Trade between countries Group of answer choices can be best understood by examining the countries' absolute...
Trade between countries
Group of answer choices
can be best understood by examining the countries' absolute advantage
limits a country's ability to produce goods and services on it's own
allows each country to consume at a point outside it's production possibility frontier
must benefit both countries equally, otherwide trade is not mutually beneficial
Homework Answers
Ans) the correct option is c) allows each country to consume at a point outside its production possibilities frontier.
The gains from trade are a result of more efficient resource allocation than would be observed in the absence of trade.
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Trade between countries
Group of answer choices
can be best understood by examining the countries' absolute...
1. International trade... a. Shifts a country's production possibility frontier outwards b. Shifts a country's production...
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Two countries decide to specialize in producing certain goods to export to other countries, and in...
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Answer Bank Through specialization and trade, it is possible for a country to consume a combination...
Answer Bank Through specialization and trade, it is possible for a country to consume a combination of goods that is beyond its original production possibilities frontier. Countries trade for goods in which they do not have a comparative advantage. and therefore, would never trade with nations that have similar resource endowments. When two countries choose to partake in international trade, it is a mutually beneficial activity for both countries. Wealthier countries always benefit more from international trade than poorer countries....
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Does GDP give us a complete picture of standard of living in a country No, because it does not account for inflation Yes, because it measures productivity of a country No, because it does not account for population size Yes, because it includes goods AND services produced The same car costs $10k in USA and AED30k in UAE (1$=3.67AED). Purchasing power Same for...
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....
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Here are some hypothetical numbers used to illustrate the ideas of trade-offs, specialization, and comparative advantage. Assume Sri Lanka, using all her resources efficiently, can produce either 1,000 bags of rice OR 3,000 bags of tea. Let's also assume that, using all her resources efficiently, Kenya can produce either 1,000 bags of rice OR 1,000 bags of tea. Further, assume that the countries have similar resource endowments and that, initially, they are not trading with each other. Therefore, each of...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plotof land. The...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot
of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
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Answer Bank Through specialization and trade, it is possible for a country to consume a combination of goods that is beyond its original production possibilities frontier. Countries trade for goods in which they do not have a comparative advantage. and therefore, would never trade with nations that have similar resource endowments. When two countries choose to partake in international trade, it is a mutually beneficial activity for both countries. Wealthier countries always benefit more from international trade than poorer countries....
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6.
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7.
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8.
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Does GDP give us a complete picture of standard of living in a country No, because it does not account for inflation Yes, because it measures productivity of a country No, because it does not account for population size Yes, because it includes goods AND services produced The same car costs $10k in USA and AED30k in UAE (1$=3.67AED). Purchasing power Same for...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot
of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to
plot Clancy's production possibilities...
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