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Verizon LTE 33% 10:25 PM Question 2 Trade and production in the specific factors model Unanswered...
In autarky, the opportunity cost of wine in the U.S. is 4 beers and in Mexico...
In autarky, the opportunity cost of wine in the U.S. is 4 beers and in Mexico is 8 beers. If there are increasing opportunity costs (as in the specific factors model), then after opening to trade the U.S. will A fully specialize in and export wine. B fully specialize in and export beer. C produce both goods and export wine. D produce both goods and export beer.
Verizon LTE 33% 10:25 PM Question 2 Trade and factor returns Unanswered Consider a specific factors...
Verizon LTE 33% 10:25 PM Question 2 Trade and factor returns Unanswered Consider a specific factors model in which capital is specific to manufacturing and land is specific to agriculture. If a country has a comparative advantage in manufacturing output, then when it opens to trade owners of land will beoff because the marginal product of land will . A better, rise B better; fall C worse; rise D worse; fall Unanswered
Verizon LTE 33%).о. 10:25 PM 2 ๑ Question Supply curve Unanswered In the Ricardian model, if...
Verizon LTE 33%).о. 10:25 PM 2 ๑ Question Supply curve Unanswered In the Ricardian model, if the world relative demand curve crosses the world relative supply curve at the vertical segment, then A the countries will not trade. both countries will completely specialize. both countries will incompletely specialize. one country will completely specialize D and the other will incompletely specialize. Unanswered
ll Verizon LTE 33%).о. 10:25 PM 2 Question Opportunity costs and trade Unanswered Suppose producing a...
ll Verizon LTE 33%).о. 10:25 PM 2 Question Opportunity costs and trade Unanswered Suppose producing a unit of good A requires2 hours of labor and producing a unit of good B requires 4 hours of labor. The opportunity cost of good A is If the world relative price of good A is 1, then this country will export 1/2 unit of good B: good A B 1/2 unit of good B; good B C 2 units of good B; good...
Verizon LTE 33%).о. 10:25 PM Question 2 Gravity model Unanswered Which is a significant explanation for...
Verizon LTE 33%).о. 10:25 PM Question 2 Gravity model Unanswered Which is a significant explanation for the general success of the gravity model? Large economies have relatively larger A areas, which raises the probability that a productive activity will take place within the borders of that country. Large economies tend to avoid trading with small economies. Large economies tend to have large incomes and tend to spend more on imports Unanswered
.ייי Verizon LTE 10:25 PM 33%).о. Question 2 Absolute advantage Unanswered Absolute advantage is most important...
.ייי Verizon LTE 10:25 PM 33%).о. Question 2 Absolute advantage Unanswered Absolute advantage is most important for the determination of A the pattern of trade B the relative wage C the world relative price. D the shape of the PPF. Unanswered
Verizon LTE 8:57 PM Question 2 Trade policies Unanswered Which statement is false? A large country...
Verizon LTE 8:57 PM Question 2 Trade policies Unanswered Which statement is false? A large country never gains from imposing an export subsidy. A small country never gains from imposing an export subsidy. A large country never gains from imposing an import tariff. A small country never gains from imposing an import tariff. Unanswered
for mobile factors, for fixed factors used to 33) In the specific factors model, the effects...
for mobile factors, for fixed factors used to 33) In the specific factors model, the effects of trade on welfare are for fixed factors used to produce the exported good, and produce the imported good. A) ambiguous; positive; negative B) positive; positive; positive C) ambiguous; negative; positive D) positive; ambiguous; ambiguous E) negative; ambiguous; ambiguous 34) The overall welfare effects of trade are A) positive; the domestic economy grows faster than do foreign eco b) positive; more people gain from...
3. (8 points) Consider a small open economy in the Specific-Factors model with 2 goods (C and F) ...
