Homework Answers
Ans A
Trade barrier is not a good idea when economy is at full employment.
Trade barriers reduce exports as well as imports for an economy. The trade becomes difficult and costs more. Since the economy is at full employment it needs to supply what it produces also. Thus if trafe barriers are there economh will suffer and lead to recession.
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Which of the following statements corresponds to a trade barrior? Most economists agree this is not...
Most economists agree that valid reasons for protecting trade include which of the following? I. The...
Most economists agree that valid reasons for protecting trade include which of the following? I. The economies of scale argument. Il. The saving jobs argument. II. The protection of high wages argument. Select one: O a. I and III O b. I only c. I and II d. None of the reasons are valid
9. Problems and Applications Q9 Indicate whether each of the following statements is true or false....
9. Problems and Applications Q9 Indicate whether each of the following statements is true or false. Statement True False 1. There can be no gains from trade between two countries if one of them has an absolute advantage in the production of all goods. 2. Comparative advantage determines the gains from specialization and trade. 3. If a certain trade is good for one country, it can't be good for the other country. 4. Two individuals can benefit from specialization and...
1. Do you agree or disagree with the following statements a. Balanced trade is the difference...
1. Do you agree or disagree with the following statements a. Balanced trade is the difference between exports and imports b. If country A can out produce country B, then country A has no reason to trade c. Every country in the world experiences free trade d. There is no connection between Foreign direct investment and trade flows e. An accurate way to measure imports is to assign the value of a final good 2. Trade distortion effects increase estimates...
Which of the following statements is? true? A. A trade deficit with another country is not...
Which of the following statements is? true? A. A trade deficit with another country is not usually bad if it is balanced out by capital inflows. B. A trade deficit with another country is not good for an economy as trade is a? zero-sum game. C. In the presence of national? redistribution, trade reaps no benefit to an economy. Under which of the following scenarios is a trade deficit likely to be bad for an? economy? A. When a trade...
I need help 8:38 AM Fri Jan 25 95% KHomework1 Homework 1.pdf Short Answer Questions I....
I
need help
8:38 AM Fri Jan 25 95% KHomework1 Homework 1.pdf Short Answer Questions I. Consider an economy that produces Military goods and Consumer goods, the PPF and the case that more recourses become available are given by the graph below. You are asked to identify how the followings affect the PPF. In order to get full mark, you have to figure out both the moving section (military goods section or consumer goods section) and the direction (outward or...
If a family's annual disposable income rose from $60,000 to $65,000 and their desired consumption expenditures...
If a family's annual disposable income rose from $60,000 to $65,000 and their desired consumption expenditures rose from $50,000 to $54,000, it can be concluded that the family's OA) average propensity to save is 0.8. OB) average propensity to consume is 0.8 OC) marginal propensity to consume is 0.8 OD) marginal propensity to consume is $800. There will be a favourable change in a nation's terms of trade if the OA) export and import prices stay the same. OB) export...
Calculate the gains from trade-that is, the amount by which each country has increased its consumption of each good relative to the first row of the table. In the following table, enter this difference in the boxes across the last row (marked "Increase in
3. Gains from trade Consider two neighboring island countries called Euphoria and Arcadia. They each have 4 million labor hours available per week that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor. Initially, suppose Arcadia uses 1 million hours of labor per week to produce rye and 3 million hours per week to produce jeans, while Euphoria uses 3...
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 Candonia and Lamponia. Both countries produce lemons and coffee, each initially (i.e., before specialization and trade) producing 24 million...
Attempts Keep the Highest:14 4. Specialization and trade When a country has a comparative advantage in...
Attempts Keep the Highest:14 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 Candonia and Sylvania. Both countries produce grain and tea, each initialy (i.e., before specialization and...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm deciding how many workers to hire. B) a household deciding how much to spend on groceries. C) a government economist forecasting the unemployment rate. D) a business trying to decide how much outuput to produce. - 2. Which of the following is an example of using the scientific method with a natural experiment? A) Measuring how long it takes a marble to fall from...
Most economists agree that valid reasons for protecting trade include which of the following? I. The economies of scale argument. Il. The saving jobs argument. II. The protection of high wages argument. Select one: O a. I and III O b. I only c. I and II d. None of the reasons are valid
I
need help
8:38 AM Fri Jan 25 95% KHomework1 Homework 1.pdf Short Answer Questions I. Consider an economy that produces Military goods and Consumer goods, the PPF and the case that more recourses become available are given by the graph below. You are asked to identify how the followings affect the PPF. In order to get full mark, you have to figure out both the moving section (military goods section or consumer goods section) and the direction (outward or...
If a family's annual disposable income rose from $60,000 to $65,000 and their desired consumption expenditures rose from $50,000 to $54,000, it can be concluded that the family's OA) average propensity to save is 0.8. OB) average propensity to consume is 0.8 OC) marginal propensity to consume is 0.8 OD) marginal propensity to consume is $800. There will be a favourable change in a nation's terms of trade if the OA) export and import prices stay the same. OB) export...
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 Candonia and Lamponia. Both countries produce lemons and coffee, each initially (i.e., before specialization and trade) producing 24 million...
Attempts Keep the Highest:14 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 Candonia and Sylvania. Both countries produce grain and tea, each initialy (i.e., before specialization and...
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