trade, income from investments, and foreign aid. That part of a country's balance of payments that includes investments made in other countries and foreign investments in the domestic country. KEY TERMS ILI ILIIVI D d 1. Having an absolute advantage 2....
9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David can wash four cars in one hour or cut two lawns. Ralph can wash three cars in one hour or cut two lawns. David's opportunity cost for cutting one lawn is car washes, and Ralph's opportunity cost for cutting one lawn is car washes. a. 2; 1.5 4; 3.5 1.5; 2 d. 3.5; 4 11. Gains from trade are based on rather than: opportunity...
Measuring Global Trade
Most nations cannot produce all the products its people want and
need. Even if a country did become self-sufficient, other nations
would seek to trade with it to meet the needs of their own people.
Examine the chart containing trade figures from various countries
and determine the balance of trade.
Global trade enables a nation to produce what it is most capable of
producing and buy what it needs from others in a mutually
beneficial exchange relationship....
Please help me with my economics homework?
1. The United States and Brazil each produce only cheese and wine. Domestic prices are given in the following table United States $5 per pound Brazil 8 BRL per pound 15 BRL per bottle Wine $8 per bottle On April 1, the London exchange listed an exchange rate of $1-1 BRL According to the table, (1) production of wine has an absolute advantage in the production of cheese and (2) has an absolute...
0.25 points9) Refer to the above table which shows the
alternative outputs which can be produced in 2 different countries
with 1 year of labor. It can be concluded that Sweden has a(n)
A.) absolute advantage in both goods and a comparative advantage
only in autos.
B.) absolute advantage in both goods and a comparative advantage
only in computers.
C.) absolute advantage in both goods and a comparative advantage
in both goods.
D.) absolute advantage in both goods and a...
Paragraph One- Introduce your primary source "Chapter" (Economics of Public Issues, Miller et.al, 2014) claims....introduce the main point of the chapter and explain: Why should we care? How will this topic, issue, problem affect us? Or more to the point, who will benefit from knowing more about this issue, situation, problem. Why is this an important topic, issue, or problem? Paragraph Two Introduce the main points of your research. Make sure you give credit to at least two other sources....
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