Homework Answers
1: True (arising out of comparative advantage)
2: False (they arise from comparative advantage)
3: False (it is not necessary)
4: False (gains from trade arise from countries having comparative advantage in production of goods)
5: True (as it affects demand for domestic goods and thus employment)
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Indicate whether each of the following statements is true or false. Statement True False Two countries can...
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...
15. Problems and Applications Q9 Indicate whether each of the following statements is true or false...
15. Problems and Applications Q9 Indicate whether each of the following statements is true or false True False 1. Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods 2. Certain very talented people have a comparative advantage in everything they do 3. If a certain trade is good for one person, it can't be good for the other one 4. If a certain trade is good...
There will be no gains from specialization and trade between two countries if 1) neither country...
There will be no gains from specialization and trade between two countries if 1) neither country has an absolute advantage in the production of any good; 2) neither country has a comparative advantage in the production of any good; 3) opportunity costs differ too much between the two countries. O A. 1 only O B. 2 only OC. 3 only O D. 1 and 2 O E. 2 and 3
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...
In 2015, one of the largest multilateral trade deals in history was struck (but not ratified...
In 2015, one of the largest multilateral trade deals in history was struck (but not ratified at the time of writing) by negotiators representing 12 countries (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, New Zealand, Peru, Singapore, the United States, and Vietnam). The TransPacific Partnership, or TPP, will dramatically reduce trade barriers between countries accounting for about 40 percent of the world's economy. Some opponents of the deal argue that there is no way for Canada to benefit from trade...
Which of the following are true regarding international trade?
Which of the following are true regarding international trade? Check all that apply. Wages are determined by labor productivity Countries export goods in which they have a comparative advantage. Only a country with an absolute advantage in the production of goods can gain from trade. Exporting countries gain from trade, while importing countries lose
Suppose the United Kingdom and Norway both produce ol and fish oil, which are sold for...
Suppose the United Kingdom and Norway both produce ol and fish oil, which are sold for the same prices in both countries. The following table shows combinations of both goods that each country can produce in a day, measured in thousands of barrels, using the same arnaunts of capital arnd labor United K Fish 12 ish 12 Who has the comparative advantage i preducing oil? A. Nelther country has a comperative advantage producing oll because their opportunity costs of producing...
Consider two neighboring island countries called Contente and Felicidad. They each have 4 million labor hours ava...
Consider two neighboring island countries called Contente and Felicidad. They each have 4 million labor hours available per month that they can use to produce corm, 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 Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Contente 8 16 Felicidad 5 20 Initially, suppose Contente uses 1 million hours of labor per...
Homework (Ch 03) 3. Galns from trade Consider two neighboring island countries called Euphoria and Contente....
Homework (Ch 03) 3. Galns from trade Consider two neighboring island countries called Euphoria and Contente. They each have 4 million labor hours available per week 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 Country Euphoria Contente Jeans (Pairs per hour of labor) 20 16 (Bushels per hour of labor) Initially, suppose Contente uses 1...
3. Gains from trade Consider two neighboring island countries called Bellissima and Felicidad. They each have...
3. Gains from trade 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...
15. Problems and Applications Q9 Indicate whether each of the following statements is true or false True False 1. Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods 2. Certain very talented people have a comparative advantage in everything they do 3. If a certain trade is good for one person, it can't be good for the other one 4. If a certain trade is good...
There will be no gains from specialization and trade between two countries if 1) neither country has an absolute advantage in the production of any good; 2) neither country has a comparative advantage in the production of any good; 3) opportunity costs differ too much between the two countries. O A. 1 only O B. 2 only OC. 3 only O D. 1 and 2 O E. 2 and 3
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...
Suppose the United Kingdom and Norway both produce ol and fish oil, which are sold for the same prices in both countries. The following table shows combinations of both goods that each country can produce in a day, measured in thousands of barrels, using the same arnaunts of capital arnd labor United K Fish 12 ish 12 Who has the comparative advantage i preducing oil? A. Nelther country has a comperative advantage producing oll because their opportunity costs of producing...
Consider two neighboring island countries called Contente and Felicidad. They each have 4 million labor hours available per month that they can use to produce corm, 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 Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Contente 8 16 Felicidad 5 20 Initially, suppose Contente uses 1 million hours of labor per...
Homework (Ch 03) 3. Galns from trade Consider two neighboring island countries called Euphoria and Contente. They each have 4 million labor hours available per week 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 Country Euphoria Contente Jeans (Pairs per hour of labor) 20 16 (Bushels per hour of labor) Initially, suppose Contente uses 1...
3. Gains from trade 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...
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