1. Thanks to significantly facilitated trade,OA. North AmericaOB. AfricaNAVOC. South AmericaOD. AsiaMark for review (Will be highlighted on the review page)Next Question >>is the fastest-growing region in the world.0 AWAANTama

Trade is the voluntary exchange of goods or services between different economies. It is essential…

Answered: 1. Thanks to significantly facilitated…

Business

Economics

1. Thanks to significantly facilitated trade, is the fastest-growing region in the world.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: you have been hired by an International Organization to be consulted on various issues that the…

Q: Free trade always helps the exporting country at the expense of the importing country. True O False

A: Answer: False Explanation: Free trade helps both countries by improving social welfare. The…

Q: Here is what each country can produce: Country Tons of Rice Tons of Metal Norway 50,000 5,000 India…

A: The countries trade when they have comparative advantage in production of a good ie they would…

Q: Which of the following is a benefit of free trade? A. It reduces employment in many fields. B. It…

A: B) It makes more diverse products available

Q: Explain what is meant by trade creation and how does it affect the welfare of a country

A: Trade creation means the economic phenomenon that happens when the establishment of a free trade…

Q: 1.What is the relationship among property rights, corruption, and economic progress? How important…

A: Disclaimer :- As you posted multiple questions we are supposed to solve only the first one as per…

Q: Countries A and B have two factors of production, capital and labor, with which they produce two…

A: Given,Two countries = A and BFactors of production = Capital (K) and labor (L) Two goods = X and YX…

Q: Generally, the losses due to free trade are ________, and the benefits are ________. a.…

A: Free trade benefits the economy as a whole as it allows economy to consume beyond its production…

Q: An empirical fact is that a country with more openness to trade than another also has higher GDP.…

A: Gross domestic product (GDP): It is the total monetary or market value of all the finished goods and…

Q: Give 5 examples of ways in which globalization through trade has promoted interdependence among…

A: Trade is defined as the exchange of commodities and services across the boundary of the country.…

Q: According to the theory of comparative advantage, A. A country can gain from trade only if it can…

A: When an individual, an investor, or a corporation chooses one option over another, opportunity costs…

Q: What is meant by the gain from trade. Explain in relation with international trade.

A: Introduction The exchange of products and services between two or more parties is referred to as…

Q: Globalization and international trade can be beneficial and harmful to countries. State and briefly…

A: International trade is the process of buying and selling commodities in the foreign market.

Q: What is the concept of comparative advantage in international trade? A. A country's ability to…

A: Comparative advantage is a principal idea in the international trade hypothesis, presented by David…

Q: How will you explain each of the basic questions on trade, development, and industry?

A: Trade is considered as one of the basic economic concepts that involve the purchasing and selling of…

Q: Explain how free trade improves global efficiency.

A: Nations around the world get involved in the sale and purchase of goods, services, factors of…

Q: When does a society become an exporter of goods and an importer?

A: International trade is when two economies are agreed to make purchase or sale of various…

Q: Some economist argued that globalization and international trade affect the domestic producers in a…

A: The term "globalization" describes how economies, civilizations, and cultures are intertwined and…

Q: How would free trade occur with a small agricultural country and a large industrial country?

A: Answer: Free trade can occur between an agricultural country and an industrial country, trade is not…

Q: 1. Trade patterns a. How big is world trade today in percentage of world GDP? b. When did world…

A: Gross domestic product (GDP) is the standard measure of the value added created through the…

Q: ome economist recommends that countries should specialize in trade. What are 3 main disadvantages…

A: Countries should specialize in the trade in which they enjoy an absolute benefit. Whenever countries…

Q: The goal of the Central America Free Trade Agreement is to : a. establish a free trade agreement…

A: Let's first understand what does free trade means:- Free trade are known to be as the policies that…

Q: What are the benefits gained from trade? Calculate and show them.

A: An economy possesses a comparative advantage in the production of a good or service if it can…

Q: international trade theory An economy grows and the country wants to trade more after the growth.…

A: The terms (TOT) of trade measures the price of exportable items in relation to the price of imported…

Q: Please correct and incorrect answer explanation Countries that restrict foreign trade are likely…

A: Foreign trade also known as international trade refers to the exchange of goods and services between…

Q: 1. Do you think that the US would benefit more from a free trade agreement with Nigeria or a free…

A: Both a free trade agreement with Nigeria and a free trade agreement with the United Kingdom can…

Q: Discuss the importance why one

A: Nations exchange with one another when, all alone, they don't have the assets, or ability to fulfill…

Q: Suppose there is an increase in labor in a large country. What are the effects on growth, trade, and…

A: A "welfare state" is a form of governance in which the national government has a significant…

Q: Explain the importance of economic analysis to international business and trade

