Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 33, Problem 17CTQ
Are differences in geography behind the differences in
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Are differences in geography behind the differences in absolute advantages?
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Differentiate between the following terms.
Absolute advantage and 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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- When countries specialize based on their comparative advantage and trade with each other, how does it lead to gains from trade for both countries (even if one country has an absolute advantage in both goods)?arrow_forwardWhat is the difference between absolute advantage and comparative advantage in decisions to trade with another country?arrow_forwardHow does free trade influence the comparative advantage between countries?arrow_forward
- What are the impacts of comparative advantage and absolute advantage?arrow_forwardIs it possible to have a comparative advantage without having any absolute advantages ? Yes or Noarrow_forwardIf a country produces more food and electronics than another country does it have a comparative advantage?arrow_forward
- Someone has a comparative advantage in producing a good if they can produce that good in greater quantities at a lower opportunity cost using more capital and less labor using more labor and less capitalarrow_forwardDiscuss the opportunity cost you incur for some activity in your life. Additionally, what activity do you feel you have comparative advantage in?arrow_forwardThink about your own interests, skills, and opportunities. In what areas do you potentially have a comparative advantage over your peers or co-workers? Are there goods or services you could provide to others more efficiently? How could you maximize your advantages to achieve positive gains from trade in your daily exchanges and relationships?arrow_forward
- Define comparative advantage with the use of opportunity cost. Give a real life example of it.arrow_forwardWhat are the similarities and differences of homogeneity and heterogeneity? (Globalization)arrow_forwardWhich trade advantage is used more commonly among economists? absolute advantage comparative advantage neitherarrow_forward
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