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Answer questions 3 through 6 based on the following information: There are two and Foreign, in a hypothetical world. Each of these two countries are Ricardian economies. Each country is endowed with 100 labor hours. Each country and car. The following table shows labor requirements per unit of each good in each country. Perfect competition prevails everywhere in the two-country world. Suppose that w and w'represent Home's and Foreign's hourly wage rates, respectively. countries, Home can use labor to produce...

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Answer questions 3 through 6 based on the following information: There are two countries, Home and Foreign, in a hypothetical world. Each of these two countries are Ricardian economies. Each country is endowed with 100 labor hours. Each country can use labor to produce two goods, cheese and car. The following table shows labor requirements per unit of each good in each country. Perfect competition prevails everywhere in the two-country world. Suppose that w and w*represent Home's and Foreign's hourly...

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Answer questions 3 through 6 based on the following information: There are two countries, Home and Foreign, in a hypothetical world. Each of these two countries are Ricardian economies. Each country is endowed with 100 labor hours. Each country can use labor to produce two goods, cheese and car. The following table shows labor requirements per unit of each good in each country. Perfect competition prevails everywhere in the two-country world. Suppose that w and w*represent Home's and Foreign's hourly...

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Consider a two countries, Portugal and England, that produce two goods, wine and cheese, with only one factor of production, Labor. In England, one unit of labor can produce 2 units of wine or 1 unit of cheese. In Portugal, one unit of labor can produce 3 units of wine or 1/2 of cheese. There are 100 units of labor in Portugal, and 100 in England. Countries share the same tastes, and there is perfect competition. 1) Fill in the...

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. In a two-country, two-product Ricardian model, the statement "Germany has a comparative advantage over France in car production relative to ship production" is equivalent to (a) France having a comparative advantage over Germany in ship production. (b) France having a comparative disadvantage compared to Germany in car pro- duction and ship production (c) Germany having a comparative advantage over France in car production and ship production d) France having no comparative advantage over Germany e) France should produce cars....

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Consider a world with two countries, Home and Foreign, both able to produce two goods: cloth and tablet computers. The production of both goods uses capital and labor in fixed proportions, with the tablets industry using more capital per worker than the cloth industry. The units of each input needed to produce one unit output are given by: capital Labor Cloth 1 2 Tablets 2 1 Both countries have 150 units of capital available for production, but the Home country...

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Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions. Assume that there are only 2 laborers in each country that works exactly 1 hour only. If each laborer (e.g. 1 laborer in each good) in each country works 1 hour in producing wine and bread, the output per country are as follows: A) Without Specailization/Pre-trade Country/Good Wine /hour or labor Bread /hour of labor Philippines 12 8 20 USA 10 1. Who has...