Answered: Triangular trade means: a. Trade…

Business

Economics

Triangular trade means: a. Trade between three continents - Europe, North America, and Africa

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Which of the following is a benefit of free trade? A. It reduces employment in many fields. B. It…

A: B) It makes more diverse products available

Q: The two primary reasons to adopt measures to restrict trade are that a. they help keep real wages…

A: International trade is the process of exchange of goods and services between different countries.…

Q: Since many companies cut jobs or outsource overseas when they cannot compete with foreign companies,…

A: Free trade is a complex and contentious economic policy that has both proponents and critics. One of…

Q: What theory attempts to explain why Japan is strong in automobiles, Switzerland in precision…

A: International trade occurs where the goods and services flow across the countries.

Q: In some simple models of trade, a country may choose to specialize in the production of a single…

A: According to the simple trade model, trade encourages the countries to concentrate its productive…

Q: What is the essence of the "terms-of-trade" argument against free trade? A. A large country can…

A: The relative value or ratio between a country's exports and imports is the terms of trade (TOT). It…

Q: We are going to use apply these terms to an example about Soybean production. Assume that the United…

A: Soybeans OC of producing Soybeans Sugar OC of producing sugar US 108 tons 20 tons Brazil…

Q: Free trade is controversial because a. it reduces government revenue b. it benefits only a small…

A: Free trade refers to the exchange of goods and services i.e. exports and imports without tariff…

Q: Trade between countries in intermediate inputs of the same final product is called - a.…

A: Trade is defined as an exchange of goods and services between two or more parties. Domestic trade…

Q: The North American Free Trade agreement consists of which of the following countries?Choose one…

A: North American Free Trade agreement popularly known as NAFTA, is a multilateral trade agreement…

Q: What is the concept of comparative advantage in international trade? A. A country's ability to…

A: Comparative advantage is a principal idea in the international trade hypothesis, presented by David…

Q: Using economic analysis, evaluate the statement that some gain, or "win" from free trade while…

A: Free Trade Free Trade refers to the trade between 2 or more nations without any restrictions and…

Q: Your roommate Hansen argues that American producers cannot compete with foreign producers because…

A: Free Trade refers to the unrestricted exchange of goods and services between countries, without the…

Q: 1. Trade patterns a. How big is world trade today in percentage of world GDP? b. When did world…

A: Gross domestic product (GDP) is the standard measure of the value added created through the…

Q: A trade expert compares the modern tariffs to the Depression-era Smoot-Hawley tariffs. He says “The…

A: The different tariffs imposed by America's trading partners in retribution were one of the major…

Q: Why are many goods sold in the United States produced overseas, often in several counties? a. There…

A: Outsourcing is a business practice in which a company hires a third party to perform tasks, handle…

Q: what impact does international trade have on the U.S. econom

A: Since you have asked multiple questions we will answer the first one for you. International trade…

Q: ome economist recommends that countries should specialize in trade. What are 3 main disadvantages…

A: Countries should specialize in the trade in which they enjoy an absolute benefit. Whenever countries…

Q: A common fallacy that is used to oppose trade is the idea that a. “if it’s not broken, don’t fix…

A: International trade is considered beneficial for the countries as they can receive what they want…

Q: what groups tend to gain with free trade and which groups are the losers

A: Free trade: Free trade is one of the trade policy which means no restriction on import and export of…

Q: The World Trade Organisation was established to implement the final act of the Uruguay Round…

A: The World Trade Organisation (WTO) is an international organization that deals with the global rules…

Q: Please correct and incorrect answer explanation Countries that restrict foreign trade are likely…

A: Foreign trade also known as international trade refers to the exchange of goods and services between…

Q: The table above shows the daily production possibilities for China and Malaysia in producing trucks…

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: A country will gain relatively more from trade when: A. trade is regulated. B. the world price is…

A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…

Q: 1. Using the data in the accompanying table, answer the following questions: Points on Production…

A: Hello, thank you for the question. Since there are multiple subpart questions posted here, only the…

Q: What is the term for a situation in which a country can produce a good at a lower opportunity cost…

A: In international financial aspects, there are key ideas that assist with explaining why nations…

Q: Alexandra’s Production Possibilities Schedule Natalia’s Production Possibilities Schedule Number of…

A: A country or a person exports the good in which it has a comparative advantage.

