Table 9-6 Denmark Belize O 250 O 150 Output per hour of work 00 Clocks 6 1 -100 Production and Consumption without Trade Hats 3 2 Clocks 900 150 Hats 150 100 Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 9-6 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade. Production Refer to Table 9-6. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many hats will Belize gain compared to the "without trade" numbers? with Trade Clocks 1,200 0 Hats 0 400

Table 9-6 Denmark Belize O 250 O 150 Output per hour of work 00 Clocks 6 1 -100 Production and Consumption without Trade Hats 3 2 Clocks 900 150 Hats 150 100 Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 9-6 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade. Production Refer to Table 9-6. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many hats will Belize gain compared to the "without trade" numbers? with Trade Clocks 1,200 0 Hats 0 400

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 29P: France and Tunisia both have Mediterranean climates that are excellent for producing/harvesting...

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24 of 38 For each hour worked, a U.S. worker can produce 4 loaves of bread, or 2 tons of steel. Canadian workers can produce 2 loaves of bread, or 1 ton of steel per hour. The information indicates that: O A. Canada has comparative advantage in steel, and the U.S. has comparative advantage in bread. O B. neither country has comparative advantage in steel or bread. O C. Canada has comparative advantage in bread, and the U.S. has comparative advantage in steel. O D. the U.S. has comparative advantage in both steel and bread. Unsure
QUESTION 22 20 EN 50 PPF 40 30 20 10 50 10 20 cloth 22. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the absolute advantage in wine? Oa) Portugal b) England 70 60 50 40 30 20 10 "T Oc) Both Ⓒd) Nether Ⓒ) Can't tel QUESTION 23 80 70 60 50 England 70 80 50 PPF PP 40 KE 30. 20 10 30 40 50 60 10 30 30 cloth 23. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the absolute advantage in cloth? 40 30 20 10 10 O a) Portugal b) England Oc) Both Ⓒd) Nether Ⓒe) Cannot tell England QUESTION 24 60 50 40 30 20 10 70 KN 50 PPI 40 30 20 10. 50 60 10 cloth cloth 24. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in cloth? O a) Portugal b) England 10 30…
10. We have focused on the case of trade involving only two countries. Suppose that thereare many countries capable of producing two goods, and that each country has onlyone factor of production, labor. What could we say about the pattern of productionand trade in this case? (Hint: Try constructing the world relative supply curve.)
France and Tunisia both have Mediterranean climates that are excellent for producing/harvesting green beans and tomatoes. In France it takes two hours for each worker to harvest green beans and two hours to harvest a tomato. Tunisian workers need only one hour to harvest the tomatoes but four hours to harvest green beans. Assume there are only two workers, one in each country, and each works 40 hours a week. Draw a production possibilities frontier for each country. Hint: Remember the production possibility frontier is the maximum that all workers can produce at a unit of time which, in this problem, is a week. Identify which country has the absolute advantage in green beans and which country has the absolute advantage in tomatoes. Identity which country has the comparative advantage. How much would France have to give up In terms of tomatoes to gain from trade? How much would it have to give up in terms of green beans?
20 18 16 14 12 10 g 6 2 Chile's Production Possibilities Frontier soybeans (in pound) 2 4 L Chile: S= and C= 5 L L Colombia: S=- and C= 2 S Chile: S= and C= 4 L 10 12 14 16 18 20 comme (in pound) Assume Chile and Colombia both have 48 labor hours available. Which of the following of production functions would yield each countries' PPF? S S 4 8 Chile: S= and C= L L Colombia: S= and C= 3 L and C C 6 L C 3 L 4 L C 4 L Colombia's Production Possibilities Frontier soybeans (in pound) C 20 18 16+ H+ 12 10 8 6 2 4 6 % 12 14 16 18 20 co (in pounds)
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Consider the following Ricardian model with 2 countries and 2 goods. The table below provides information on the size of countries' labor force and their productivity in producing each good. India China 60 Labor Supply 350 workers workers Juice 3 workers 7 workers Tea 2 workers 5 workers Suppose Indian workers become three times more productive in producing juice. Does the pattern of trade change? Why and why not? Edit View Insert Format Tools Table 12pt v Paragraph v B I
The table below shows the monetary value of the production of gems and steel respectively in the calendar year of 2019 for the nations of Turkey and Zimbabwe. Use It to answer questions regarding a possible trade scenario between the two nations. Gems in biltions of USD Steel in billions of USD Year - 2019 Zimbabwe 0.2 10 Turkey Using Ricardlan logic, can Zimbabwe and Turkey trade either gems or steel with each other, and mutually benefit? Yes, Zimbabwe should specialize in gems, and Turkey should produce more steel than gems, and then trade its extra steel to Zimbabwe. No, neither nation has a comparative advantage in either the production of steel or gems, so therefore neither can benefit from trade. O a O b Yes, Turkey should speclalize in gems, and Zimbabwe should produce more steel than gems, and then trade its extra steel to Zimbabwe. O c