The table below shows the labour productivity for the countries of Yin and Yang. Yin Yang Yin Yang Totals Machines 3 a. If the working populations of Yin and Yang are both 50 million, divided equally between the two industries in each country, how many machines and loaves of bread (in millions) are currently being produced in Yin and Yang? 2 Yin Yang Totals Machines or or Loaves of bread 2 10 b. If the two countries decide to specialize, in which product does each country have a comparative advantage? Yin: (Click to select) Yang: (Click to select) M c. If the two countries specialize in the product in which they have a comparative advantage, show their total outputs in the table below. Machines Loaves of bread Loaves of bread

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Protective Tariffs

A tariff is a kind of tax that is charged on exported and imported items. It means tariff is charged on both kinds of goods i.e., exported and imported. However, some goods may be exempted from this kind of tariff. Protective Tariffs refer to the charges which a country charged on imported goods to protect its domestic market. It also protects countries Industrialists in their Production. So, that their markets remain intact and do not get dumped by outside supply.