For international trade, discuss your America’s absolute advantage, comparative advantage, and opportunity costs.  What are the main goods or services that America export?  What are the products that America imports?  Do you think that America can produce a particular good rather than having it imported? Explain

Q: Determine the opportunity cost for each nation. Determine what each nation has a comparative…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: True or False. Both Countries would be better off if they produced the good in which they have a…

A: Given:   Production per worker Car  Grain (in tons) United state 4 8 Japan 4 5 The total…

Q: Explain the following facts about trade based from your own understanding. Limit your response in…

A: Trade can be characterized as the idea of purchasing and selling goods and services, with…

Q: assist and explain Which of the following statements best exemplifies the concept of relative…

A: The objective of the question is to identify which statement best represents the concept of relative…

Q: Germany and Vietnam could become trading partners. Germany has an absolute advantage in making LCD…

A: Given: *Germany has the absolute advantage in making LCD. *Vietnam has a comparative advantage in…

Q: In the United States, about 6 million manufacturing jobs disappeared in the first decade of the 21st…

A: Import and export restrictions are not present in a free trade system. A free trade agreement is a…

Q: As a country develops economically, what changes usually take place in the goods it exports? Select…

A: The branch that deals with the department where the primary goal is the betterment of economic,…

Q: Characterize the two different approaches a nation can take to achieve free trade. Does one…

A: A trade policy known as "free trade" does not impose import or export quotas. It can also be thought…

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: what are the key factors that led to President Trump’s imposition of tariffs on Chinese steel and…

A: Trade: Exchange is an essential financial idea including the trading of labor and products, with pay…

Q: The opportunity costs could be computed as: Aircraft Corn =1/500=0.002 air Beta =500/1=500 corn…

A: 1. Beta is specialized in Corn production because its opportunity cost is lower than Gamma in the…

Q: Many people will lose or have lost their jobs because of the growth of international trade. So, why,…

A: The answer is as follows:-

Q: Assume that you were a small country, what would you rather have a comparative or absolute advantage…

A: Absolute advantage: This concept was introduced by 'Adam Smith' and according to him, international…

Q: We see quite a bit of international trade in the real world. And trade is driven by specialization.…

A: Option C is correct Option C is correct because specialization in one commodity cannot occur, a…

Q: Which country has comparative at producing good x. How can you tell. Which country has a comparative…

A: Comparative advantage means that if a country can produce only two goods say computer and clothes if…

Q: The history of trade agreements shows the shifts over time between globalism and nationalism. Where…

A: History of trade agreements includes mostly nationalist rather than globalist agreements of trade…

Q: What are the gains from trade, and explain why countires might still decide to trade even if no…

A: Comparative Advantage: This is a concept in economics that refers to the ability of a country or…

Q: Trade

A: Comparative advantage refers to a situation in which a country has more specialization in one good…

Q: What does the domestic price that prevails without international trade say about a nation's…

A: The exchange of goods and services between different nations in the world is known as international…

Q: What are the sources of Hong Kong's comparative advantage? Explain.

A: Comparative Advantage: The comparative advantage arises when a product is being produced at a lower…

Q: If each country specializes in the good in which it has a comparative advantage,....will gain from…

A: Introduction According to comparative advantage, countries will trade with others, exporting…

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: Explain the difference between absolute and comparative advantage in relation to trade and give an…

A: Absolute advantage and comparative advantage are two important ideas in worldwide business and…

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: Would the U.S. government gain any advantage from using tariffs or quotas to restrict imports?

A: Trade restrictions: -trade restrictions are the barriers imposed on international trade by the…

Q: Choose a global event from the past 100 years, such as a pandemic, recession, or technological boom.…

A: With the increasing globalization of economic and trade activities, it's more important now than…

Q: American worker takes 20 hours to produce one computer and 300 hours to produce an RV. A Japanese…

A: A American worker takes 20 hours to produce one computer and 300 hours to produce an RV A Japanese…

Q: explain the importance of the terms of trade to a nation and how changes in the terms of trade are…

A: Terms of trade:- The TOT is considered as a gauge of a nation's economic health, although it has the…

Q: Imagine that it takes an average Australian miner 10 hours to mine a metric ton of coal and 20 hours…

A: A country, that can produce a good or service at less opportunity cost than the other country, is…

Q: Explain which product each of the countries should specialise in and export. Use the information…

A: The theory that states that there exists an advantage when the economy could be able to produce at a…

Q: free trade, whereas others are unhapppy, even angry, that the government has reduced regulations on…

A: Trade restriction refers to the restrictions imposed on the cross-border trade between countries.…

Q: If the United States produces 8 automobiles and Canada produces and Canada produces 2 automobiles,…

A: Comparative advantage is when the country possesses a lower Opportunity cost(OC) in producing a…

Q: Suppose that in an hour an American worker can produce 200 clothes or 20 cars, while a Brazillian…

A: The international trade can be beneficial if the theories support the requirements by a country. The…

Q: Assume that you were a small country, what would you rather have a comparative or absolute advantage…

A: ABSOLUTE ADVANTAGE   When a country produces more units of good/service than other countries using…