Homework Answers
9.Ans: opportunity cost
Explanation:
Comparative advantage in the production means lower opportunity cost to produce a particular commodity.
10.Ans: a) 2; 1.5
Explanation:
David's opportunity cost for cutting one lawn = 4/2 = 2 car washes
Ralph 's opportunity cost for cutting one lawn = 3/2 = 1.5 car washes
11.Ans: b) comparative advantage; absolute advantage
12. Ans: a) globalization
13.Ans: c ) imports
Explanation:
Goods and services that are produced in a foreign country but sold domestically are known as imports whereas goods and services that are produced domestically and sold in foreign country are known as exports.
14.Ans: d) A trade deficit
Explanation:
When total exports > total imports , then there will be a trade surplus
When total imports > total exports , then there will be a trade deficit.
15.Ans: b) exchange
Explanation:
The rate at which one country's currency can be converted to another country's currency is known as the exchange rate.
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9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David...
QUESTION 9 When a country's imports is greater than its exports, the country is experiencing a...
QUESTION 9 When a country's imports is greater than its exports, the country is experiencing a Ca. trade balance cb. trade residual c. trade deficit d. trade surplus QUESTION 10 The slop of the production possilbilities frontier is equal to a. The marginal cost of the good measured on the horizontal axis b. The marginal cost of the good measured on the vertical axis c. The opportunity cost of the good measured on the horizontal axis d. The opportunity cost...
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 Freedonia and Sylvania. Both countries produce potatoes and coffee, each initially (ie,, before specialization and trade) producing 24 million...
This question is about specialization and trade. A.) Suppose a worker in the U.S. can produce...
This question is about specialization and trade. A.) Suppose a worker in the U.S. can produce 4 cars or 10 computers. A worker in Russia can produce 2 cars or 10 computers. Suppose that the U.S. has 100,000 workers and Russia has 200,000 workers. Draw the PPF for each country. Be sure to keep the axes on the two graphs consistent. B.) Compute absolute advantage C.) Compute comparative advantage D.) Suppose that the U.S. makes only what they have comparative...
4. Specialization and trade When a country has a comparative advantage in the production of a...
4. Specialization and tradeWhen 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 Freedonia and Desonia. Both countries produce grain and sugar, each initially (i.e., before specialization and trade) producing 12 million pounds of...
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 Freedonia and Desonia. Both countries produce lemons and sugar, each initially (.e., before specialization and trade) producing 6 million...
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...
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 Freedonia and Desonia. Both countries produce grain and tea, each initially (i.e., before specialization and trade) producing 24 million...
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 Maldonia and Desonia. Both countries produce lemons and sugar, each initially (i.e., before specialization and trade) producing 24 million...
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 Maldonia and Sylvania. Both countries produce grain and coffee, each initially (i.e., before specialization and trade) producing 6 million...
Specialization and trade When a country has a comparative advantage in the production of a good,...
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 good The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Lamponia. Both countries produce grain a tea, each initially (Qie., before specialization and trade) producing 24 million pounds...
QUESTION 9 When a country's imports is greater than its exports, the country is experiencing a Ca. trade balance cb. trade residual c. trade deficit d. trade surplus QUESTION 10 The slop of the production possilbilities frontier is equal to a. The marginal cost of the good measured on the horizontal axis b. The marginal cost of the good measured on the vertical axis c. The opportunity cost of the good measured on the horizontal axis d. The opportunity cost...
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 Freedonia and Sylvania. Both countries produce potatoes and coffee, each initially (ie,, before specialization and trade) producing 24 million...
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 Freedonia and Desonia. Both countries produce lemons and sugar, each initially (.e., before specialization and trade) producing 6 million...
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 Freedonia and Desonia. Both countries produce grain and tea, each initially (i.e., before specialization and trade) producing 24 million...
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 Maldonia and Desonia. Both countries produce lemons and sugar, each initially (i.e., before specialization and trade) producing 24 million...
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 Maldonia and Sylvania. Both countries produce grain and coffee, each initially (i.e., before specialization and trade) producing 6 million...
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 good The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Lamponia. Both countries produce grain a tea, each initially (Qie., before specialization and trade) producing 24 million pounds...
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