Homework Answers
the correct answer is b). the country export more and import less because the terms of trade are rises
initially,
the opportunity cost is equal to 1W = 1C
After, the grown of countries resource and production rises from S1 to S6,
the opportunity cost equal to 2W = 3C or 1 W = 1.5C.
the terms of trade rise from 1W=1C tp 1W = 1.5C.
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Answer A is wrong.
Consider the following graph. The country's resources have grown over time and...
Question 21 2.5 pts The following chart shows the yearly productivities of the average U.S.worker and...
Question 21 2.5 pts The following chart shows the yearly productivities of the average U.S.worker and the average French worker in wine and bread. WINE BREAD (loaves/worker) (bottles/worker) U.S. 20 60 France 10 10 According to our trade models, which of the following statements is true? O Mutually beneficial trade is not possible in this case because France is equaly productive in both wine and bread Mutually beneficial trade can occur at aratio of a loaf of bread per bottle...
please answer all the questions correctly Suppose that the world price of oats is 30 cents...
please answer all the questions correctly
Suppose that the world price of oats is 30 cents a kilogram. Canada does not trade internationally, and the equilibrium price of oats in Canada is 40 cents a kilogram. Canada then begins to trade internationally. The price of oats in Canada Canadian consumers buy oats. Canadian firms produce oats. Canada _oats. Select one: a. rises/more/less /exports b. falls / less/more/imports c. falls/more/less / exports O d. rises / less/more/exports e falls / more...
E and F please 1. (16 points) Answer the following questions based on the information in...
E and F please
1. (16 points) Answer the following questions based on the information in the table below. U.S.U.K. Wheat (bushels/hr) 9 3 Cloth (yards/hr) 6 6 A. (2 points) Which country has an absolute advantage in wheat? Which country has an absolute advantage in cloth? Can mutually beneficial trade take place between U.S. and U.K. according to the law of absolute advantage? B. (2 points) What is the opportunity cost of wheat in each country? c. (2 points)...
The diagram below pictures the economy of a country capable of producing steel and wheat. It...
The diagram below pictures the economy of a country capable of producing steel and wheat. It is currently engaged in international trade with another country. The diagram includes a production possibility frontier, an indifference curve the country finds itself at, and an isovalue line. Referencing slides 56-59 should help you complete the assignment Wheat, min tons JULLILUL 12 UIT INT I LLLLL / 6 Steel, O s 10 15 20 25 30 mln tons a. Label the production (P) and...
A depicts production and consumption in a closed economy with labor-intensive Wheat and capital- intensive Cloth. Capital and labor are both perfectly mobile across sectors CHOS model). Read all...
A depicts production and consumption in a closed economy with labor-intensive Wheat and capital- intensive Cloth. Capital and labor are both perfectly mobile across sectors CHOS model). Read all the questions, think carefully and plan your answer before drawing Cloch Wheat (i.e. the Suppose the country opens to trade and this leads to an increase in domestic relative price of wheat rises to now equal the world relative price of wheat). a) Assume actors in the economy respond to the...
Below is a graph illustrating the market for mustard seeds in Rysen III. (Sd is domestic...
Below is a graph illustrating the market for mustard seeds in Rysen III. (Sd is domestic supply, and Dd is domestic demand.). The world price of mustard seeds is $100. $240 Price per ton 400 m 800 1200 1600 2000 2400 Quantity of Mustard Seeds 28. Refer to the graph above to answer this question. Suppose that the government introduces a quota of 400 on imports of mustard seeds, what will be the new price?? A) $40. B) $100. C)...
0. variable The following graph shows the market for wheat in the European Union (EU). The...
0. variable The following graph shows the market for wheat in the European Union (EU). The world price of wheat is $2.00 per bushel, so Sworld represents the world supply assuming that the EU cannot affect the world price of wheat. To support the agricultural sector, the EU guarantees a certain price for the farmers by Imposing a variable levy of $2.00 per bushel to limit the import of wheat. On the graph, use the purple line (diamond symbol) to...
Consider two neighboring island countries called Bellissima and Felicidad. They each have 4 million labor hours...
