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[item no.14] (Multiple Choice) Is the Philippines a secular country?
Yes
No
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- (?) (? Freedonia Desonia 64 64 56 56 48 48 PPF 40 40 32 32 24 PPF 24 16 16 A 8 8 8 16 24 32 40 48 56 64 8 16 24 32 40 48 56 64 LEMONS (Millions of pounds) LEMONS (Millions of pounds) Freedonia has a comparative advantage in the production of while Desonia has a comparative advantage in the production of Suppose that Freedonia and Desonia specialize in the production of the goods in which each has a comparative advantage. After specialization, the two countries can produce a total of million pounds of lemons and million pounds of tea. Suppose that Freedonia and Desonia agree to trade. Each country focuses its resources on producing only the good in which it has a comparative advantage. The countries decide to exchange 8 million pounds of lemons for 8 million pounds of tea. This ratio of goods is known as the price of trade between Freedonia and Desonia. TEA (Millions of pounds) TEA (Millions of pounds)(c) What might be a set of favorable terms of trade for the two countries?[item no.17] (Yes/No) Is it possible for one to be a global citizen without recognizing globalization or understanding the wider world? NoYes
- Please answer all parts of the questions.(A & B) Thank you. A. Suppose American car manufacturers can produce model Falcon cars for $25000, which can also be imported from Japan at $25,000. US manufacturers need to import $15000 worth of materials from the rest of the world to produce the cars. What are the domestic value-added, the nominal and the effective rates of protection? Suppose the US puts a 15% tariff on imported Falcon cars from Japan. What is the effective rate of protection? Suppose in addition to the 15% tariff mentioned in (2), USA also puts a 10% tariff on parts from the rest of the world? What is the effective rate of protection? B. Discuss two arguments in favor of and against ‘the Labor Argument’ of protection.1933 PART IV: APPLICATION: MATCHING (1 x 30 = 30 marks) A- Match the term in Column A with its correct counterpart in Column B, and place the appropriate letter in Column C. Column A 1- natural resources sqmo 2- infrastructure 3- importing 4- comparative advantage 5- exporting Column B Column C (a) All the economic activities that work for the selling and shipping of finished products or raw materials from a domestic country to other countries or nations. (b) The economic theory that states that for the production or the selling of specific goods or services, some countries have the means to perform better that other countries under the same circumstances. (c) Materials available in nature, that are not the result of a human transformation and that have the potential to be of economic value. (d) The economic process which consists of buying raw materials or finished products from other nations in order to use them domestically. (e) A system well organized and planed by an official…(describe) 3 ways in build an economy based on the principles of sustainability,
- 6 Describe the European Union. How many countries are in the European Union? (You may find information on this at the European Union Web Site.) What unites the European Union? What kind of 'Union" is it?Would you divide the total population 1.3 over the 5 tons of corn?Heckscher-Ohlin Model Chile and the United States use capital and labor to produce wheat and automobiles. Wheat production is more labor intensive than automobile production. Chile has 200 units of capital and 50 units of labor and United States has 1500 units of capital and 275 units of labor. has more capital and has more labor. is relatively capital abundant. relatively labor abundant. will export wheat and will export automobiles. ✓ [Select] United States Chile 2. [Select] [Select] 3. [Select] [Select] 4. In Chile, the production of [Select] under trade. 5. In United States, the price of automobiles [Select] under trade. 6. Chilean workers would [Select] trade. 7. U.S. workers would [Select] decreases U.S.-Chile free U.S.-Chile free trade.
- When it comes to international trade and government intervention, which is a better policy for a country to adopt to enrich itself: free trade or protectionism? Justify your position. (Ctrl)-Most economists favor a tax on carbon because Group of answer choices -The costs of carbon emissions have been underestimated by the market system and the tax would help businesses and consumers make better choices -Economists are in favor of anything that helps the government -That is not true. Most economists question climate change. -Taxes help to increase corporate profitsGoods Grapes Textiles Spain 8 4 Note: figures are hours of labor per unit of output France 15 5