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Specialization, the total production of chinos has increased by production of pistachios has increased by 24 million pounds per day. 12 million pairs per day, and the total Because the two countries produce more chinos and more pistachios 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"). Q Without Trade Production Consumption With Trade Production Trade action Consumption Gains from Trade Increase in Consumption Chinos Sequoia Pistachios Chinos Glacier Pistachios (Millions of pairs) (Millions of pounds) (Millions of pairs) (Millions of pounds) 24 32 12 72 24 32 12 72 Imports 26 Exports 78 ▼ Exports 26 Imports 78▾ Grade It Now Save & Continue

Specialization, the total production of chinos has increased by production of pistachios has increased by 24 million pounds per day. 12 million pairs per day, and the total Because the two countries produce more chinos and more pistachios 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"). Q Without Trade Production Consumption With Trade Production Trade action Consumption Gains from Trade Increase in Consumption Chinos Sequoia Pistachios Chinos Glacier Pistachios (Millions of pairs) (Millions of pounds) (Millions of pairs) (Millions of pounds) 24 32 12 72 24 32 12 72 Imports 26 Exports 78 ▼ Exports 26 Imports 78▾ Grade It Now Save & Continue

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter2: Some Tools Of The Economist
Section: Chapter Questions
Problem 7CQ
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Specialization, the total production of chinos has increased by production of pistachios has increased by 24 million pounds per day. 12 million pairs per day, and the total Because the two countries produce more chinos and more pistachios 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"). Q Without Trade Production Consumption With Trade Production Trade action Consumption Gains from Trade Increase in Consumption Chinos Sequoia Pistachios Chinos Glacier Pistachios (Millions of pairs) (Millions of pounds) (Millions of pairs) (Millions of pounds) 24 32 12 72 24 32 12 72 Imports 26 Exports 78 ▼ Exports 26 Imports 78▾ Grade It Now Save & Continue
Transcribed Image Text:Specialization, the total production of chinos has increased by production of pistachios has increased by 24 million pounds per day. 12 million pairs per day, and the total Because the two countries produce more chinos and more pistachios 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"). Q Without Trade Production Consumption With Trade Production Trade action Consumption Gains from Trade Increase in Consumption Chinos Sequoia Pistachios Chinos Glacier Pistachios (Millions of pairs) (Millions of pounds) (Millions of pairs) (Millions of pounds) 24 32 12 72 24 32 12 72 Imports 26 Exports 78 ▼ Exports 26 Imports 78▾ Grade It Now Save & Continue
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