Suppose that Portugal and Germany both produce fish and shoes. Portugal's opportunity cost of producing a pair of shoes is 4 pounds of fish while Germany's opportunity cost of producing a pair of shoes is 9 pounds of fish. By comparing the opportunity cost of producing shoes in the two countries, you can tell that Portugal has a comparative advantage in the production of shoes and Germany has a comparative advantage in the production of fish. Suppose that Portugal and Germany consider trading shoes and fish with each other. Portugal can gain from specialization and trade as long as it receives more than 4 pounds of fish for each pair of shoes it exports to Germany. Similarly, Germany can gain from trade as long as it receives more than 1/9 pair of shoes for each pound of fish it exports to Portugal.

Suppose that Portugal and Germany both produce fish and shoes. Portugal's opportunity cost of producing a pair of shoes is 4 pounds of fish while Germany's opportunity cost of producing a pair of shoes is 9 pounds of fish. By comparing the opportunity cost of producing shoes in the two countries, you can tell that Portugal has a comparative advantage in the production of shoes and Germany has a comparative advantage in the production of fish. Suppose that Portugal and Germany consider trading shoes and fish with each other. Portugal can gain from specialization and trade as long as it receives more than 4 pounds of fish for each pair of shoes it exports to Germany. Similarly, Germany can gain from trade as long as it receives more than 1/9 pair of shoes for each pound of fish it exports to Portugal.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Q2/ vocabulary: find the suitable answer 1- Para'cetamol is an .. . remedy for headaches. AL effective Bu efficient 2- Would you like me to you a drink? A I buy BE pay 3- English has . words from many languages. AT borrowcd Br lcent 4- Please. that all the doors are locked and barred before you leave. An control Br check .. them that there was a dangerous animal near the house. A O prevented 5- We BO warned 6- Please me to phone my boss when we come back. AU remind B remember 7- Can you . .... me what she thought. AO tell BO say 8- You should. . AN listen to the instructions carefully. Br listens 9-He works as a in a posh restaurant. A I cook BI cooker . in a competition. BU prize 10- she won the first A U price
Each term (3 months) the current group of economics students completed a questionnaire as to how much they would spend on new purchases compared to how much they would save/pay off bills, if they suddenly and unexpectedly received a check for $1,000. The average MPC is shown in the table below. Month in which student poll was taken Average of students’ responses as MPC March 0.41 June 0.30 September 0.22 December 0.56 What do these MPC’s imply about the students’ thinking over the course of the year? (Enter response here.) What is likely happening in the economy during the same period of time?
Why/how has Covid-19 led to global economic recession?
Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality . Take care of plagiarism. Answer completely. You will get up vote for sure.
41.) What is the fastest growing religion in Europe during the 21st Century? a. Christianity b. Islam c. Judaism
37- What is the ratio of the change in savings to the change in income called? a) MRI B) APS NS) MPS D) NS TO) cY
National income – The Pandemic Economy 1.1 The IMF estimates that the global economy will make a strong recovery and expand by 6.0 percent in 2021. This follows from an estimated contraction of 3.3 percent in 2020. COVID-19 has severely impacted the social and economic fabric of every country across the globe. Some have been more affected than others, but all have been facing what seems like an unending battle between saving lives and preserving livelihoods. Striking a delicate balance between providing social protection and maintaining economic activity, while limiting the risks to financial stability has been a challenge of immense proportions, employing varying strategies across different countries with uneven results. 1.2 In Trinidad and Tobago, the continuation of the pandemic and the associated public health restrictions undermined all the economic gains realized in the second half of 2020. Consequently, for the first quarter of 2021, the CSO estimates that real…
10
quarter and years Quarter1 2015 Quarter2 Quarter3|Quarter4 Quarter1 Quarter2 Quarter3 Quarter4 Quarter1 Quarter2 Quarter3 Quarter4 2015 Unit 2015 2015 2016 2016 2016 2016 2017 2017 2017 Description $ million Data Category and Component 2017 27.748 27.938 31.873 30.435 26.157 25.806 29.337 27.748 27.938 31.873 30.435 Agriculture $ milion 32.141 29.598 28.073 31.514 33.489 33.727 32.686 32.141 29.598 28.073 31.514 Mining and Quarrying Manufacturing $ milion 70.892 74.946 76.020 77.940 73.899 77.680 79.324 70.892 74.946 76.020 77.940 $ milion 7.522 7.977 8.095 8.116 7.903 8.318 8.621 8.641 8.315 8.738 9.115 9.208 Blectricity, Gas and Water $ million 16.659 16.041 17.179 16.673 17.655 16.971 18.166 16.659 16.041 17.179 16.673 Construction Wholesale and Retal Trade, Accommodation and Restaurants $ mion 51.264 51.984 56.305 60.687 55.180 56.232 60.976 65.920 60.720 62.578 67.437 72.322 Transport, Storage and Communication $ milion 25.163 25.772 26.539 26.887 27.287 28.059 28.593 29.026…
Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
Explain, what, why, how retail sales is used to gauge Econ health
Commodity ROOT CROPS Unit January February March Аpril Мay 119,861 76,868 97.887 62,325 17,883 9,815 31,248 41,805 122,180 79.998 Carrots Kg Kg Kg Kg Kg Kg Kg Kg Kg 32,432 77.983 54.453 Cassava Common Yam Im ported yam Dasheen(Local) Dasheen(Imported) Eddoes (Local) Eddoes (Im ported) Sweet Potatoes (Local) Sweet Potatoes (Im ported) Ginger CONDIMENTS AND SPICES Celery Chive (L) Thyme (s) Hot Peppers (100's) Hot Peppers (40 lb) Shadon Beni Pimento (S) 29,687 4.818 363 16,235 1,906 37.506 57.780 28,321 26,325 19,492 18,210 20,413 4:798 29,952 36,180 23.580 22,770 140,389 40,674 24,887 68,625 30,835 16,560 27,253 12,263 9,280 27,792 36,450 195,121 156,648 125.726 65.380 1,980 6,480 Kg Kg 10,575 4.770 28,117 na 11,076 35.435 37.545 13,818 Bndl. 16,321 12,490 12,288 9,191 4.421 5,640 364 Bndl. 14,045 567 1,876 7,078 276 1,624 2,222 35.340 11,951 17,025 Bndl. 562 927 100's 1,225 Bag Bndl. 2,235 48,632 1,194 1,693 26,375 1,976 61,240 531 835 30,050 100's 3.571 5.910 4.492 5.750 3.385…