It is possible through trade for a country to consume a combination of goods that lies beyond its production possibilities frontier. a. True b. False
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- In Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10 tons of rubber or 40 radios. Who has the absolute advantage in the production of rubber or radios? How can you tell? Calculate the opportunity cost of producing 80 additional radios in Japan and in Malaysia. (Your calculation may involve fractions, which is fine,) Which country has a comparative advantage in the production of radios? Calculate the opportunity cost of producing 10 additional tons of rubber in Japan and in Malaysia. Which country has a comparative advantage in producing rubber? In this example, does each country have an absolute advantage and a comparative advantage in the same good? In what product should Japan specialize? In what product should Malaysia specialize?Does intra-industry trade contradict the theory of comparative advantage?How do trade barriers affect the average Income level in an economy?
- An average worker in Brazil can produce an ounce of soybeans in 20 minutes and an ounce of coffee in 60 minutes, while an average worker in Peru can produce an ounce of soybeans in 50 minutes and an ounce of coffee in 75 minutes.a. Who has the absolute advantage in coffee? Explain.b. Who has the comparative advantage in cof-fee? Explain.c. If the two countries specialize and trade with each other, who will import coffee? Explain.d. Assume that the two countries trade and that the country importing coffee trades 2 ounces of soybeans for 1 ounce of coffee. Explain why both countries will benefit from this trade.not use ai pleaseAre the following statements true or false? Explain ineach case.a. “Two countries can achieve gains from trade evenif one of the countries has an absolute advantagein the production of all goods.”b. “Certain talented people have a comparativeadvantage in everything they do.”c. “If a certain trade is good for one person, it can’tbe good for the other one.”d. “If a certain trade is good for one person, it isalways good for the other one.”e. “If trade is good for a country, it must be good foreveryone in the country
- When two individuals produce efficiently and then make a mutuallybeneficial trade based on comparative advantage, a. they both obtain consumption outside their production possibilitiesfrontier. b. they both obtain consumption inside their production possibilitiesfrontier. c. one individual consumes inside her production possibilities frontier,while the other consumes outside hers. d. each individual consumes a point on her own production possibilitiesfrontierFor this question, only consider Korea and the United States. If the United States is better at producing agricultural goods and technological goods, then_ It would be impossible for the United States to benefit from trade with Korea since the United States have an absolute advantage in the production of both good A. B. It would be impossible for the United States to have an absolute advantage over another country in the production of both products. C. The United States should specialize in the production of technological goods if Korea has a comparative advantage in the production of agricultural goods. The United States should specialize in the product in which it has an absolute advantage. O D.Are the following staten1ents true or false? Explain ineach case.a. "1wo countries can achicv" gains from trade evenif one of the countries has an absolute advantagein the production of all goods."b. "Certain talented people have a comparativead\'antage in """'}'thing they do."c. "If a certain trade is good for one person, it can'tbe good for the other one.''d . ''If a certain trade is good for one person, it isalways good for the other one."e. "If trade is good for a country, it mLtSt be goodfor everyone in th" country."
- Assume the U.S. and Mexico do not trade and that both countries need some combination of cars and trucks. Look at the production possibilities frontier for both countries. What level of production of cars and trucks would you recommend for each country if they did not trade? Assume both cars and trucks are needed. (Look at a few different points to evaluate.). Provide at least a one sentence explanation of why you chose the point you chose for each country. What would you suggest each of these countries produce? Explain your answer. (Make sure to include the number of cars and trucks each country should produce.)I'm confused on how to calculate the gains from trade. I don't know what to do.ALS ISES V y tools ge Success Tips er Success Tips . SIGN OUT 18 W PPF Shenandoah has a comparative advantage in the production of production of . NNN ALMONDS (Ms of pounds) 3 ****** (spuned to su Shenandoah a comparative advantage. After specialization, the two countries can produce a total of or base Note: Dashed drop lines will automatically extend to both aves. 41 Suppose that Shenandoah and Congaree agree to trade. Each country focuses es resources on producing only the good in which it has a comparative advantage. The countries decide to exchange 8 million pounds of almonds for 8 milion pounds of basil. This ratio of goods is known as the price of trade between Shenandoah and Congaree. The following graph shows the same PPF for Shenandoah as before, as well as its initial consumption at point A. Place a black point (plus symbol)on the graph to indicate Shenandoah's consumption after trade. 16 true 4 False 44 Shenandoah 24 12 ALMONOS (MAons of pounds) 41 40 45 while Congaree has a…
