Homework Answers
2) The three additional Advantages of forming families other than gains from trade :
a) DIVISION OF LABOR IN THE FAMILY , the work can be divided among each member so that one of them does not have to take all the burden . Division of labor helps to increase the efficiency and the work specialization of workers due to two reasons. First every worker is assigned a job that suits his/her skills, experience, training and aptitude. Right man in right job leads to higher output. Secondly, due to division of labor, a worker continuously repeats his work and the labor gets specialized in their work.
b) SPECIALIZATION : division of labor leads to specialization . The theory of comparative advantage tell us that nations should specialize in the production of the goods and services in which they have the lowest opportunity cost, and trade with other nations. When nations specializes, this exchange creates gains from trade.
c) FAMILY ECONOMICS: can lead to reduction of cost in family business since there is no need to hire people to work for the business . It brings stability and flexibility in business . Family economics applies basic economic concepts like production, division of labor, distribution, and decision of the family.
3) Comparative Advantages of Married Couples:
a)The Dual-Earner Married Family: Married-couple families in which both husband or wife are in the paid work forces earn the most income.
b)The Inter-Spouse Division of Labor: The factors that make the intract married family an economic wonder, in order to simplify the pooling of resources of two people, stem from unique contributions of committed husband and wife that are dealing with living arrangements.
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2. List and describe three additional advantages of forming families, other than gains from trade. 3....
3. Gains from trade
3. Gains from tradeConsider two neighboring island countries called Euphoria and Arcadia. They each have 4 million labor hours available per month that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor.CountryJeansCorn(Pairs per hour of labor)(Bushels per hour of labor)Euphoria520Arcadia816Initially, suppose Arcadia uses 1 million hours of labor per month to produce jeans and 3 million hours per...
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There will be no gains from specialization and trade between two countries if 1) neither country...
There will be no gains from specialization and trade between two countries if 1) neither country has an absolute advantage in the production of any good; 2) neither country has a comparative advantage in the production of any good; 3) opportunity costs differ too much between the two countries. O A. 1 only O B. 2 only OC. 3 only O D. 1 and 2 O E. 2 and 3
1) What is the Heckscher-Ohlin theorem? 2) Name three dynamic gains from trade. 3) Explain the...
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Question 1 -Chapter 3)-Gains from Trade: The only two countries in the world, Alpha and Omega,...
Question 1 -Chapter 3)-Gains from Trade: The only two countries in the world, Alpha and Omega, face the following production possibilities frontiers (popcorn and peanuts) Alpha's Production PossibilitiesOmega's Production Possibilities Frontier Frontier 300 300 208 223 rs 150 123 100 25 215 133 25 25. 12 15 280 Assume that each country decides to use half of its resources in the production of each good. Show these points on the graphs for each country as point A a. If these...
Interdependence and the Gains From Trade
Suppose Spain and Sweden both produce jeans and shoes. Spain's opportunity cost of producing a pair of shoes is 3 pairs of jeans, while Sweden's opportunity cost ofproducing a pair of shoes is 6 pairs of jeans. By comparing the opportunity cost of producing shoes in the two countries, you can tell that____(Sweden or Spain) has acomparative advantage in the production of shoes and ____(Sweden or Spain) has a comparative advantage in the production of jeans.Suppose that Spain and Sweden...
3. Comparative advantage and gains from trade Consider two neighboring island countries called Arcadia and Felicidad....
3. Comparative advantage and gains from trade Consider two neighboring island countries called Arcadia and Felicidad. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor Jeans Corn Country Pairs per hour of labor) (Bushels per hour of labor) Arcadia Felicidad 12 24 8 32 Initially, suppose Arcadia...
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Opportunity cost, comparative advantage and gains from trade Ali and Barb both like making bread and jam. In one day Ali can make 10 loafs of bread OR 20 jars of jam. In one day Barb can make 6 loafs of bread OR 36 jars of jam. 3a) What is Ali’s opportunity cost of making 1 loaf of bread? (Include a definition of opportunity cost). 3b) What is Barb’s opportunity cost of making one loaf of bread? 3c) If they...
3. Gains from trade Consider two neighboring island countries called Felicidad and Contente. They each...
3. Gains from trade Consider two neighboring island countries called Felicidad and Contente. They each have 4 million labor hours available per month that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Country Corn Jeans (Bushels per hour of labor) (Pairs per hour of labor) Felicidad 4 16 Contente 5 10 Initially, suppose Contente uses 1...
3. Gains from trade Consider two neighboring island countries called Euphoria and Arcadia. They each have...
3. Gains from trade Consider two neighboring island countries called Euphoria and Arcadia. They each have 4 million labor hours available per month that they can use to produce corn, eans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using hour of abo Corn Jeans (Pairs per hour of labor) 20 16 (Bushels per hour of labor) Country Euphoria Arcadia 8 Initially, suppose Arcadia uses 1 million hours of...
There will be no gains from specialization and trade between two countries if 1) neither country has an absolute advantage in the production of any good; 2) neither country has a comparative advantage in the production of any good; 3) opportunity costs differ too much between the two countries. O A. 1 only O B. 2 only OC. 3 only O D. 1 and 2 O E. 2 and 3
Question 1 -Chapter 3)-Gains from Trade: The only two countries in the world, Alpha and Omega, face the following production possibilities frontiers (popcorn and peanuts) Alpha's Production PossibilitiesOmega's Production Possibilities Frontier Frontier 300 300 208 223 rs 150 123 100 25 215 133 25 25. 12 15 280 Assume that each country decides to use half of its resources in the production of each good. Show these points on the graphs for each country as point A a. If these...
3. Comparative advantage and gains from trade Consider two neighboring island countries called Arcadia and Felicidad. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor Jeans Corn Country Pairs per hour of labor) (Bushels per hour of labor) Arcadia Felicidad 12 24 8 32 Initially, suppose Arcadia...
3. Gains from trade Consider two neighboring island countries called Euphoria and Arcadia. They each have 4 million labor hours available per month that they can use to produce corn, eans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using hour of abo Corn Jeans (Pairs per hour of labor) 20 16 (Bushels per hour of labor) Country Euphoria Arcadia 8 Initially, suppose Arcadia uses 1 million hours of...
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