The gains from specialization and trade are discussed in terms of production gains and consumption gains. Assume conditions of complete specialization. The following two tables show the production of autos and wheat for two countries, Posmaorus and Vostre
The gains from specialization and trade are discussed in terms of production gains and consumption gains.
Assume conditions of complete specialization. The following two tables show the production of autos and wheat for two countries, Posmaorus and Vostren, before and after they specialize in one of the goods, as well as consumption before and after the countries start trading.
Complete the following table by calculating production gains or losses from specialization and filling in the last two columns.
| Country | Before Specialization | After Specialization | Net Gain or Loss | |||
|---|---|---|---|---|---|---|
| Autos | Wheat | Autos | Wheat | Autos | Wheat | |
| (Thousands) | (Thousand tons) | (Thousands) | (Thousand tons) | (Thousands) | (Thousand tons) | |
| Posmaorus | 80 | 50 | 170 | 0 | ||
| Vostren | 80 | 100 | 0 | 200 | ||
| World | 160 | 150 | 170 | 200 | ||
Complete the following table by calculating consumption gains or losses from trade and filling in the last two columns.
| Country | Before Trade | After Trade | Net Gain or Loss | |||
|---|---|---|---|---|---|---|
| Autos | Wheat | Autos | Wheat | Autos | Wheat | |
| (Thousands) | (Thousand tons) | (Thousands) | (Thousand tons) | (Thousands) | (Thousand tons) | |
| Posmaorus | 80 | 50 | 85 | 100 | ||
| Vostren | 80 | 100 | 85 | 100 | ||
| World | 160 | 150 | 170 | 200 | ||
Homework Answers
Request Answer!
We need at least 9 more requests to produce the answer.
1 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
The gains from specialization and trade are discussed in terms of production gains and consumption gains. Assume conditions of complete specialization. The following two tables show the production of autos and wheat for two countries, Posmaorus and Vostre
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
Shown below are the production possibilities curves for two nations: the United States and Chile. Suppose...
Shown below are the production possibilities curves for two nations: the United States and Chile. Suppose these two nations do not currently engage in international trade or specialization, and suppose that points A and a show the combinations of wheat and copper they now produce and consume United States Chile 10 10 10 10 Copper (thousands of pounds) Copper (thousands of pounds) 1. What is the United States opportunity cost for wheat and copper - show your math work? 2....
Alleme: 1 3. Gains from trade Consider two neighboring island countries called Contente and Euphoria. They...
Alleme: 1 3. Gains from trade Consider two neighboring island countries called Contente and Euphoria. They each have 4 million labor hours available per week that they can use to produce rye, Jeans, or a combination of both. The following table shows the amount of rye or Jeans that can be produced using 1 hour of labor. Rye (Bushels per hour of labor) Jeans (Pairs per hour of labor) Country Contente Euphoria Initially, suppose Contente uses 1 million hours of...
3. Gains from trade Consider two neighboring island countries called Euphoria and Arcadia. They each have...
3. Gains from trade Consider two neighboring island countries called Euphoria and Arcadia. They each have 4 million labor hours available per month that they can use to produce corn, eans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using hour of abo Corn Jeans (Pairs per hour of labor) 20 16 (Bushels per hour of labor) Country Euphoria Arcadia 8 Initially, suppose Arcadia uses 1 million hours of...
3. Gains from trade Consider two neighboring island countries called Felicidad and Contente. They each...
3. Gains from trade Consider two neighboring island countries called Felicidad and Contente. 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. Country Corn Jeans (Bushels per hour of labor) (Pairs per hour of labor) Felicidad 4 16 Contente 5 10 Initially, suppose Contente uses 1...
3. Gains from trade Consider two neighboring island countries called Bellissima and Dolorium. They each have...
3. Gains from trade Consider two neighboring island countries called Bellissima and Dolorium. They each have 4 million 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. Country Bellissima Dolorium Jeans (Pairs per hour of labor) 12 Corn (Bushels per hour of labor) 24 Initially, suppose Bellissima uses 1 million hours of...
3. Gains from trade Consider two neighboring island countries called Arcadia and Euphoria. They each have...
3. Gains from trade Consider two neighboring island countries called Arcadia and Euphoria. They each have 4 million 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 (Pairs per hour of labor) Corn (Bushels per hour of labor) Country Arcadia Euphoria in 16 + Initially, suppose Arcadia uses 1 million hours...
