lleryTwo countries namely the United States and the United Kingdom can produce both wheatand whiskey. Their production possibility frontiers are shown below. Based on this one cansay thatWheat (millions ofbushels)United States15001000 Whiskey(millions ofbottles)Wheat (millions ofbushels)100UnitedKingdom500Whiskey(millions ofbottles)ntireO Both countries would gain if the United States produced both wheat and whiskey, and UnitedKingdom produced only whiskey and they traded.O Both countries will get the most desired outcome if each produced both wheat and whiskey, and theytraded in both wheat and whiskey.O Both countries would gain if United States produced only whiskey and United Kingdom produced bothwheat and whiskey and they traded.O Both countries would gain if the United States specialized in producing wheat, and United Kingdomproduced only whiskey and they traded.O United States has an absolute advantage in producing both wheat and whiskey, and thus would notgain by trading with the United Kingdom.

To explain why:Comparative Advantage: The notion of comparative advantage argues that a country…

Answered: llery Two countries namely the United…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Why is oil such an important natural resource in this region of the world? How do places lik Saudi Arabia, Iran, Iraq, and Kuwait use oil to grow their country's economy?
Meagan, a contractor, is hired to install cabinets in a new home and has to decide whether to build the cabinets herself or purchase them from a local cabinet shop. a. Meagan should build the cabinets herself only if the cabinet maker has a comparative advantage in the production of cabinets. -she has a comparative advantage in the production of cabinets. -she has an absolute advantage in the production of cabinets. -the cabinet maker has an absolute advantage in the production of cabinets. b. If the cabinet maker is foreign rather than local, the answer to part a -does change regardless of trade costs. -does not change regardless of trade costs. -does change as long as trade costs are negligible. -does not change as long as trade costs are negligible.
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Figure 2-9 Snow cones 240 0 Greenland 200 Popsicles Snow cones 270 0 Iceland O 100 popsicles & 130 snow cones; 100 popsicles & 140 snow scones O 100 popsicles & 140 snow cones; 100 popsicles & 100 snow scones O 140 popsicles & 120 snow cones; 100 popsicles & 130 snow scones none of the above. 180 Popsicles Figure 2-9 shows the production possibilities frontiers for Greenland and Iceland. Each country produces two goods, snow cones and popsicles. With the opening of international trade, the agreed price between Iceland and Greenland for popsicles is 1.3. Assume that the country which now imports popsicles (with int'l trade) decides that it will import 100 units of popsicles. The new consumption bundles/points after international trade for Greenland and Iceland, respectively, are?
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Question 24 How was the USS Maine important to U.S. imperialism? O it was the primary ship used in the conquest of the Philippines, which fulfilled U.S. control over a chain of islands stretching from Hawaii to China O it was the first steel naval ship built by the U.S., a type of ship that was instrumental in the ability to conquer non-industrialized societies O its sinking produced a popular outcry in the U.S. for war against Spain, which opened an opportunity for the growth of U.S. imperialism O US. anti-imperialists used it as evidence of what could happen to U.S. troops if they tried to military occupy foreign lands D Question 25 Which of the following was NOT a way in which the Platt Amendment affected US relations with Cuba? O k permitted the US to intervene in Cuban politics at any time to protect Cuban "independence O it said that US businesses in Cuba would be protected by the US Army stationed in Cuba Ot gave the US the right to use Naval Bases on the Cuban mainland Ot gve…
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This question pertains to the addendum to Chapter 2. Thefollowing tables show the production possibilities for twohypothetical countries, Italia and Nire. Which country has thecomparative advantage in producing butter? Which country hasthe comparative advantage in producing guns? What would be amutually agreeable rate of exchange between the countries?
According to the Infant Industry Argument Poor countries can foster economic development by using tariffs to protect new firms while they learn to become more productive. O Countries that allow children to work have an unfair advantage in international trade. O Costs of young firms are low because their workers lack seniority, and this contributes to comparative advantage. O When technological change creates a new product, it is the innovating country that is likely to be able to export it.
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