True or False, only answer part c is fine
3. (8 points) Consider a small open economy in the Specific-Factors model with 2 goods (C and F) and three factors (mobile labor, fixed capital in C, and fixed land in F). Except otherwise noted, assume that every factor has the same preferences for C and F. Under free trade, the economy exports F. (a) As the home country opens up from autarky to trade, the opportunity cost of F in...
2. This problem uses the Heckscher-Ohlin model to predict the direction of trade. Consider the production...
2. This problem uses the Heckscher-Ohlin model to predict the direction of trade. Consider the production of handmade rugs and assembly line robots in Canada and India. a. Which country would you expect to be rela- tively labor-abundant, and which is capital- abundant? Why? b. Which industry would you expect to be rel- atively labor-intensive, and which is capital- intensive? Why? c. Given your answers to (a) and (b), draw production possibilities frontiers for each country. Assurning that consumer preferences...
Verizon LTE 33% 10:25 PM Question 2 Trade and factor returns Unanswered Consider a specific factors model in which capital is specific to manufacturing and land is specific to agriculture. If a country has a comparative advantage in manufacturing output, then when it opens to trade owners of land will beoff because the marginal product of land will . A better, rise B better; fall C worse; rise D worse; fall Unanswered
Verizon LTE 33%).о. 10:25 PM 2 ๑ Question Supply curve Unanswered In the Ricardian model, if the world relative demand curve crosses the world relative supply curve at the vertical segment, then A the countries will not trade. both countries will completely specialize. both countries will incompletely specialize. one country will completely specialize D and the other will incompletely specialize. Unanswered
ll Verizon LTE 33%).о. 10:25 PM 2 Question Opportunity costs and trade Unanswered Suppose producing a unit of good A requires2 hours of labor and producing a unit of good B requires 4 hours of labor. The opportunity cost of good A is If the world relative price of good A is 1, then this country will export 1/2 unit of good B: good A B 1/2 unit of good B; good B C 2 units of good B; good...
Verizon LTE 33%).о. 10:25 PM Question 2 Gravity model Unanswered Which is a significant explanation for the general success of the gravity model? Large economies have relatively larger A areas, which raises the probability that a productive activity will take place within the borders of that country. Large economies tend to avoid trading with small economies. Large economies tend to have large incomes and tend to spend more on imports Unanswered
.ייי Verizon LTE 10:25 PM 33%).о. Question 2 Absolute advantage Unanswered Absolute advantage is most important for the determination of A the pattern of trade B the relative wage C the world relative price. D the shape of the PPF. Unanswered
Verizon LTE 8:57 PM Question 2 Trade policies Unanswered Which statement is false? A large country never gains from imposing an export subsidy. A small country never gains from imposing an export subsidy. A large country never gains from imposing an import tariff. A small country never gains from imposing an import tariff. Unanswered
for mobile factors, for fixed factors used to 33) In the specific factors model, the effects of trade on welfare are for fixed factors used to produce the exported good, and produce the imported good. A) ambiguous; positive; negative B) positive; positive; positive C) ambiguous; negative; positive D) positive; ambiguous; ambiguous E) negative; ambiguous; ambiguous 34) The overall welfare effects of trade are A) positive; the domestic economy grows faster than do foreign eco b) positive; more people gain from...
True or False, only answer part c is fine
3. (8 points) Consider a small open economy in the Specific-Factors model with 2 goods (C and F) and three factors (mobile labor, fixed capital in C, and fixed land in F). Except otherwise noted, assume that every factor has the same preferences for C and F. Under free trade, the economy exports F. (a) As the home country opens up from autarky to trade, the opportunity cost of F in...
2. This problem uses the Heckscher-Ohlin model to predict the direction of trade. Consider the production of handmade rugs and assembly line robots in Canada and India. a. Which country would you expect to be rela- tively labor-abundant, and which is capital- abundant? Why? b. Which industry would you expect to be rel- atively labor-intensive, and which is capital- intensive? Why? c. Given your answers to (a) and (b), draw production possibilities frontiers for each country. Assurning that consumer preferences...
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