Homework Answers
Answer : Option B is correct. One benefit of trade is that it allowed increased specialisation and mass production that lowers per unit cost of production as it means that the trade has been increased specialist product and increased the sales of the product in the market area.
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Question 6 of 60 One benefit of trade is that it: Olowers productivity, leading to...
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 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...
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....
Question 5 What can be used to explain why countries may not always benefit from the...
Question 5 What can be used to explain why countries may not always benefit from the specialization in producing fewer goods and services? Question 5 options: For a given firm, producing at an extremely high scale may embrace higher average cost of production. For a given firm, producing at an extremely high scale should cause the total production cost to be greater than the total revenue. For a given country, producing fewer products at extremely high production scales should lower...
Question 5 In command economies, decision-making is Select the correct answer below: O determined by the...
Question 5 In command economies, decision-making is Select the correct answer below: O determined by the market O centralized O decentralized O decided by familial or traditional skillsets Question 4 What is the benefit of having economies of scale? Select the correct answer below: O Tasks are broken down into smaller pieces and done by a larger number of workers, instead of all the tasks of production being done by one person. O Production costs increase as the number of...
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Does GDP give us a complete picture of standard of living in a country No, because it does not account for inflation Yes, because it measures productivity of a country No, because it does not account for population size Yes, because it includes goods AND services produced The same car costs $10k in USA and AED30k in UAE (1$=3.67AED). Purchasing power Same for...
6. Violations of the factor-endowment theory of trade While different natural resources and the theory of...
6. Violations of the factor-endowment theory of trade While different natural resources and the theory of comparative advantage can explain many trade patterns, they cannot explain all types of trade that economists observe. Consider each scenario in the following table and determine which theory best explains the trade pattern described. Scenario Dynamic Comparative Advantage Product Life Cycle Theory Intra-Industry Specialization Ice wine is a special spirit that can only be made during a few months in the winter. The nations...
2. trade surplus 3. import quota 4. intra-industry trade 5. factor intensity 6. producer surplus II....
2. trade surplus 3. import quota 4. intra-industry trade 5. factor intensity 6. producer surplus II. TRUE OR FALSE? (20%) 1, A production possibilities frontier graphically represents the maximum output of a country when the supply of resources and technology are constant.() 2. Absolute advantage theory shows that two nations could both gain from trade by exporting products in which their labor productivity was higher than that of the other nation. () 3, Mercantilists believed that each nation should try...
write the question number next to its answer Japan and India are countries that trade with...
write the question number next to its answer
Japan and India are countries that trade with each other. If Japan has a comparative advantage in televisions and India has a comparative advantage i clothing, which of the following is a correct statement about the effects of trade between these nations? O A. Japan will lose jobs in the television industry O B. Both countries are likely to be better off, and world production will increase. O C. There will be...
please answer all the following Lesson 1.4-Specialization and Trade Tony can produce any of the following...
please answer all the following
Lesson 1.4-Specialization and Trade Tony can produce any of the following combinations of goods X and Y (a) 100 X and O Y, (b) 50 X and 25 Y, and (c) OX and 50 Y. Darlene can produce any of the following combinations of goods X and Y (a) 50 X and O Y, (b) 25 X and 40 Y, and (c) O X and 80 Y. Who has the comparative advantage in the production...
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...
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....
Question 5 In command economies, decision-making is Select the correct answer below: O determined by the market O centralized O decentralized O decided by familial or traditional skillsets Question 4 What is the benefit of having economies of scale? Select the correct answer below: O Tasks are broken down into smaller pieces and done by a larger number of workers, instead of all the tasks of production being done by one person. O Production costs increase as the number of...
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Does GDP give us a complete picture of standard of living in a country No, because it does not account for inflation Yes, because it measures productivity of a country No, because it does not account for population size Yes, because it includes goods AND services produced The same car costs $10k in USA and AED30k in UAE (1$=3.67AED). Purchasing power Same for...
2. trade surplus 3. import quota 4. intra-industry trade 5. factor intensity 6. producer surplus II. TRUE OR FALSE? (20%) 1, A production possibilities frontier graphically represents the maximum output of a country when the supply of resources and technology are constant.() 2. Absolute advantage theory shows that two nations could both gain from trade by exporting products in which their labor productivity was higher than that of the other nation. () 3, Mercantilists believed that each nation should try...
write the question number next to its answer
Japan and India are countries that trade with each other. If Japan has a comparative advantage in televisions and India has a comparative advantage i clothing, which of the following is a correct statement about the effects of trade between these nations? O A. Japan will lose jobs in the television industry O B. Both countries are likely to be better off, and world production will increase. O C. There will be...
please answer all the following
Lesson 1.4-Specialization and Trade Tony can produce any of the following combinations of goods X and Y (a) 100 X and O Y, (b) 50 X and 25 Y, and (c) OX and 50 Y. Darlene can produce any of the following combinations of goods X and Y (a) 50 X and O Y, (b) 25 X and 40 Y, and (c) O X and 80 Y. Who has the comparative advantage in the production...
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