Homework Answers
On the basis of absolute advantage Korea can export Good Y because they can produce that at a lower time. The answer is "A" export Y.
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Question 20 (2 points) Table. Number of hours required to produce a unit of X and...
The table below shows the number of hours of labor required to produce one unit of...
The table below shows the number of hours of labor required to produce one unit of output of two different products (A and B) in two different countries (1 and 2). Product A Product B Country 1 6 2 Country 2 3 . 4 In trade equilibrium, the real wage of workers from country 2 employed in sector B will be Group of answer choices A equal to 1/2 B equal to 1/4 C equal to 4 D larger or...
Table 3-10 Assume that Japan and Korea can switch between producing cars and producing air rate....
Table 3-10 Assume that Japan and Korea can switch between producing cars and producing air rate. Quantity Produced in 2400 Hours Hours Needed to Make 1 Car Airplane 30 150 50 150 Airplane 16 Japan Korea Draw a production possibilities frontier for both Korea and Japan assuming 2400 production hours available. What is the opportunity cost of each country to produce each cost? What country has a comparative advantage in the production of cars? What country has a comparative advantage...
Please help with this economics question. a. Which country has an absolute advantage in producing steel?...
Please help with this economics question.
a. Which country has an absolute advantage in producing steel?
Which country has an absolute advantage in producing Flash Drives?
Briefly explain your answers.
b. Which country has a comparative advantage in producing Flash
Drives? Why?
c. According to comparative advantage theory, at what price
should the country specializing in Flash Drives sell them and
why?
d. What is the opportunity cost of one ton of steel in South
Korea?
Table 1. Output possibilities...
Question 1 (6 points) Which of the following is true? A) David Ricardo proposed the theory...
Question 1 (6 points) Which of the following is true? A) David Ricardo proposed the theory of absolute advantage as the basis for trade. B) Absolute advantage is based on comparing the opportunity costs of trading partners. C) The Ricardian model assumes labor is perfectly mobile. D) Adam Smith proposed the theory of comparative advantage as the basis for trade in The Wealth of Nations Question 2 (6 points) Answer the question(s) below based on the information in the following...
Assume that in country A, the unit labor requirement for producing good X is 100 hours,...
Assume that in country A, the unit labor requirement for producing good X is 100 hours, and the unit labor requirement for good Y is 20 hours. Meanwhile in country B, the unit labor requirement for producing good X is 80 hours and the unit labor requirement for good Y is 40 hours. Answer the following: Explain which country has an absolute advantage in each good. Explain which country has a comparative advantage in each good. Under the Theory of...
Assume that in country A, the unit labor requirement for producing good X is 100 hours,...
Assume that in country A, the unit labor requirement for producing good X is 100 hours, and the unit labor requirement for good Y is 20 hours. Meanwhile in country B, the unit labor requirement for producing good X is 80 hours and the unit labor requirement for good Y is 40 hours. Answer the following: Explain which country has an absolute advantage in each good. Explain which country has a comparative advantage in each good. Under the Theory of...
27. Given the following Ricardo-type table showing the labor input required per unit of put in...
27. Given the following Ricardo-type table showing the labor input required per unit of put in each of the two industries in each of the two countries Shirts Brandy 5 days 12 days United States France 10 days 6 days If the countries engage in trade at post-trade prices (terms of trade) of 1 shirt 0.5 brandy, then A) France gets all the gains from trade B) the United States gets all the gains from trade C) neither country gains...
1. Suppose country A can produce 30 units of Corn per time period (if it specializes...
1. Suppose country A can produce 30 units of Corn per time period (if it specializes in Corn). Country A can produce 4 outfits per time period (if it specializes in outfits). If country B specializes in Corn, it can produce 40 units per time period. If country B specialized in Outfits, it can produce 3 outfits per time period. A has a comparative advantage in Corn. B has a comparative advantage in Outfits. neither country has a comparative advantage....
International Economic Relations: Consider the following input-output table, please answer questions a-h. Note that a one...
International Economic Relations:
Consider the following input-output table, please answer questions a-h. Note that a one word answer is not acceptable. For full credit, you must provide explanation for your answers and show how you arrive at them. Man Hours Required to Produce Unit of Output Country A Country B Good X 5 15 Good Y a. Which country has absolute advantage in which good? Why? b. Which country has comparative advantage in which good? Why? c. What is the...
Following table shows 20 ational thows the units of output a worker can produce per (1296)...
Following table shows 20 ational thows the units of output a worker can produce per (1296) Electronics Output America mouth in Amectica dCi 4. China Answer to: Fill in the blanks below, (ID Absolute advantage: country has an absolute advantage in the production of food? country has an absolute advantage in the production of electronice)
Table 3-10 Assume that Japan and Korea can switch between producing cars and producing air rate. Quantity Produced in 2400 Hours Hours Needed to Make 1 Car Airplane 30 150 50 150 Airplane 16 Japan Korea Draw a production possibilities frontier for both Korea and Japan assuming 2400 production hours available. What is the opportunity cost of each country to produce each cost? What country has a comparative advantage in the production of cars? What country has a comparative advantage...
Please help with this economics question.
a. Which country has an absolute advantage in producing steel?
Which country has an absolute advantage in producing Flash Drives?
Briefly explain your answers.
b. Which country has a comparative advantage in producing Flash
Drives? Why?
c. According to comparative advantage theory, at what price
should the country specializing in Flash Drives sell them and
why?
d. What is the opportunity cost of one ton of steel in South
Korea?
Table 1. Output possibilities...
Question 1 (6 points) Which of the following is true? A) David Ricardo proposed the theory of absolute advantage as the basis for trade. B) Absolute advantage is based on comparing the opportunity costs of trading partners. C) The Ricardian model assumes labor is perfectly mobile. D) Adam Smith proposed the theory of comparative advantage as the basis for trade in The Wealth of Nations Question 2 (6 points) Answer the question(s) below based on the information in the following...
27. Given the following Ricardo-type table showing the labor input required per unit of put in each of the two industries in each of the two countries Shirts Brandy 5 days 12 days United States France 10 days 6 days If the countries engage in trade at post-trade prices (terms of trade) of 1 shirt 0.5 brandy, then A) France gets all the gains from trade B) the United States gets all the gains from trade C) neither country gains...
International Economic Relations:
Consider the following input-output table, please answer questions a-h. Note that a one word answer is not acceptable. For full credit, you must provide explanation for your answers and show how you arrive at them. Man Hours Required to Produce Unit of Output Country A Country B Good X 5 15 Good Y a. Which country has absolute advantage in which good? Why? b. Which country has comparative advantage in which good? Why? c. What is the...
Following table shows 20 ational thows the units of output a worker can produce per (1296) Electronics Output America mouth in Amectica dCi 4. China Answer to: Fill in the blanks below, (ID Absolute advantage: country has an absolute advantage in the production of food? country has an absolute advantage in the production of electronice)
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