Trade benefits A. the factor that is specific to the export sector of each country. B....
Trade benefits
A.
the factor that is specific to the export sector of each country.
B.
all factors in the economy.
C.
the factor that is specific to the import −competing sectors.
D.
mobile factors
Homework Answers
Option B
Explanation: Trade increases total surplus in an economy and thereby benefits all factors in an economy.
Add Answer to:
Trade benefits
A.
the factor that is specific to the export sector of each
country.
B....
51. The Stolper-Samuelson theorem suggests that, when a country is opened to international trade, the real income o...
51. The Stolper-Samuelson theorem suggests that, when a country is opened to international trade, the real income of the country's abundant factor of production will and the real income of the country's scarce factor of production a. rise; also will rise b. rise; wil fall c. fall; will rise d. fall; also will fall 52 In the "specific-factors" model where capital in each sector is fixed but labor can move freely between the two sectors, the opening of the country...
Suppose Elmira is a small country that produces two goods, grain and novels, with two factors...
Suppose Elmira is a small country that produces two goods, grain and novels, with two factors of production, unskilled labor (L) and skilled labor (L). Both factors are completely mobile between the two sectors of production in the long run. In the medium run, skilled labo is specific to its sector. That is, it takes time to retrain and acquire new skills in order to move between the two sectors in the economy The production of grain is relatively intensive...
QUESTION 9 Intraindustry trade tends to give rise to more protectionist pressure than does interindustry trade....
QUESTION 9 Intraindustry trade tends to give rise to more protectionist pressure than does interindustry trade. True False QUESTION 10 Owners of resources that are abundant in a country are less likely to want trade protection than are owners of resources that are scarce in the country. True False QUESTION 11 Suppose there are specific factors of production that (in the short run) can't easily be transferred from an import sector of the economy to an export sector or a...
Assume a standard trade model. Which of the following statements is NOT true? a) At the...
Assume a standard trade model. Which of the following statements is NOT true? a) At the optimal output mix, the slope of the production possibility frontier equals the negative relative price. b) If the economy produces more of one good, it has to produce less of the other good. c) The production possibility frontier is convex. d) The optimal output mix is realized where the isovalue line is tangent to the production possibility frontier. Assume a firm faces the following...
MULTIPLE CHOICE Which of the following is NOT true about trade? Trade will cause expansion in...
MULTIPLE CHOICE Which of the following is NOT true about trade? Trade will cause expansion in the export-oriented sector. Trade will cause contraction in the import-competing sector. Trade occurs because of similarities in the availability of factor inputs across countries and differences in the proportions of those factors that are used in producing different products. None of the above. Please explain. Thank you!
59. The "magnification effect" refers to the fact that, when a country is opened to trade, a. the price of the expo...
59. The "magnification effect" refers to the fact that, when a country is opened to trade, a. the price of the export good rises. b. real income is magnified even though the PPF does not change. c. the price of the abundant factor rises faster than does the price of the export good. d. the price of the scarce factor rises. 60. In the 2x2x2 Heckscher-Ohlin analysis, if an relatively labor-abundant country is opened to trade, then, as the movement...
Question 40 (2.5 points) Trade occurs because of in the availability of factor inputs across countries...
Question 40 (2.5 points) Trade occurs because of in the availability of factor inputs across countries and the differences in the proportions of those factors that are used in producing different goods. Trade causes in the export-oriented sector and in the import-competing sector. differences; expansion; contraction similarities; expansion; contraction similarities; contraction; expansion differences; contraction; expansion Question 41 (2.5 points) Use the following information to answer question below Assume the standard trade model with two countries (Alpha and Beta), two goods...
1 (Specific Factor Model, Chapter 3) In the simple" version of the specific factor model, there...
1. (Specific Factor Model, Chapter 3) In the "simple" version of the specific factor model, there are two sectors (goods), one factor (labor) that is perfectly mobile between the two sectors, and one fixed - or specific - factor in each sector. To be concrete, suppose the two goods are food and clothing, the specific factor in food is "land" - represented by "T", and the specific factor in clothing is "capital", represented by "K'. The production functions for each...
In the two-sector (manufacturing and agriculture) specific-factors model, an increase in the price of the manufactured...
In the two-sector (manufacturing and agriculture) specific-factors model, an increase in the price of the manufactured good will cause: A) a decrease in nominal wages in both the agricultural and manufacturing sectors. B) an increase in real wages in both the agricultural and manufacturing sectors. C) an increase in both nominal and real wages in both the agricultural and manufacturing sectors. D) an increase in nominal wages in both the agricultural and manufacturing sectors. Which statement below is correct? A)...
60. In the 2x2x2 Heckscher-Ohlin analysis, if an relatively labor-abundant country is opened to trade, then,...
60. In the 2x2x2 Heckscher-Ohlin analysis, if an relatively labor-abundant country is opened to trade, then, as the movement to trade takes place, the capital/labor ratio used in the country's export industry will _and the capital/labor ratio used in the country's import-competing industry a. increase; will decrease b. increase; also will increase c. decrease; also will decrease d. decrease; will increase
51. The Stolper-Samuelson theorem suggests that, when a country is opened to international trade, the real income of the country's abundant factor of production will and the real income of the country's scarce factor of production a. rise; also will rise b. rise; wil fall c. fall; will rise d. fall; also will fall 52 In the "specific-factors" model where capital in each sector is fixed but labor can move freely between the two sectors, the opening of the country...
Suppose Elmira is a small country that produces two goods, grain and novels, with two factors of production, unskilled labor (L) and skilled labor (L). Both factors are completely mobile between the two sectors of production in the long run. In the medium run, skilled labo is specific to its sector. That is, it takes time to retrain and acquire new skills in order to move between the two sectors in the economy The production of grain is relatively intensive...
59. The "magnification effect" refers to the fact that, when a country is opened to trade, a. the price of the export good rises. b. real income is magnified even though the PPF does not change. c. the price of the abundant factor rises faster than does the price of the export good. d. the price of the scarce factor rises. 60. In the 2x2x2 Heckscher-Ohlin analysis, if an relatively labor-abundant country is opened to trade, then, as the movement...
Question 40 (2.5 points) Trade occurs because of in the availability of factor inputs across countries and the differences in the proportions of those factors that are used in producing different goods. Trade causes in the export-oriented sector and in the import-competing sector. differences; expansion; contraction similarities; expansion; contraction similarities; contraction; expansion differences; contraction; expansion Question 41 (2.5 points) Use the following information to answer question below Assume the standard trade model with two countries (Alpha and Beta), two goods...
60. In the 2x2x2 Heckscher-Ohlin analysis, if an relatively labor-abundant country is opened to trade, then, as the movement to trade takes place, the capital/labor ratio used in the country's export industry will _and the capital/labor ratio used in the country's import-competing industry a. increase; will decrease b. increase; also will increase c. decrease; also will decrease d. decrease; will increase
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