<< pols earch CENGAGE MINDTAP Homework (Ch 03) In the following table, select the amount of each good that each country exports and imports in the boxes across the row marked "Trade Action," and enter each country's final consumption of each good on the line marked "Consumption." When the two countries did not specialize, the total production of shorts was 23 million pairs per day, and the total production of almonds was 68 million pounds per day. Because of specialization, the total production of shorts has increased by 12 million pairs per day, and the total production of almonds has increased by 9 million pounds per day. Because the two countries produce more shorts and more almonds under specialization, each country is able to gain from trade. Calculate the gains from trade-that is, the amount by which each country has increased its consumption of each good relative to the first row of the table. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption"). Without Trade Production Consumption With Trade Production Trade action Consumption Gains from Trade Increase in Consumption Bi Yosemite 0 Shorts Almonds Shorts Almonds (Millions of pairs) (Millions of pounds) (Millions of pairs) (Millions of pounds) 48 48 Exports 54 ▼ Congaree 15 15 20 20 56°F Q Search this course ● x 40) 1:28 AM 9/28/2023 ? A-Z · A O ☐
<< pols earch CENGAGE MINDTAP Homework (Ch 03) In the following table, select the amount of each good that each country exports and imports in the boxes across the row marked "Trade Action," and enter each country's final consumption of each good on the line marked "Consumption." When the two countries did not specialize, the total production of shorts was 23 million pairs per day, and the total production of almonds was 68 million pounds per day. Because of specialization, the total production of shorts has increased by 12 million pairs per day, and the total production of almonds has increased by 9 million pounds per day. Because the two countries produce more shorts and more almonds under specialization, each country is able to gain from trade. Calculate the gains from trade-that is, the amount by which each country has increased its consumption of each good relative to the first row of the table. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption"). Without Trade Production Consumption With Trade Production Trade action Consumption Gains from Trade Increase in Consumption Bi Yosemite 0 Shorts Almonds Shorts Almonds (Millions of pairs) (Millions of pounds) (Millions of pairs) (Millions of pounds) 48 48 Exports 54 ▼ Congaree 15 15 20 20 56°F Q Search this course ● x 40) 1:28 AM 9/28/2023 ? A-Z · A O ☐
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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CENGAGE MINDTAP
Homework (Ch 03)
In the following table, select the amount of each good that each country exports and imports in the boxes across the row marked "Trade Action," and
enter each country's final consumption of each good on the line marked "Consumption."
When the two countries did not specialize, the total production of shorts was 23 million pairs per day, and the total production of almonds was 68
million pounds per day. Because of specialization, the total production of shorts has increased by 12 million pairs per day, and the total
production of almonds has increased by
9 million pounds per day.
Because the two countries produce more shorts and more almonds under specialization, each country is able to gain from trade.
Without Trade
X
Calculate the gains from trade-that is, the amount by which each country has increased its consumption of each good relative to the first row of the
table. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption").
Production
Consumption
With Trade
Production
+
Trade action
Consumption
Gains from Trade
Increase in Consumption
발
H
Shorts
(Millions of pairs)
a
8
8
Yosemite
0
Р
Almonds
(Millions of pounds)
48
48
Exports 54
Shorts
(Millions of pairs)
15
15
Congaree
O
Almonds
(Millions of pounds)
20
20
56°F
ABP
I
Q Search this course
X
1:28 AM
9/28/2023
X
⠀
?
A-Z
bongo
A+
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