Homework Answers
Question 7: the prices charged for X and Y reflect their
domestic opportunity costs.
(Trade is beneficial when the trading price of the two goods lie
between the domestic opportunity costs of two countries.)
Question 8: protection against dumping
(The practice explained in question is dumping so protection
against dumping is discussed in it.)
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Nation Alpha has a comparative advantage in product X, and nation Beta has a comparative dvantage...
The U.S. government restricting the quantity of sugar imports into the country is an example of...
The U.S. government restricting the quantity of sugar imports into the country is an example of a(n): trade settlement. trade quota. market hanger. embargo. The key industries argument for trade restrictions relies on the notion that: war may disrupt trade flows. some industries deserve protection because they provide positive spillover effects to the rest of the economy. products with inelastic supply are the major source for job creation. economies of scale are easier to achieve in exporting industries. Which of...
this is autarky? Answer questions 1 and 10 based on a global economy of two Ricardian...
this is autarky?
Answer questions 1 and 10 based on a global economy of two Ricardian economies (Home, Foreign) whose industry technologies are given in the following table: Product aLx 0.5 aLY = 1 Foreign a*x = 0.5 aLY Table 1: Labor hours per unit of outputs Each of these two economies is endowed with 500 labor hours (ie, L-L'-500). 10. Again, suppose that both Home and Foreign move from autarky to a free-trade regime and that the trade price...
match the argument with the response suggested by economi Match the argument with the response suggested...
match the argument with the response suggested by
economi
Match the argument with the response suggested by economists. The jobs argument: Trade should be restricted A Trade restriction causes domestic prices to rise. The cost because it destroys jobs in industries that compete with imports to consumers exceeds the lost earnings of workers who lose their jobs. It would be cheaper to pay the workers The dumping argument When a producer sells a retaliation from trading partners will shrink employment...
2. trade surplus 3. import quota 4. intra-industry trade 5. factor intensity 6. producer surplus II....
2. trade surplus 3. import quota 4. intra-industry trade 5. factor intensity 6. producer surplus II. TRUE OR FALSE? (20%) 1, A production possibilities frontier graphically represents the maximum output of a country when the supply of resources and technology are constant.() 2. Absolute advantage theory shows that two nations could both gain from trade by exporting products in which their labor productivity was higher than that of the other nation. () 3, Mercantilists believed that each nation should try...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...
Can a country have comparative advantage even though it has an absolute disadvantage? Make up a numerical...
Can a country have comparative advantage even though it has an absolute disadvantage? Make up a numerical example to show this. Someone tells you, “I do not understand how Bangladesh with its low productivity can compete in the world markets at all and even trade with the U.S. Surely the U.S. is better at producing everything relative to Bangladesh!” Ross Perot, a former presidential candidate, said in 1993 that the introduction of free trade between the U.S. and Mexico, would lead to...
0.25 points9) Refer to the above table which shows the alternative outputs which can be produced...
0.25 points9) Refer to the above table which shows the
alternative outputs which can be produced in 2 different countries
with 1 year of labor. It can be concluded that Sweden has a(n)
A.) absolute advantage in both goods and a comparative advantage
only in autos.
B.) absolute advantage in both goods and a comparative advantage
only in computers.
C.) absolute advantage in both goods and a comparative advantage
in both goods.
D.) absolute advantage in both goods and a...
1. Given the information in Table 1, in a two country and two-product Ricardian model, which...
1. Given the information in Table 1, in a two country and two-product Ricardian model, which of the following statements is (are) true? Table 1 Unit Labour Requirements T-shirt Brandy 4 hours 12 hours 6 hours 12 hours United States France A) The pretrade price ratio in France is 1 brandy - 2 T-shirts. B) The US pretrade price ratio is 1 brandy - 4 T-shirts. C) The US pretrade price ratio is 1 T-shirt = 1/3 brandy. D) The...
Questions: c) An emergency tariff on a wide range of imports would be effective in addressing...
Questions: c) An emergency tariff on a wide range of imports would be effective in addressing U.S deficits and forcing other nations to purchase more U.S. exports; d) One reason the U.S. does not export more is lagging investment in domestic industries. Why Protectionism Cannot Cure the Trade Deficit The causal link between investment flows, exchange rates, and the balance of trade explains why protectionism cannot cure a trade deficit. In his 1997 book, One World, Ready or Not, Washington...
Paragraph One- Introduce your primary source "Chapter" (Economics of Public Issues, Miller et.al, 2014) claims....introduce the...
Paragraph One- Introduce your primary source "Chapter" (Economics of Public Issues, Miller et.al, 2014) claims....introduce the main point of the chapter and explain: Why should we care? How will this topic, issue, problem affect us? Or more to the point, who will benefit from knowing more about this issue, situation, problem. Why is this an important topic, issue, or problem? Paragraph Two Introduce the main points of your research. Make sure you give credit to at least two other sources....
this is autarky?
Answer questions 1 and 10 based on a global economy of two Ricardian economies (Home, Foreign) whose industry technologies are given in the following table: Product aLx 0.5 aLY = 1 Foreign a*x = 0.5 aLY Table 1: Labor hours per unit of outputs Each of these two economies is endowed with 500 labor hours (ie, L-L'-500). 10. Again, suppose that both Home and Foreign move from autarky to a free-trade regime and that the trade price...
match the argument with the response suggested by
economi
Match the argument with the response suggested by economists. The jobs argument: Trade should be restricted A Trade restriction causes domestic prices to rise. The cost because it destroys jobs in industries that compete with imports to consumers exceeds the lost earnings of workers who lose their jobs. It would be cheaper to pay the workers The dumping argument When a producer sells a retaliation from trading partners will shrink employment...
2. trade surplus 3. import quota 4. intra-industry trade 5. factor intensity 6. producer surplus II. TRUE OR FALSE? (20%) 1, A production possibilities frontier graphically represents the maximum output of a country when the supply of resources and technology are constant.() 2. Absolute advantage theory shows that two nations could both gain from trade by exporting products in which their labor productivity was higher than that of the other nation. () 3, Mercantilists believed that each nation should try...
0.25 points9) Refer to the above table which shows the
alternative outputs which can be produced in 2 different countries
with 1 year of labor. It can be concluded that Sweden has a(n)
A.) absolute advantage in both goods and a comparative advantage
only in autos.
B.) absolute advantage in both goods and a comparative advantage
only in computers.
C.) absolute advantage in both goods and a comparative advantage
in both goods.
D.) absolute advantage in both goods and a...
1. Given the information in Table 1, in a two country and two-product Ricardian model, which of the following statements is (are) true? Table 1 Unit Labour Requirements T-shirt Brandy 4 hours 12 hours 6 hours 12 hours United States France A) The pretrade price ratio in France is 1 brandy - 2 T-shirts. B) The US pretrade price ratio is 1 brandy - 4 T-shirts. C) The US pretrade price ratio is 1 T-shirt = 1/3 brandy. D) The...
Paragraph One- Introduce your primary source "Chapter" (Economics of Public Issues, Miller et.al, 2014) claims....introduce the main point of the chapter and explain: Why should we care? How will this topic, issue, problem affect us? Or more to the point, who will benefit from knowing more about this issue, situation, problem. Why is this an important topic, issue, or problem? Paragraph Two Introduce the main points of your research. Make sure you give credit to at least two other sources....
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