Consider two neighboring island countries called Bellissima and Felicidad. They each have 4 million labor hours available per month that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Corn (Bushels per hour of labor) Jeans (Pairs per hour of labor) Country Bellissima Felicidad Initially, suppose Bellissima uses 1 million hours of labor per month to produce corn...
3. Gains from trade Consider two neighboring island countries called Dolorium and Contente. They each have...
3. Gains from trade Consider two neighboring island countries called Dolorium and Contente. They each have 4 milion labor hours available per month that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor. Jeans Corn (Bushels per hour of labor) Country Dolorium Contente (Pairs per hour of labor) 8 Initially, suppose Contente uses 1 million hours of labor...
Question 21 2.5 pts The following chart shows the yearly productivities of the average U.S.worker and the average French worker in wine and bread. WINE BREAD (loaves/worker) (bottles/worker) U.S. 20 60 France 10 10 According to our trade models, which of the following statements is true? O Mutually beneficial trade is not possible in this case because France is equaly productive in both wine and bread Mutually beneficial trade can occur at aratio of a loaf of bread per bottle...
please answer all the questions correctly
Suppose that the world price of oats is 30 cents a kilogram. Canada does not trade internationally, and the equilibrium price of oats in Canada is 40 cents a kilogram. Canada then begins to trade internationally. The price of oats in Canada Canadian consumers buy oats. Canadian firms produce oats. Canada _oats. Select one: a. rises/more/less /exports b. falls / less/more/imports c. falls/more/less / exports O d. rises / less/more/exports e falls / more...
E and F please
1. (16 points) Answer the following questions based on the information in the table below. U.S.U.K. Wheat (bushels/hr) 9 3 Cloth (yards/hr) 6 6 A. (2 points) Which country has an absolute advantage in wheat? Which country has an absolute advantage in cloth? Can mutually beneficial trade take place between U.S. and U.K. according to the law of absolute advantage? B. (2 points) What is the opportunity cost of wheat in each country? c. (2 points)...
The diagram below pictures the economy of a country capable of producing steel and wheat. It is currently engaged in international trade with another country. The diagram includes a production possibility frontier, an indifference curve the country finds itself at, and an isovalue line. Referencing slides 56-59 should help you complete the assignment Wheat, min tons JULLILUL 12 UIT INT I LLLLL / 6 Steel, O s 10 15 20 25 30 mln tons a. Label the production (P) and...
A depicts production and consumption in a closed economy with labor-intensive Wheat and capital- intensive Cloth. Capital and labor are both perfectly mobile across sectors CHOS model). Read all the questions, think carefully and plan your answer before drawing Cloch Wheat (i.e. the Suppose the country opens to trade and this leads to an increase in domestic relative price of wheat rises to now equal the world relative price of wheat). a) Assume actors in the economy respond to the...
Below is a graph illustrating the market for mustard seeds in Rysen III. (Sd is domestic supply, and Dd is domestic demand.). The world price of mustard seeds is $100. $240 Price per ton 400 m 800 1200 1600 2000 2400 Quantity of Mustard Seeds 28. Refer to the graph above to answer this question. Suppose that the government introduces a quota of 400 on imports of mustard seeds, what will be the new price?? A) $40. B) $100. C)...
0. variable The following graph shows the market for wheat in the European Union (EU). The world price of wheat is $2.00 per bushel, so Sworld represents the world supply assuming that the EU cannot affect the world price of wheat. To support the agricultural sector, the EU guarantees a certain price for the farmers by Imposing a variable levy of $2.00 per bushel to limit the import of wheat. On the graph, use the purple line (diamond symbol) to...
Consider two neighboring island countries called Bellissima and Felicidad. They each have 4 million labor hours available per month that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Corn (Bushels per hour of labor) Jeans (Pairs per hour of labor) Country Bellissima Felicidad Initially, suppose Bellissima uses 1 million hours of labor per month to produce corn...
3. Gains from trade Consider two neighboring island countries called Dolorium and Contente. They each have 4 milion labor hours available per month that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor. Jeans Corn (Bushels per hour of labor) Country Dolorium Contente (Pairs per hour of labor) 8 Initially, suppose Contente uses 1 million hours of labor...
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