Homework Answers
1) Solution: inelastic
Explanation: In economics, the inelastic supply occurs when the quantity producers are willing to produce would remain constant when the price of goods increases or decreases
2) Solution: inelastic
Explanation:
|
Trade Terms |
Export |
Imports |
|
1X:4Y |
15 units of X |
60 units of Y |
|
1X:5Y |
14 units of X |
70 units of Y |
Explanation: In economics, the inelastic demand occurs when the demand would remain constant when the price of goods increases or decreases
Add Answer to:
31. In deriving an offer curve for a country, if a higher price of exports/price of...
43. Suppose that country I is importing good Y and exporting good X. At a terms...
43. Suppose that country I is importing good Y and exporting good X. At a terms of trade of 1X:3Y, country I is willing to import 90 units of Y and to export 30 units of X in exchange; at a terms of trade of 1X:4Y, country I is willing to import 128 units of Y and to export 32 units of X in exchange. Considering just these two offer curve points, country I's demand for imports over the range...
45. In a two-commodity, two-country trading world (as in the offer curve diagrams), if, at a given terms of trade (...
45. In a two-commodity, two-country trading world (as in the offer curve diagrams), if, at a given terms of trade (price of good X - price of good Y), there is an excess demand for good X, then there must and the price of good X relative to the price of good Y will therefore a. also be an excess demand for good Y; rise b. also be an excess demand for good Y; rise, fall, or not change -...
33. If country I is trading in the inelastic range of country II's offer curve, then...
33. If country I is trading in the inelastic range of country II's offer curve, then the imposition of a tariff by country I, which still leaves country I in the inelastic range of country II's curve, will (assuming no retaliation) lead to in country I's terms of trade and to the volume of imports of country I. a. a deterioration; a decrease b. a deterioration; an increase c. an improvement; a decrease d. an improvement; an increase 34. In...
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).
. Suppose that an offer curve diagram has developed countries exports on one axis and developing...
. Suppose that an offer curve diagram has developed countries exports on one axis and developing countries' exports on the other axis. Explain the predicted impact, other things equal, on the terms of trade of developing countries of relatively slow growth in demand for developing countries goods by developed countries combined with relatively rapid growth in demand by developing countries for developed countries' goods. 8. In the past, the members of OPEC have been able to raise the relative price...
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...
Good X Country 1 Country 2 150 Good X 120 90 95 80 72 с А...
Good X Country 1 Country 2 150 Good X 120 90 95 80 72 с А ICY 62 60 c IC 50 o IC 30 35 E 18 33 45 55 60 78 Good Y Good Y 30 60 90 120 150 Use the figure above to answer the following question: How much does Country 2 import and export? Imports 27 and exports 60 Imports 37 and exports 37 Imports 60 and exports 60 O Imports 23 and exports 60
Which country exports good X, which country imports good X? Explain Mark is the relative price...
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...
2. The table below shows indexes for the prices of imports and exports over several years...
2. The table below shows indexes for the prices of imports and exports over several years for a hypothetical country. Year Import Prices Export Prices Term of Trade 2014 90 110 2015 95 87 2016 98 83 2017 100 100 2018 102 105 2019 100 112 2020 103 118 a. Compute the terms of trade in each year for this country. b. In which span of years do the terms of trade improve? c. In which span of years do...
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...
43. Suppose that country I is importing good Y and exporting good X. At a terms of trade of 1X:3Y, country I is willing to import 90 units of Y and to export 30 units of X in exchange; at a terms of trade of 1X:4Y, country I is willing to import 128 units of Y and to export 32 units of X in exchange. Considering just these two offer curve points, country I's demand for imports over the range...
45. In a two-commodity, two-country trading world (as in the offer curve diagrams), if, at a given terms of trade (price of good X - price of good Y), there is an excess demand for good X, then there must and the price of good X relative to the price of good Y will therefore a. also be an excess demand for good Y; rise b. also be an excess demand for good Y; rise, fall, or not change -...
33. If country I is trading in the inelastic range of country II's offer curve, then the imposition of a tariff by country I, which still leaves country I in the inelastic range of country II's curve, will (assuming no retaliation) lead to in country I's terms of trade and to the volume of imports of country I. a. a deterioration; a decrease b. a deterioration; an increase c. an improvement; a decrease d. an improvement; an increase 34. In...
. Suppose that an offer curve diagram has developed countries exports on one axis and developing countries' exports on the other axis. Explain the predicted impact, other things equal, on the terms of trade of developing countries of relatively slow growth in demand for developing countries goods by developed countries combined with relatively rapid growth in demand by developing countries for developed countries' goods. 8. In the past, the members of OPEC have been able to raise the relative price...
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...
Good X Country 1 Country 2 150 Good X 120 90 95 80 72 с А ICY 62 60 c IC 50 o IC 30 35 E 18 33 45 55 60 78 Good Y Good Y 30 60 90 120 150 Use the figure above to answer the following question: How much does Country 2 import and export? Imports 27 and exports 60 Imports 37 and exports 37 Imports 60 and exports 60 O Imports 23 and exports 60
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...
2. The table below shows indexes for the prices of imports and exports over several years for a hypothetical country. Year Import Prices Export Prices Term of Trade 2014 90 110 2015 95 87 2016 98 83 2017 100 100 2018 102 105 2019 100 112 2020 103 118 a. Compute the terms of trade in each year for this country. b. In which span of years do the terms of trade improve? c. In which span of years do...
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...
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