A: Economic analysis is an analysis of issues from the economist's perspective. It is a powerful tool…

Q: Countries need to trade because--------. Select one: a. world resources are unevenly distributed…

A: International trade refers to the buying and selling of goods across countries. Economist argues…

Q: Which of the following refers to a two-way trade in which a country both exports and imports the…

A: Trade refers to the buying, selling, and distribution of goods and services, with the consumer…

Q: The gains from expanding trade are probably most important for the low-income economies in the world…

A: The exchange of commodities and services between countries is thought as international change social…

Q: demand

A: Foreign demand" refers to the desire or need for items and offerings from one usa by people,…

Q: Which of the following statements about helping poor countries are true? a) Opening our markets to…

A: Least developed nations (LDCs) are low-income countries with considerable structural barriers to…

Q: Why high tech exporting by SME's is more profitable and valuable than by non high tech goods.

A: High tech exporting by SME's is more profitable and valuable than by the non-high tech goods, due to…

Q: What are the 3 main disadvantages and 3 advantages when a country specializes in trade.

A: Trade is a monetary action that is done in a market game plan. Trading straightforwardly suggests on…

Q: Which of the following is NOT a potential benefit of international trade? A. Increased consumer…

A: The issue requires distinguishing which option among the given four is unquestionably not a probable…

Q: answer with explanation and conclusion T OR F Limiting the extent of international trade by imposing…

A: Tariffs : Tariffs are taxes or duties imposed on imported goods by a country's government. They…

Q: Trade makes us worse off because it makes our economy weaker. We need to be completely…

A: Trade improves our condition. Both nations can benefit from trade when two nations deal with each…

Q: a. Discuss the advantages and disadvantages of free trade agreements for participating countries.

A: Free trade is a policy framework that enables the smooth trans-global movement of goods and services…

Q: Please explain the gains and losses from international trade. Draw the necessary graphs and explain…

A: International trade is considered as a process of an exchange of a good or service that involves at…

Q: What type's of goods and services should the United States produce based on its comparative…

A: Comparative advantage refers to the production of goods and services at a lower opportunity cost…

Q: What would someone who supports protectionism likely say? A. The United States should end tariffs so…

A: Answer: Correct option: C Explanation: Protectionism refers to the restriction of international…

Question

100%

1. Thanks to significantly facilitated trade,
OA. North America
OB. Africa
NAV
OC. South America
OD. Asia
Mark for review (Will be highlighted on the review page)
Next Question >>
is the fastest-growing region in the world.
0 AWAAN
Tama

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Renewable And Exhaustible Natural Resources

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

. The mercantilists maintained that: a. Trade benefits one nation only at the expense of another nation b. Government control of trade leads to maximum economic welfare C. All nations can gain from free international trade d. The world's output of goods must remain constant over time e. None of the above
please answer the all questions A- What is the difference between Absolute and Comparative Advantage. B- Describe the methods of entering the international Business World. C- Describe the types of Trade restrictions. D-What is the International Monetary Fund.
Question: what are some examples of successful expansion of global trade, countries are seeing, and using, trade as a weapon during and after recessions? please answer in paragraphs, thank you for your time!
10
Imagine that it takes an average Australian miner 10 hours to mine a metric ton of coal and 20 hours to mine a metric ton of manganese. It takes the average South African miner 4 hours to mine a metric ton of coal and 12 hours to mine metric ton of manganese.Create a table to show how productive each miner is in a day. a. In what task does each miner have a comparative advantage? b. Which resource will each country import? How about export? c. Explain how markets provide the opportunity for the mining companies to specialize and earn gains from trade.
Explain which product each of the countries should specialise in and export. Use the information relating to comparative advantage to support your answer.
What are the overall benefits from trade and specialisation?
Trade based upon comparative advantage is economically beneficial because: a. it promotes an efficient allocation of world resources b. it creates jobs and employment c. it increases revenue d. it reduces inflation
free trade, whereas others are unhapppy, even angry, that the government has reduced regulations on imports of such products as textiles and furniture, causing factories to shut down and employees to lose their jobs. they feel that the U.S. government should legislate greate egulation of imported goods to give American companies an advantage or at least to lessen the advantage that companies in other countries receive from their government. What do you think? How do you justify your answer?
which of the following is not a reason for restricting trade?a. Saving domestic jobsb. Preventing rich countries from exploiting developing countriesc. Penalizing lax environmental standardsd. Promoting consumer rightse. Protecting infant industries
Which of the following is not a use of the concept of terms of trade? Select one: a. Gains from trade may be analyzed b. Domestic inflation may be estimated c. The causes for price changes may be analyzed d. Current price trends may be analyzed e. Changes in prices may be forecasted
1. How a single nation that is engaged in trade of a particular product may be worse off, while the world as a whole benefits from that trade?