With reference to Table 2 below, indicate in what commodity the U.S. and the Philippines have acomparative advantage?Table 2COMMODITYU.S.PhilippinesWheat (bushels/man-hour)Rice (sacks/man-hour)7143 With reference to Table 2 above, indicate how much the U.S. and the Philippines would gain ifthe U.S. exchanges 7W(heat) for 6R(ice) with the Philippines? (Do not just give the number, butalso explain and justify your answer.)Table 2COMMODITYU.S.PhilippinesWheat (bushels/man-hour)Rice (sacks/man-hour)7143

Comparative advantage is an economy's ability to produce a particular good or service at a lower…

Answered: With reference to Table 2 below,…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 4CQQ

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With reference to Table 2 below, indicate in what commodity the U.S. and the Philippines have a comparative advantage? Table 2 COMMODITY U.S. Philippines Wheat (bushels/man-hour) 7 1 Rice (sacks/man-hour) 4 3
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Table 1 COMMODITY U.S. Philippines Wheat (bushels/man-hour) Rice (sacks/man-hour) 1 1 4 With reference to Table 1 above, indicate how much the U.S. and the Philippines would gain if the U.S. exchanges 5W(heat) for 8R(ice) with the Philippines? (Do not just give the number, but also explain and justify ypur answer.)
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Figure 9-1 The figure illustrates the market for coffee in Guatemala 130 88888888 140 130 120- 110 100 90 70+ S 50 RRS 40 30 89 20 10- Price & 12 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 9. Refer to Figure 9-1. With trade, Guatemala will a. export 22 units of coffee b. export 10 units of coffee. c. import 30 units of coffee. d. import 12 units of coffee. Domestic supply World price Domestic demand + 42 44 46 48 50 52 Quantity
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PRICE (Dollars per ton) 865 Domestic Demand 830 795 760 725 690 655 620 585 550 515 7 0 40 80 Domestic Supply PW 120 160 200 240 280 320 360 400 QUANTITY (Tons of oranges) If Honduras is open to international trade in oranges without any restrictions, it will import A tariff set at this level would raise $ Suppose the Honduran government wants to reduce imports to exactly 160 tons of oranges to help domestic producers. A tariff of $ will achieve this. tons of oranges. in revenue for the Honduran government. per ton
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With reference to Table 2 below, indicate in what commodity the U.S. and the Philippines have a comparative advantage? Table 2 COMMODITY U.S. Philippines Wheat (bushels/man-hour) Rice (sacks/man-hour) 1 4