3. Gains from trade Consider two neighboring island countries called Dolorium and Arcadia. They each have...
3. Gains from trade Consider two neighboring island countries called Dolorium and Arcadia. They each have 4 million 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. Country Jeans Corn (Pairs per hour of labor) (Bushels per hour of labor) Dolorium 4 16 Arcadia 6 12 Initially, suppose Arcadia uses 1 million...
3. Gains from trade Consider two neighboring island countries called Arcadia and Euphoria. They each have...
3. Gains from trade Consider two neighboring island countries called Arcadia and Euphoria. They each have 4 million labor hours available per week 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 Country (Pairs per hour of labor) (Bushels per hour of labor) Arcadia Euphoria 8 16 20 Initially, suppose Arcadia uses 1 million hours...
3. Gains from trade Consider two neighboring island countries called Euphoria and Contente. They each have...
3. Gains 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 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 (Pairs per hour of labor) Corn (Bushels per hour of labor) Country Euphoria Contente Initially, suppose Contente uses 1 million hours of labor per...
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
Shown below are the production possibilities curves for two nations: the United States and Chile. Suppose these two nations do not currently engage in international trade or specialization, and suppose that points A and a show the combinations of wheat and copper they now produce and consume United States Chile 10 10 10 10 Copper (thousands of pounds) Copper (thousands of pounds) 1. What is the United States opportunity cost for wheat and copper - show your math work? 2....
Alleme: 1 3. Gains from trade Consider two neighboring island countries called Contente and Euphoria. They each have 4 million labor hours available per week that they can use to produce rye, Jeans, or a combination of both. The following table shows the amount of rye or Jeans that can be produced using 1 hour of labor. Rye (Bushels per hour of labor) Jeans (Pairs per hour of labor) Country Contente Euphoria Initially, suppose Contente uses 1 million hours of...
3. Gains from trade Consider two neighboring island countries called Euphoria and Arcadia. They each have 4 million labor hours available per month that they can use to produce corn, eans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using hour of abo Corn Jeans (Pairs per hour of labor) 20 16 (Bushels per hour of labor) Country Euphoria Arcadia 8 Initially, suppose Arcadia uses 1 million hours of...
3. Gains from trade Consider two neighboring island countries called Bellissima and Dolorium. They each have 4 million 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. Country Bellissima Dolorium Jeans (Pairs per hour of labor) 12 Corn (Bushels per hour of labor) 24 Initially, suppose Bellissima uses 1 million hours of...
3. Gains from trade Consider two neighboring island countries called Arcadia and Euphoria. They each have 4 million 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 (Pairs per hour of labor) Corn (Bushels per hour of labor) Country Arcadia Euphoria in 16 + Initially, suppose Arcadia uses 1 million hours...
3. Gains from trade Consider two neighboring island countries called Arcadia and Euphoria. They each have 4 million labor hours available per week 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 Country (Pairs per hour of labor) (Bushels per hour of labor) Arcadia Euphoria 8 16 20 Initially, suppose Arcadia uses 1 million hours...
3. Gains 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 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 (Pairs per hour of labor) Corn (Bushels per hour of labor) Country Euphoria Contente Initially, suppose Contente uses 1 million hours of labor per...
Most questions answered within 3 hours.
-
Homologous Recombination Lecture
Molecular Biology
The ability for yeast and E. coli to do
homologous recombination...
asked 1 minute ago -
A single pass heat exchanger is used to cool milk from 65 C to
20 C...
asked 1 minute ago -
A water pistol aimed horizontally projects a stream of water
with an initial speed of 7.20...
asked 4 minutes ago -
Language: Python
Function name : findwaldo
Parameters : string
Returns: int
Description: Write a recursive function...
asked 23 minutes ago -
1) A loan of RM 10,000 at a flat rate of 10% per annum was
repaid...
asked 29 minutes ago -
Suppose you have been following a particular airline stock for
many years. You are interested in...
asked 35 minutes ago -
Describe the organic pasta: Is it a normal/inferior
good? Is it a necessity/luxury? Does it have...
asked 37 minutes ago -
Are Republicans just as likely as Democrats to display the
American flag in front of their...
asked 46 minutes ago -
Select the true statement below.
nitrogen dioxide is a stronger potential oxidizing agent than
dinitrogen monoxide...
asked 50 minutes ago -
What’s the probability of getting a sequence of 1,2,3,4,5,6 if
we roll a dice six times?
asked 51 minutes ago -
Ibarra Corporation uses the FIFO method in its process costing
system. The first processing department, the...
asked 52 minutes ago -
Multiple Choice Question:
Jennifer Jones, a 38-year-old employee at a metal fabricating
plant, was injured in...
asked 56 minutes ago