Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 33, Problem 11RQ
Is it possible to have a
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What does it mean to have an absolute advantage?
What does it mean to have a comparative advantage?
What is the difference between absolute advantage and comparative advantage in decisions to trade with another country?
Give three examples of trade in servieces and explain how comparative advantage may play a role in them. Do you think there are other factors at work than comparative advantage?
Chapter 33 Solutions
Principles of Economics 2e
Ch. 33 - True or False: The source of comparative advantage...Ch. 33 - Brazil can produce 100 pounds of beef or 10 autos....Ch. 33 - In France it takes one worker to produce one...Ch. 33 - In Germany it takes three workers to make one...Ch. 33 - How can there be any economic gains for a country...Ch. 33 - Table 33.15 shows how the average costs of...Ch. 33 - If the removal of trade banters is so beneficial...Ch. 33 - What is absolute advantage? What is comparative...Ch. 33 - Under what conditions does comparative advantage...Ch. 33 - What factors does Paul Krugman identity that...
Ch. 33 - Is it possible to have a comparative advantage in...Ch. 33 - How does comparative advantage lead to gains from...Ch. 33 - What is intra-industry trade?Ch. 33 - What are the two main sources of economic gains...Ch. 33 - What is splitting up the value chain?Ch. 33 - Are the gains from international trade more likely...Ch. 33 - Are differences in geography behind the...Ch. 33 - Why does the United States not have an absolute...Ch. 33 - Look at Exercise 33.2. Compute the opportunity...Ch. 33 - You just overheard your friend say the following:...Ch. 33 - Look at Table 33.9. Is there a range of trades for...Ch. 33 - You just got a job in Washington, D.C. You move...Ch. 33 - Does intra-industry trade contradict the theory of...Ch. 33 - Do consumers benefit from intra-industry trade?Ch. 33 - Why might intra-industry trade seem surprising...Ch. 33 - In World Trade Organization meetings, what do you...Ch. 33 - Why might a low-income country put up barriers to...Ch. 33 - Can a nations comparative advantage change over...Ch. 33 - France and Tunisia both have Mediterranean...Ch. 33 - In Japan, one worker can make 5 tons of rubber or...Ch. 33 - Review the numbers for Canada and Venezuela from...Ch. 33 - In Exercise 33.31, is there an ask where...Ch. 33 - From earlier chapters you will recall that...Ch. 33 - Consider two countries: South Korea and Taiwan....Ch. 33 - If trade increases world GDP by 1 per year, what...
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Similar questions
- Is the following statement true or false? Please explain. "Everyone has a comparative advantage."arrow_forwardDefine the term comparative advantage in the context of economics. Please explain in a well manner.arrow_forwardWhat are the impacts of comparative advantage and absolute advantage?arrow_forward
- Explain the difference between absolute and comparative advantage in relation to trade and give an example of each. How does the type of advantage influence trade between different countries? Why is trade beneficial? What happens if a government imposes tariffs on imported products?arrow_forwardDo you have an absolute or comparative advantage in doing something over someone else? Explain in a paragraph of 3 to 5 sentences.arrow_forwardWill a country import or export products for which it has a comparative advantage? Explain.arrow_forward
- Define comparative advantage with the use of opportunity cost. Give a real life example of it.arrow_forwardIs absolute advantage or comparative advantagemore important for trade? Explain your reasoningusing the example in your answer to question 3.arrow_forwardDifferentiate between the following terms. Absolute advantage and comparative advantage.arrow_forward
- What is the doctrine of comparative advantage? Provide an example of a particular country’s comparative advantage.arrow_forwardIf two parties trade based on comparative advantage and both gain, in what range must the price of the trade lie? Give an examplearrow_forwardIs it possible to have a comparative advantage without having any absolute advantages ? Yes or Noarrow_forward
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