Which of the following is not required for a country to be producing at a point on its production possibility frontier? O a) Full employment of labour. Ob) All producers using the latest technology. O c) Stable prices. O d) All producers having productive efficiency.
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- Which of the following is true about BRIC countries: a. There is low prospects of growth O b. To attain raw materials you will outsource to Bangladesh O c. There is low investment O d. There are high growth rates which may not be seen in North America Google is pursuing a global brand web strategy and must be mindful of the cultural and language differences across countries. Select one: O True O False occurs when a company exports to a foreign market at a price that is either lower than the domestic prices in that country or less than the cost of production.Non-agricultural guest workers are generally allowed to bring their families to the United States. O a. True O b. FalseSuppose that Brazil is capital abundant and Chile is natural resource abundant. If timber is natural resource intensive and computers are capital intensive, then O A. Brazil will produce more timber after trade begins with Chile. O B. Brazil will completely specialize in computers once trade begins with Chile. OC. Chile will produce more timber after trade begins with Brazil. O D. Chile will produce more computers after trade begins with Brazil. Suppose that before trade takes place. the United States is at point A on its PPC where it produces 20 loaves of bread and 20 tons of aluminum. Once trade becomes possible, the price of a ton of aluminum is two loaves of bread. In response. the United States moves along its PPC to point B where it produces 30 tons of aluminum and 10 loaves of breed. The United States' PPC Using the line drawing tool, draw the trade line facing the Uniled Slates. Properly label your line. 30 Carefully follow the instructions above and only draw the reguired…
- According to the Infant Industry Argument Poor countries can foster economic development by using tariffs to protect new firms while they learn to become more productive. O Countries that allow children to work have an unfair advantage in international trade. O Costs of young firms are low because their workers lack seniority, and this contributes to comparative advantage. O When technological change creates a new product, it is the innovating country that is likely to be able to export it.The basis for trade is comparative advantage, not absolute advantage. O A. True B. FalseIf Switzerland can produce chocolate at a lower relative cost than Belgium, what kind of advantage does Switzerland have? O a comparative advantage O an absolute advantage a resource advantage a production advantage
- Which of the following will NOTshift a country's production possibilities frontier outward? O A. An increase in the capital stock. O B. An increase in the labour force. O C. An advance in technology. O D. A reduction in unemployment.Assume that England and Spain can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed Number of Units to Make 1 Unit of Produced in 40 Hours Cheese Bread Cheese Bread England 1 40 10 Spain 10 England has a comparative advantage in the production of O a. cheese and Spain has a comparative advantage in the production of bread. Ob. neither good and Spain has a comparative advantage in the production of both goods. Oc. both goods and Spain has a comparative advantage in the production of neither good. O d. bread and Spain has a comparative advantage in the production of cheese.Suppose that, with constant opportunity costs, Spain can produce 8,000 units of clothing if it devotes all of its resources to clothing production and 2,000 units of wheat if it devotes all of its resources to wheat production. The cost of producing wheat in terms of clothing woudl be: O 2 wheat:0.4 clothing Ol wheat:0.25 clothing O 2 wheat:4 clothing O1 wheat:4 clothing
- ↳ A Click Submit to complete this assessment. Question 33 What insights do welfare analysis (consumer surplus/producer surplus) offer into international trade? O a. That trade increases the welfare of producers, so trade may make total surplus fall. O b. That tariffs make a country better off and trade wars can definitely be won! Oc. That nations are better off NOT trading with each other, because lower world prices harm most nations' producers and consumers. Od. That while trade increases total surplus, consumers or producers in a country may gain or lose, depending on world price. A Click Submit to complete this assessment. tab caps lock shift fn 1 Q 2 A W Z I 3 S E X S D R C F T V G H B J N KIn theory of comparative advantage, which statement is correct O a a country should produce all product in which it is efficient O b. a country should produce all goods to cater its domestic demand Oo a country should only produce those goods in which it is more efficient than other goods Kd a country should produce all products it can exportA country engaging in trade according to the principles of comparative advantage gains from trade because it O a. is producing exports while outsourcing services. O b. is producing exports using fewer labour units. is producing imports indirectly more efficiently than it could domestically. d. is producing exports indirectly more efficiently than it could alternatively. O e. is producing imports indirectly using fewer labour units. 4