a)Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization? Division of labor International trade Economies of scale b) In a market economy, ___ own(s) the means of production. individuals everyone the government or ruling class c)Which of the following is required for specialization to work? (Choose the best answer) Technology Education Trade

Q: Draw for Nation 2 a figure analogous to the top panel of Figure 7.7 under the following assumptions:…

A: The purpose of this question is to show the Nation 2's Production Possibilities Curve (PPC) under…

Q: A producer has a comparative advantage in a good if it is the lowest opportunity cost producer of…

A: It can be defined as a situation in which a particular individual or a producer is able to produce a…

Q: The theories of absolute and comparative advantage have been offered as an economic rationale for…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: When Oz land closes off to trade, it notices that the number of firms in an industry double in size.…

A: Cournet theory explains the given phenomenon while the others does not. The Cournet model of…

Q: Which of the following are common arguments against free trade? (Select all answers that are…

A: Potential argument against free trade-   Expanded Economic Growth. International alliances make…

Q: How China became the production center of the world? Explain using Comparative Advantage theory of…

A: A country's comparative advantage in economics is its ability to manufacture a specific product or…

Q: Which of the following statements is correct? Two countries cannot gain from specialization and…

A: True statement is “two countries cannot gain from specialization and trade if they have identical…

Q: Which of the assumptions of comparative advantage seem unrealistic? Fixed technology and imperfect…

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

Q: Question 41 We found in our Ricardian lecture that the pattern of trade between countries was…

A: The measure that depicts the exchange of goods and services between two countries is known as trade.…

Q: Explain how is the production structure (i.e. which goods are produced) affected in each country by…

A: Comparative advantage is an economic concept that means to the ability of a nation, person, or firm…

Q: Real world examples of comparative advantage in the Philippines

A: Philippine government policies have historically been anti-agricultural. However, in the 1970s,…

Q: How can we maximize global production through specialization? Absolute and comparative advantage are…

A: Absolute advantage occurs when a country can produce more of a good at same cost than other country…

Q: Refer to table below, answer questions Russia China Steel Corn Steel Corn 30 60 20 10 40 10 10 20 20…

A: Hi Student, thanks for posting the question. As per the guideline we are providing answers for the…

Q: Clearly explain and illustrate the gains from exchange and the gains from specialization?

A: The gains from exchange and specialization are two fundamental concepts in economics that explain…

Q: Question 1   Which of the following is NOT a result of specialization?   Multiple Choice…

A: Meaning of Economics of Scale: The term economics of scale refers to the situation under which the…

Q: List any three non-economic rationale of intervention of trade ? Which non-economic rationale will…

A: a. Maintenance of fundamental ventures (particularly safeguard): A significant thought behind…

Q: LABOR-INTENSIVE GOODS 10 a co 2 1 0 0 1 2 3 6 7 CAPITAL-INTENSIVE GOODS 8 Once trade begins, the…

A: The capital intensive goods requires investment over the good to make constant improvement. Usually,…

Q: Use the table to answer the question.    Apples Bananas Country A 500 1,500 Country B 800 1,600 If…

A: Opportunity cost is the cost of producing one good in terms of other.  The opportunity cost shows…

Q: Indicate and explain how production and consumption gains arise with specialization in international…

A: The comparative advantage theory developed by David Ricardo in 19th Century, is the basis of…

Q: QUESTION 33 Ricardo's theory of trade is based on (A: productivity of labor; B: doportunity cost; C:…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: If a scale economy is the dominant technological factor defining or establishing comparative…

A: The answer is as follows:-

Q: a)Identify an example of absolute advantage relative to the United States from your data tables. Be…

A: (a) The U.S take a shorter time to produce the products like corn, citrus, apparel, and computer…

Q: Needing some help on these problems! Thank you in advance.

A:

Q: Use the three-panel internal economies of scale diagram to show the overall impact of trade…

A: The three-panel internal economies of scale diagram typically includes a Home Market Panel, a…

Q: 3. Gains from trade Suppose there exist two imaginary countries, Everglades and Yosemite. Their…

A: "Opportunity cost is the next best alternative". Opportunity cost shows the forgone units of one…

Q: there are many benefits to free trade.what 2 (two) benefits do you believe are most important and…

A: laissez-faire policy is also known as free trade. laissez-faire policy refers to a policy by which a…

Q: The Economic Commission for Latin America and the Caribbean (ECLAC) says the region’s foreign trade…

A: (Since you have asked many questions, we will solve the first one for you. If you want any specific…

Q: trade

A: As trade barriers are eliminated, certain goods may be cheaper to obtain overseas than to make…

Q: Freedonia Lamponia 16 16 14 14 12 12 PPF 10 10 8 8 PPF 4 2 2 + 4 8 10 12 14 16 2 4 8 10 12 14 16…

A: Comparative Advantage of a nation in producing certain goods is said to be the relative ability of…

Q: The two phrases/words that can be expressed in terms of each other are? opportunity costs and…

A: Q1: The two phrases/words that can be expressed in terms of each other are:Opportunity Costs and…

Q: Gains from trade come from A) Shifting tasks to people with low opportunity costs B) Technological…

A: Gains from trade means refers to the fact that nation's imports commodities that they cannot produce…

Q: a) Within a standard trade model, illustrate the effects of an export subsidy on the terms of trade.…

A: Part a) Tariffs and export subsidies are often treated as similar policies, since they both seem to…

Q: Assume that Trinbago is a small country that produces wine and motor vehicles, where motor  vehicles…

A: The Heckscher-Ohlin (H-O) trade model is an economic theory that explains patterns of international…

Q: AFRICA USA GASOLINE (barrels/hr) CORN (tonnes/hr) 50 15 30 25 I.Identify which country has the…

A: Absolute advantage is described as a comparison in the productivity of a firm, individual, or nation…

Q: The United States and Canada have the production possibilities curves shown above.  It is determined…

A: The formula is:The opportunity cost of production of a good = maximum production of other good /…

Q: Case Study 1: Comparative Advantage and International Trade

A: Comparative advantage is a foundational concept in international trade theory, first introduced by…

Q: What are Australia’s opportunities in global value chains (GVCs) in Asia Pacific focusing on GVCs in…

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Q: Comparative Advantage:

A: Comparative benefit is an monetary principle that describes the ability of a country, character, or…

Q: With respect to international trade, specialization means that Multiple Choice each country consumes…

A: Specialisation refers to a process of using the skills and knowledge to produce a particular good…

Q: Match the following Regional Trade Agreement examples to the Type of Regional Trade Agreement to…

A: Customs Union:  A customs union is the substitution of a single customs territory for two or more…