Specialization and trade allow individuals to consume beyond their production possibilities frontiers (this is true for...
Specialization and trade allow individuals to consume beyond their production possibilities frontiers (this is true for individual people and individual nations)!!!
For what types of goods/services do you think the U.S. has a comparative advantage and if the U.S. stopped trading with other nations, how would employment in these industries change?
Homework Answers
US being a capital intensive country, has a comparative advantage in the production of technology and technical goods and services like mobile phones, automobiles and gadgets.
US exports these goods and services to rest of the world to make export income.
If US stopped trading with the other nations, employment in these industries would reduce, as demand for these goods and services would reduce in the international market. As a result of this, there will be a decline in the demand for such goods and thus firms will start producing less of these goods and services, resulting in reduced employment.
Add Answer to:
Specialization and trade allow individuals to consume beyond
their production possibilities frontiers (this is true for...
Answer Bank Through specialization and trade, it is possible for a country to consume a combination...
Answer Bank Through specialization and trade, it is possible for a country to consume a combination of goods that is beyond its original production possibilities frontier. Countries trade for goods in which they do not have a comparative advantage. and therefore, would never trade with nations that have similar resource endowments. When two countries choose to partake in international trade, it is a mutually beneficial activity for both countries. Wealthier countries always benefit more from international trade than poorer countries....
4. Specialization and trade When a country has a comparative advantage in the production of a...
4. Specialization and tradeWhen a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods.The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Desonia. Both countries produce grain and sugar, each initially (i.e., before specialization and trade) producing 12 million pounds of...
4. specialization and trade when a country has a comparative advantage in the production of a...
4. specialization and trade when a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Sylvania. Both countries produce potatoes and coffee, each initially (ie,, before specialization and trade) producing 24 million...
1) True 2) False 7. Specialization and trade When a country specializes in the production of...
1) True
2) False
7. Specialization and trade When a country specializes in the production of a good, this means that it can produce this good at a lower opportunity cost than its trading partner. Because of this comparative advantage, both countries benefit when they specialize and trade with each other The following graphs show the production possibilities frontiers (PPFs) for Candonia and Lamponia. Both countries produce grain and tea, each initially i.e., before specialization and trade) producing 24 million...
4. Specialization and trade When a country has a comparative advantage in the production of a...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods The following graphs show the production possibilities frontiers (PPFS) for Freedonia and Desonia. Both countries produce lemons and sugar, each initially (.e., before specialization and trade) producing 6 million...
4. Specialization and trade When a country has a comparative advantage in the production of a...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Desonia. Both countries produce grain and tea, each initially (i.e., before specialization and trade) producing 24 million...
4. Specialization and trade When a country has a comparative advantage in the production of a...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Desonia. Both countries produce lemons and sugar, each initially (i.e., before specialization and trade) producing 24 million...
4. Specialization and trade When a country has a comparative advantage in the production of a...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Sylvania. Both countries produce grain and coffee, each initially (i.e., before specialization and trade) producing 6 million...
4. Specialization and trade When a country has a comparetive advantage in the production of a...
4. Specialization and trade When a country has a comparetive advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Sylvania. Both countries produce potatoes and coffee, each initially (i.e., before specialization and trade) producing marked with...
Specialization and trade When a country has a comparative advantage in the production of a good,...
Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other good The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Lamponia. Both countries produce grain a tea, each initially (Qie., before specialization and trade) producing 24 million pounds...
Answer Bank Through specialization and trade, it is possible for a country to consume a combination of goods that is beyond its original production possibilities frontier. Countries trade for goods in which they do not have a comparative advantage. and therefore, would never trade with nations that have similar resource endowments. When two countries choose to partake in international trade, it is a mutually beneficial activity for both countries. Wealthier countries always benefit more from international trade than poorer countries....
4. specialization and trade when a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Sylvania. Both countries produce potatoes and coffee, each initially (ie,, before specialization and trade) producing 24 million...
1) True
2) False
7. Specialization and trade When a country specializes in the production of a good, this means that it can produce this good at a lower opportunity cost than its trading partner. Because of this comparative advantage, both countries benefit when they specialize and trade with each other The following graphs show the production possibilities frontiers (PPFs) for Candonia and Lamponia. Both countries produce grain and tea, each initially i.e., before specialization and trade) producing 24 million...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods The following graphs show the production possibilities frontiers (PPFS) for Freedonia and Desonia. Both countries produce lemons and sugar, each initially (.e., before specialization and trade) producing 6 million...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Desonia. Both countries produce grain and tea, each initially (i.e., before specialization and trade) producing 24 million...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Desonia. Both countries produce lemons and sugar, each initially (i.e., before specialization and trade) producing 24 million...
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Sylvania. Both countries produce grain and coffee, each initially (i.e., before specialization and trade) producing 6 million...
4. Specialization and trade When a country has a comparetive advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Sylvania. Both countries produce potatoes and coffee, each initially (i.e., before specialization and trade) producing marked with...
Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other good The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Lamponia. Both countries produce grain a tea, each initially (Qie., before specialization and trade) producing 24 million pounds...
Most questions answered within 3 hours.
-
Problem: Patient Fees C++
You are to write a program that computes a patient’s bill for...
asked 1 hour ago -
In a population of interest, we know that, 77% drink coffee, and
23% drink tea. Assume...
asked 1 hour ago -
Given that f(x) = e-(x-1) for x > 1, determine the following
probabilities:
a) P(X <...
asked 1 hour ago -
A mechanic pushes a 2.60 ✕ 103-kg car from rest to a speed of v,
doing...
asked 1 hour ago -
International information systems result in all of the following
except:
A. improved quality of information flow....
asked 1 hour ago -
The president of the retailer Prime Products has just approached
the company’s bank with a request...
asked 1 hour ago -
If the carrying amount is $200,000 and recoverable amount is
$205000, the impairment amount is:
Select...
asked 1 hour ago -
The correlation is inappropriate as a measure of association
between two quantitative variables (you may select...
asked 1 hour ago -
USE THE DATA IN THE TABLE BELOW TO ANSWER QUESTIONS 19 – 24
(Assume all account...
asked 1 hour ago -
Mahaley, Inc., manufactures and sells two products: Product Q9
and Product F0. Data concerning the expected...
asked 2 hours ago -
To measure the current through one branch of a parallel circuit,
the meter is connected ________....
asked 2 hours ago -
a)
The following table shows the profile, by the math section of
the SAT Reasoning Test,...
asked 2 hours ago