Pick one country out of the U.S.’ top 10 trade partners. Then obtain data for the...
Pick one country out of the U.S.’ top 10 trade partners. Then obtain data for the top 5 U.S. exports to and imports from this country. To what extent can the bilateral trade be explained by comparative advantage and by economies of scale (intraindustry trade), respectively? Explain
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Pick one country out of the U.S.’ top 10 trade partners. Then
obtain data for the...
This question is about specialization and trade. A.) Suppose a worker in the U.S. can produce...
This question is about specialization and trade. A.) Suppose a worker in the U.S. can produce 4 cars or 10 computers. A worker in Russia can produce 2 cars or 10 computers. Suppose that the U.S. has 100,000 workers and Russia has 200,000 workers. Draw the PPF for each country. Be sure to keep the axes on the two graphs consistent. B.) Compute absolute advantage C.) Compute comparative advantage D.) Suppose that the U.S. makes only what they have comparative...
International Trade Case
Countries measure the health of their economies in many ways such as unemployment rates, consumer confidence, and Gross Domestic Product (GDP). Gross Domestic Product is a measurement of the amount of goods produced by a country in one year. If that number increases, our economy is growing, whereas a decrease would indicate a shrinking economy. To calculate expenditure GDP we add up all of the groups who buy goods in the economy (GDP = C + I + G +...
characteristic that tends to affect the probability of trade existing 6) According to the gravity model, a characteri b...
characteristic that tends to affect the probability of trade existing 6) According to the gravity model, a characteri between any two countries is A) their cultural affinity. B) the average weight/value of their traded goods. C) their colonial-historical ties. D) the distance between them. E) the number of different product varieties produ of different product varieties produced by their industries. 7) Why does the gravity model work? A) Large economies became large because they wer B) Large economies have relatively...
Part I. Index of Intra-Industry Trade (IIT) for Country In class, we leamed how to calculate...
Part I. Index of Intra-Industry Trade (IIT) for Country In class, we leamed how to calculate the IIT index for each industry. How can it measure for a country as a whole? In Appleyard book (p.202), If we designate commodity categories by 1, represent exports and imports in each category by X7 and Mi, respectively, total exports and imports by X and M, respectively, and call our index of intra-industry trade, the formula for calculating the degree of country IIT...
9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David...
9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David can wash four cars in one hour or cut two lawns. Ralph can wash three cars in one hour or cut two lawns. David's opportunity cost for cutting one lawn is car washes, and Ralph's opportunity cost for cutting one lawn is car washes. a. 2; 1.5 4; 3.5 1.5; 2 d. 3.5; 4 11. Gains from trade are based on rather than: opportunity...
Assume three 2. Critical Thinking: Assume three trade partners: the U.S., China, and Brazil. The following...
Assume three
2. Critical Thinking: Assume three trade partners: the U.S., China, and Brazil. The following information represents 2019 production estimates gathered from Index Mundi and World Atlas. The U.S. can produce 347 million tons of com, 117 million tons of soybeans, and 20 million tons of chicken meat. China can produce 254 million tons of com, 12 million tons of soybeans, and 16 million tons of chicken meat. Brazil can produce 101 million tons of com, 96 million tons...
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...
Assignment 4 Part I. Index of Intra-Industry Trade (IIT) for Country In class, we learned how...
Assignment 4 Part I. Index of Intra-Industry Trade (IIT) for Country In class, we learned how to calculate the IIT index for each industry. How can it measure for a country as a whole? In Appleyard book (p.202), If we designate commodity categories by i, represent exports and imports in each category by Xi and Mi, respectively, total exports and imports by X and M, respectively; and call our index of intra-industry trade, the formula for calculating the degree of...
1. Do you agree or disagree with the following statements a. Balanced trade is the difference...
1. Do you agree or disagree with the following statements a. Balanced trade is the difference between exports and imports b. If country A can out produce country B, then country A has no reason to trade c. Every country in the world experiences free trade d. There is no connection between Foreign direct investment and trade flows e. An accurate way to measure imports is to assign the value of a final good 2. Trade distortion effects increase estimates...
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...
characteristic that tends to affect the probability of trade existing 6) According to the gravity model, a characteri between any two countries is A) their cultural affinity. B) the average weight/value of their traded goods. C) their colonial-historical ties. D) the distance between them. E) the number of different product varieties produ of different product varieties produced by their industries. 7) Why does the gravity model work? A) Large economies became large because they wer B) Large economies have relatively...
Part I. Index of Intra-Industry Trade (IIT) for Country In class, we leamed how to calculate the IIT index for each industry. How can it measure for a country as a whole? In Appleyard book (p.202), If we designate commodity categories by 1, represent exports and imports in each category by X7 and Mi, respectively, total exports and imports by X and M, respectively, and call our index of intra-industry trade, the formula for calculating the degree of country IIT...
9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David can wash four cars in one hour or cut two lawns. Ralph can wash three cars in one hour or cut two lawns. David's opportunity cost for cutting one lawn is car washes, and Ralph's opportunity cost for cutting one lawn is car washes. a. 2; 1.5 4; 3.5 1.5; 2 d. 3.5; 4 11. Gains from trade are based on rather than: opportunity...
Assume three
2. Critical Thinking: Assume three trade partners: the U.S., China, and Brazil. The following information represents 2019 production estimates gathered from Index Mundi and World Atlas. The U.S. can produce 347 million tons of com, 117 million tons of soybeans, and 20 million tons of chicken meat. China can produce 254 million tons of com, 12 million tons of soybeans, and 16 million tons of chicken meat. Brazil can produce 101 million tons of com, 96 million tons...
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...
Assignment 4 Part I. Index of Intra-Industry Trade (IIT) for Country In class, we learned how to calculate the IIT index for each industry. How can it measure for a country as a whole? In Appleyard book (p.202), If we designate commodity categories by i, represent exports and imports in each category by Xi and Mi, respectively, total exports and imports by X and M, respectively; and call our index of intra-industry trade, the formula for calculating the degree of...
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