Which of the following statements regarding trade is NOT true? a) Trade increases productivity through specialization and production according to comparative advantage b) Trade raises the price of goods for both trading partners c) Trade increases productivity through specialization and the division of knowledge d) Trade makes people better off when preferences differ.
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Which of the following statements regarding trade is NOT true?
a) Trade increases productivity through specialization and production according to
b) Trade raises the price of goods for both trading partners
c) Trade increases productivity through specialization and the division of knowledge
d) Trade makes people better off when preferences differ.
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Solved in 2 steps
- To say that countries gain from trade means that: a) if one country has an absolute advantage over another in producing all goods, then that country alone benefits. b) trade is a zero-sum game. c) small countries always gain more than large countries in international trade. d) countries can consume beyond their production possibility frontiers (PPF).The United States and Canada have the production possibilities curves shown above. It is determined that the United States has the comparative advantage in peanuts. Will both nations gain from trade if the terms of trade that are offered are 1 Peanut= 3 Corn? Why or why not? Show your work.The concept of comparative advantage in international trade suggests that:A) Each country should produce all goods domesticallyB) Each country should focus on producing goods where it has the highest absolute advantageC) Each country should produce goods where it has the highest opportunity costD) Each country should produce goods where it has the lowest opportunity cost
- A person or nation that has a comparative advantage in the production of a good, should, O A) Have the highest opportunity cost B) Specialize in the production of that good C) Automatically has an absolute advantage D) Not specialize in the production of that goodThe United States has a comparative advantage in the production of wheat, and Haiti has a comparative advantage in the production of sugar. If both countries specialize based on the theory of comparative advantage, Group of answer choices only the production of both goods will increase. the production and consumption of both goods will increase. only the consumption of both goods will increase. only the production of wheat will increase.Many trading partners trade the same goods and services with one another. The U.S. exports automobiles to Europe and Europe exports automobiles to the United States. In fact, that's true for food, appliances, computers and many other goods. Does intra-industry trade contradict the theory of comparative advantage? Why or why not?
- Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. If these two countries specialize in trade according to their comparative advantage, which of the following would not be true? A) Grease will specialize in and export fish B) more of each good can be consumed in both countries C) Greece will benefit from trade more than Germany D) Some individuals in each country will be hurt Can you help me with thisCENGAGE MINDTAP MindTap Assignment 4 (Chapters 9,13) Q s The following graph shows the same domestic supply and demand curves for pears in Zambia. Now, suppose that the Zambian government changes its stance on international trade, deciding to allow free trade in pears. The horizontal black line (Pw) represents the world price of pears at $350 per ton. Assume that Zambia's entry into the world market for pears has no effect on the world price and there are no transportation or transaction costs associated with international trade in pears. Also assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Use the green triangle (triangle symbol) to shade in the area representing consumer surplus, and then use the purple triangle (diamond symbol) to shade in the area representing producer surplus. PRICE (Dollars per ton) 380 Domestic Demand Domestic Supply 365 350 335 320 305 290 275 260 245 230 O 25 50 50 75 100 125 150…The United States imports televisions from Japan and Japan imports computer chips from the United States. If the theory of comparative advantage guides trade between the two countries, it must be true that Group of answer choices the United States has comparative advantage in producing computer chips. the United States has comparative advantage in producing televisions. the opportunity cost of producing computer chips in the United States is higher than that in Japan. the opportunity cost of producing televisions in Japan is higher than that in the United States.
- 1) Figure 4 shows that trade is based on differences in tastes because the PPFs for both nations are the same and the pretrade relative prices are different. 2) Figure 4 shows that trade is based on differences in tastes because the PPFs for both nations are different and the pretrade indifference curves are different. 3) Figure 4 shows that trade is based on differences in tastes because the PPFs for both nations are the same and the pretrade indifference curves are different. 4) Figure 4 shows that trade is based on differences in tastes because the PPFs for both nations are the same and the pretrade indifference curves are the same. Figure 4. The PPFs of Nation 1 and Nation 2 Corn (Tons) III B' A E B A' E' I' II' PB = 1select one. according to the theory of comparative advantage the most important benefit of trade is, a) trade surpluses b) increased exports c) more jobs d) a more efficient way allocation of resourcesWhich of the following statements is not correct? Trade allows for specialization. Trade has the potential to benefit all nations. Trade allows nations to consume outside of their production possibilities curves. Absolute advantage is the driving force of specialization.