Q: The table above shows the daily production possibilities for China and Malaysia in producing trucks…

A: According to the law of comparative advantage propounded by David Ricardo , trade is possible…

Q: Suppose the own price elasticity of demand for good X is -4, its income elasticity is -2, its…

A: here elasticity is given by using the formula we calculate the change in consumption or quantity…

Q: Explain the two main categories of gains from trade which are 1. gains from exchange and 2. Gains…

A: Transfer or exchamge of goods and services between entities or individuals for a specified payment…

Q: In what ways has free trade helped the economy? In what ways has free trade hurt the economy?

A: Trade takes place between countries. In trade there is export and import of goods and services…

Q: . The mercantilists maintained that: a. Trade benefits one nation only at the expense of another…

A: Mercantilists were of the opinion that the country should always be in a Trade surplus that is the…

Q: A- What is the difference between Absolute and Comparative Advantage. B- Describe the methods of…

A: When various nations engage in the exchange of commodities and also services, it is known as…

Q: Question: what are some examples of successful expansion of global trade, countries are seeing, and…

A: International trade refers to economic transactions between countries. Consumer goods such as…

Q: Choose a global event from the past 100 years, such as a pandemic, recession, or technological boom.…

A: With the increasing globalization of economic and trade activities, it's more important now than…

Q: A semiconductor is a key component in your laptop, cell phone, and iPod. The table provides…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Imagine that it takes an average Australian miner 10 hours to mine a metric ton of coal and 20 hours…

A: A country, that can produce a good or service at less opportunity cost than the other country, is…

Q: Describe the key elements of the triangular trade. 1. What continents did the triangular trade…

A: Trade refers to the purchase and selling of products and services in the market.

Q: I'm confused on how to calculate the gains from trade. I don't know what to do.

A: If both specialise gains from trade would be 60-20=40 tons of tea.

Q: . The model that trade can make everyone better off applies to: Group of answer choices A. countries…

A: trade empowers nations to encounter monetary development and a rising way of life by expanding…

Question

100%

Triangular trade means:

a. Trade between three continents - Europe, North America, and Africa

b. Trade in three products - Cotton, silver, and tea

c.Trade between three countries- India, UK, and USA

d. Trade in triagular shaped products.

Expert Solution

Step 1

Triangular trade refers to the trade pattern that existed between three regions during the period of the 17th and 18th centuries.

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Trade based upon comparative advantage is economically beneficial because: a. it promotes an efficient allocation of world resources b. it creates jobs and employment c. it increases revenue d. it reduces inflation
free trade, whereas others are unhapppy, even angry, that the government has reduced regulations on imports of such products as textiles and furniture, causing factories to shut down and employees to lose their jobs. they feel that the U.S. government should legislate greate egulation of imported goods to give American companies an advantage or at least to lessen the advantage that companies in other countries receive from their government. What do you think? How do you justify your answer?
The corresponding graphs show the supply and the demand for strawberries in two countries: Berryland and Fruitland. Use the information in the graphs to answer the questions. Which groups benefit from free trade in strawberries between the two countries? Choose all that apply. a. producers in Berryland b. producers in Fruitland c. consumers in Berryland d. consumers in Fruitland How is the price of strawberries in Berryland, compared to the free-trade prices, affected if it introduces a $0.50 tariff on imports from Fruitland? a. price increases b. price remains unchanged c. price decreases What quantity of strawberries is demanded for Fruitland with the $0.50 Berryland tariff on imports? quantity of strawberries:______units
Using the circular flow diagram, show the impact of foreign trade.
Specialization and Trade Comparative Advantage Imports and Exports Foreign Exchange Globalization and Trade Barriers Which of these five concepts affects you the most? Explain why.
Some groups of nations are forming trade blocs, like North America or Europe. Are regional trade blocs good for global trade or not?
Do you think everyone within a country benefits from trade? Why? Why not?
Off-Shoring is: A. When a country creates trade contracts with other countries B. When the country imports goods and services C. When a company purchases it's raw materials over seas D. When a company is the U.S. contracts some of their jobs to firms outside the U.S.
Effects of Free Trade and Restrictions Can you answer this entire question?
Rice Gadget US 14 Thailand 16 3. a. Absolute advantage: Determine which country has the absolute advantage for Rice and Gadget b. Comparative advantage: Determine what products that should be produced for each country
Why are international negotiations important in order to reduce tariff rates worldwide? A. Special-interest groups cannot affect international negotiations. B. Large countries can impose policy restrictions on smaller countries. C. They help avoid trade wars. D. The world as a whole gains from free trade.
Choose a developing country that is starting to participate in global trade. Describe how economic concepts are affecting the lives of people in that country. Describe both the benefits and drawbacks of the country’s global trade activities.