Whether the volume of export and import are increased or decreased after 1950.

Question

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Answer 1

Question

Chapter 13, Problem 1QCMC

To determine

Whether the volume of export and import are increased or decreased after 1950.

Expert Solution & Answer

Answer to Problem 1QCMC

Option “a” is correct.

Explanation of Solution

Option (a):

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Option (b):

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Option (c):

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Option (d):

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

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03:43

Students have asked these similar questions

1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically. 2. Consider the following table of long-run total costs for three different firms: Quantity Total Cost ($) Firm A Firm B Firm C 1 60 11 21 2 70 24 34 3 80 39 49 4 90 56 66 5 100 75 85 6 110 96 106 7 120 119 129 Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer with necessary calculations.

Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.

1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically.

Answer 2

Question

Chapter 13, Problem 1QCMC

To determine

Whether the volume of export and import are increased or decreased after 1950.

Expert Solution & Answer

Answer to Problem 1QCMC

Option “a” is correct.

Explanation of Solution

Option (a):

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Option (b):

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Option (c):

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Option (d):

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

03:43

Answer 3

Question

Chapter 13, Problem 1QCMC

To determine

Whether the volume of export and import are increased or decreased after 1950.

Expert Solution & Answer

Answer to Problem 1QCMC

Option “a” is correct.

Explanation of Solution

Option (a):

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Option (b):

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Option (c):

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Option (d):

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

03:43

Answer 4

Question

Chapter 13, Problem 1QCMC

To determine

Whether the volume of export and import are increased or decreased after 1950.

Expert Solution & Answer

Answer to Problem 1QCMC

Option “a” is correct.

Explanation of Solution

Option (a):

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Option (b):

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Option (c):

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Option (d):

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

03:43

Answer 5

Chapter 13, Problem 1QCMC

To determine

Whether the volume of export and import are increased or decreased after 1950.

Expert Solution & Answer

Answer to Problem 1QCMC

Option “a” is correct.

Explanation of Solution

Option (a):

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Option (b):

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Option (c):

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Option (d):

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 6

Chapter 13, Problem 1QCMC

To determine

Whether the volume of export and import are increased or decreased after 1950.

Expert Solution & Answer

Answer to Problem 1QCMC

Option “a” is correct.

Explanation of Solution

Option (a):

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Option (b):

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Option (c):

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Option (d):

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 7

Chapter 13, Problem 1QCMC

To determine

Whether the volume of export and import are increased or decreased after 1950.

Answer 8

Expert Solution & Answer

Answer to Problem 1QCMC

Option “a” is correct.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (a):

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Option (b):

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Option (c):

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Option (d):

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.