Homework Answers
Q29. False. Unexpected inflation harms lenders and borrowers gains as the money loses its value
Q34. Option 4. A nation gains comparative advantage when the opportunity costs are lower.
Q40. True. As lower opportunity cost leads to gain comparative advantage as they have to lose lesser quantity of other goods
Q41. Option 1. The increase in general price level leads to increased nominal GDP
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Question 29 2 pts Unexpected inflation harms both debtors and individuals who live on fixed incomes....
Question 4 2 pts Assume both Italy and Greece produce only two goods: wine and olive...
Question 4 2 pts Assume both Italy and Greece produce only two goods: wine and olive oil. If Italy holds a comparative advantage in the production of wine, then which of the following statements is NOT true? O Greece holds the comparative advantage in the production of olive oil 0 Italy produces wine at a lower opportunity cost than Greece These countries have an incentive to trade 0 Italy may hold an absolute advantage in the production of olive oil...
Incorrect Question 11 0/1 pts Which of the following statements is true? Comparative advantage in producing...
Incorrect Question 11 0/1 pts Which of the following statements is true? Comparative advantage in producing a certain item arises from being the first country to manufacture that item. All countries can gain from trade if they all specialize in production according to comparative advantage A country cannot have comparative advantage in producing a certain item if it causes an increasing opportunity cost in producing the item A country cannot have a comparative advantage in producing a particular good unless...
Question 144 pts Dutch Disease is associated with a dramatic decline in the demand for a...
Question 144 pts Dutch Disease is associated with a dramatic decline in the demand for a primary commodity produced by a country. True False Flag this Question Question 154 pts The Heckscher-Olin model uses differences in factor abundance to determine whether any nation has a comparative advantage in any good. True False Flag this Question Question 164 pts According to the Ricardian model, the source of comparative advantage is: differences in the fields of research and development in a country....
Tom and Jerry are two severely competitive rivals who like both milk and cheese. Their weekly...
Tom and Jerry are two severely competitive rivals who like both milk and cheese. Their weekly production possibilities are shown in the following table. Choices Tom Jerry Milk Cheese Milk Cheese Choice A 50oz 0 24oz 0 Choice B 0 10oz 0 8oz Who has absolute advantage in Milk? Why? Using the same amount of resources, if a person can produce greater quantity of a good relative to other person then such person is said to have the absolute advantage...
The following table summarizes the combinations of goods X and Y that two individuals, Tina and...
The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina X Y 1000 50 5 0 10 David XY 1500 75 37.5 0 75 fesch person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good Y, and would specialize in the production of good X. (Hint: Calculate the opportunity cost of producing X and Y...
1. when real GDP increases, this implies that the production of goods and services has risen. a. true b. false 2. 3.&nb...
1. when real GDP increases, this implies that the production of
goods and services has risen.
a. true
b. false
2.
3. trade can only benefit a nation if that nation has
an absolute advantage in the production of that good
a. true
b. false
Du 054.28 - TF - MANKOS Save Submit Test for Grading Question 37 of 85 Table 28-11 2015 Labor Data for Tajnia Number of adults employed Number of adults unemployed Number of adults not in the...
Question 6 2 pts The nominal GDP can be lower for a given year than the...
Question 6 2 pts The nominal GDP can be lower for a given year than the real GDP. For example, if the real GDP in 2019 for a country is $50,000,000, we know the nominal GDP in 2019 for that country can be something below $50,000,000 True False
5 False The law of comparative advantage says that a. 3. the individual with the lowest...
5 False The law of comparative advantage says that a. 3. the individual with the lowest opportunity cost of producing a particular good should produce it comparative advantage exists only when one person has an absolute advantage in the production of two goods whoever has a comparative advantage in producing a good also has an absolute adva in producing that good b. c. d. whoever has an absolute advantage in producing a good also has a comparative advantag in producing...
CONTEXT INFORMATION: Comparative Advantage: As put forward by Ricardo, deals with whether an economic unit (person,...
CONTEXT INFORMATION: Comparative Advantage: As put forward by Ricardo, deals with whether an economic unit (person, region or nation) has an advantage in producing a particular good compared to the other goods that can be produced and compared to the trading opportunities that may be available * Comparative advantage is when a company can produce goods at a lower opportunity cost than its competitors. Competitive Advantage: "The effort of two or more parties acting independently to secure the business of...
are these correct? Michael and Angelo are both artists who can create sculptures or paintings each...
are these correct?
Michael and Angelo are both artists who can create sculptures or paintings each day. The following table describes their maximum outputs per day (daily labor productivity). That is, if Michael spends the entire days sculpting, he can produce 10 sculptures. If he spends the entire day painting, he can produce 5 paintings. If Angelo spends all day producing sculptures, he can produce 9 sculptures. If instead, he spends the entire day painting, he can complete 3 paintings....
Question 4 2 pts Assume both Italy and Greece produce only two goods: wine and olive oil. If Italy holds a comparative advantage in the production of wine, then which of the following statements is NOT true? O Greece holds the comparative advantage in the production of olive oil 0 Italy produces wine at a lower opportunity cost than Greece These countries have an incentive to trade 0 Italy may hold an absolute advantage in the production of olive oil...
Incorrect Question 11 0/1 pts Which of the following statements is true? Comparative advantage in producing a certain item arises from being the first country to manufacture that item. All countries can gain from trade if they all specialize in production according to comparative advantage A country cannot have comparative advantage in producing a certain item if it causes an increasing opportunity cost in producing the item A country cannot have a comparative advantage in producing a particular good unless...
The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina X Y 1000 50 5 0 10 David XY 1500 75 37.5 0 75 fesch person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good Y, and would specialize in the production of good X. (Hint: Calculate the opportunity cost of producing X and Y...
1. when real GDP increases, this implies that the production of
goods and services has risen.
a. true
b. false
2.
3. trade can only benefit a nation if that nation has
an absolute advantage in the production of that good
a. true
b. false
Du 054.28 - TF - MANKOS Save Submit Test for Grading Question 37 of 85 Table 28-11 2015 Labor Data for Tajnia Number of adults employed Number of adults unemployed Number of adults not in the...
Question 6 2 pts The nominal GDP can be lower for a given year than the real GDP. For example, if the real GDP in 2019 for a country is $50,000,000, we know the nominal GDP in 2019 for that country can be something below $50,000,000 True False
5 False The law of comparative advantage says that a. 3. the individual with the lowest opportunity cost of producing a particular good should produce it comparative advantage exists only when one person has an absolute advantage in the production of two goods whoever has a comparative advantage in producing a good also has an absolute adva in producing that good b. c. d. whoever has an absolute advantage in producing a good also has a comparative advantag in producing...
are these correct?
Michael and Angelo are both artists who can create sculptures or paintings each day. The following table describes their maximum outputs per day (daily labor productivity). That is, if Michael spends the entire days sculpting, he can produce 10 sculptures. If he spends the entire day painting, he can produce 5 paintings. If Angelo spends all day producing sculptures, he can produce 9 sculptures. If instead, he spends the entire day painting, he can complete 3 paintings....
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