Consider a Ricardian framework with two countries, China and USA, and two products, cars and textile. The following table shows the labour requirement (in hours) for the production of 1 and 2 in both countries. Cars Textile China 6 USA 14 Y Under which set of values (of X and Y) China will export cars? OX -7, Y - 12.5 OX - 10.5, Y = 8.5 X - 8, Y = 10 OX - 5, Y = 18 Consider a Ricardian framework with two countries, Sweden and Norway, and two products, fish and oil. Norway has comparative advantage in oil throughout this question. Which of the following can never explain an improvement in Sweden's terms of trade? An increase in Sweden's productivity in the fish industry An increase in Norway's productivity in the oil industry An increase in Sweden's demand for oil A drop in Norway's demand for fish

Consider a Ricardian framework with two countries, China and USA, and two products, cars and textile. The following table shows the labour requirement (in hours) for the production of 1 and 2 in both countries. Cars Textile China 6 USA 14 Y Under which set of values (of X and Y) China will export cars? OX -7, Y - 12.5 OX - 10.5, Y = 8.5 X - 8, Y = 10 OX - 5, Y = 18 Consider a Ricardian framework with two countries, Sweden and Norway, and two products, fish and oil. Norway has comparative advantage in oil throughout this question. Which of the following can never explain an improvement in Sweden's terms of trade? An increase in Sweden's productivity in the fish industry An increase in Norway's productivity in the oil industry An increase in Sweden's demand for oil A drop in Norway's demand for fish

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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