- Which country exports good X, which country imports good X? Explain
- Mark is the relative price line for country A and country B in the graph before trade.
- At Autarky (pre-trade), which point represents production point for country A? Which point represent consumption point for country A?
- At Autarky (pre-trade), which point represents production point for country B? Which point represent consumption point for country B?
- With free trade, which point represents production point for country A? Which point represent consumption point for country A?
- With free trade, which point represents production point for country B? Which point represent consumption point for country B?
- Mark the imports and exports for each country in international trade. In graph, draw “trade triangle”.
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Which country exports good X, which country imports good X?
Explain
Mark is the relative price...
Suppose Country X exports good A and imports good B. And, Country Y exports good B...
Suppose Country X exports good A and imports good B. And, Country Y exports good B and imports good A. When country Y imposes an import tariff, what happens to the terms of trade in these countries and what is the impact of this on economic welfare (assume no other factor determines economic welfare).
1.The following statements about intra-industry trade are true, except one. Which one? a. It reflects the...
1.The following statements about intra-industry trade
are true, except one. Which one?
a. It reflects the trade in similar goods between countries.
b. It results from economies of scale.
c. It results from comparative advantage.
d. It does not affect income distribution as much as
inter-industry trade.
2.Consider the following diagram. P is the autarky
production point, and C is the free trade consumption point.
P1 represents autarky prices and P2
represents free-trade prices.
In this case, the autarky consumption...
17. In the following graph showing indifference curves for country A (a) and for country B...
17. In the following graph showing indifference curves for country A (a) and for country B (b) in a situation where both countries have the same production possibilities frontier, in autarky, Px/Py in country A is Px/Py in country B, and, if trade begins, country A will export good good Y sood X a. less than; X b. less than; Y c. greater than; X d. greater than; Y 18. Given the following diagram showing a fixed-quantity production-possibilities frontier, a...
The diagram below pictures the economy of a country capable of producing steel and wheat. It...
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Thank you so much. Heckscher-Ohlin Model 2. There are two countries, Home and Foreign. There are...
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Heckscher-Ohlin Model 2. There are two countries, Home and Foreign. There are two goods: beer (6) and corn (C), which are produced in both countries using capital (K) and labor (L). In both countries, it takes 2 units of labor and 1 unit of capital to make beer (a Lb = 2, akb = 1); and it takes 5 units of labor and 5 units of capital to make corn (ale = 5, ako = 5)....
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15. Which of the following does not contribute to a basis for trade between two countries?...
15. Which of the following does not contribute to a basis for trade between two countries? a. different tastes and preferences b. different technologies c. different relative factor endowments d. different absolute factor endowments, but the same relative endowments 16. Given the following graph showing production-possibilities frontiers for country A and country B in a situation where both countries are on the same community indifference curve S, in autarky: good Y Px/Py in country B, and, when trade begins, country...
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1.The following statements about intra-industry trade
are true, except one. Which one?
a. It reflects the trade in similar goods between countries.
b. It results from economies of scale.
c. It results from comparative advantage.
d. It does not affect income distribution as much as
inter-industry trade.
2.Consider the following diagram. P is the autarky
production point, and C is the free trade consumption point.
P1 represents autarky prices and P2
represents free-trade prices.
In this case, the autarky consumption...
17. In the following graph showing indifference curves for country A (a) and for country B (b) in a situation where both countries have the same production possibilities frontier, in autarky, Px/Py in country A is Px/Py in country B, and, if trade begins, country A will export good good Y sood X a. less than; X b. less than; Y c. greater than; X d. greater than; Y 18. Given the following diagram showing a fixed-quantity production-possibilities frontier, a...
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...
31. In deriving an offer curve for a country, if a higher price of exports/price of imports leads to a reduction in the quantity of exports which the country is willing to supply, then, in this range of the offer curve, the offer curve is said to be a. inelastic b. unit-elastic c. elastic d. inelastic, unit-elastic, or elastic - cannot be determined without more information 32. Suppose that country I is importing good Y and exporting good X. At...
Thank you so much.
Heckscher-Ohlin Model 2. There are two countries, Home and Foreign. There are two goods: beer (6) and corn (C), which are produced in both countries using capital (K) and labor (L). In both countries, it takes 2 units of labor and 1 unit of capital to make beer (a Lb = 2, akb = 1); and it takes 5 units of labor and 5 units of capital to make corn (ale = 5, ako = 5)....
If country X has imports valued at $0.4 trillion, exports valued at $4.7 trillion, and GDP valued at $11 trillion, calculate the index of openness for country X. Round to two decimal places. In the figure above, A=33, B=26, C=21, D=8.2, E=11.4, F=14.3, G=17.6, H=20.2. What's the loss in consumer surplus when moving from free trade to the quota price? Enter as a positive number and round to two decimal places.
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