Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 33, Problem 33P
From earlier chapters you will recall that technological change shifts the average cost
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
In the eighteenth century, some writers argued that one person in a trade could be made better off only by gaining at the expense of the other. Explain the fallacy in this argument.
Analytically discuss how Economies of Scale and Imperfect Competition describe contemporary trade.
(International Economics, will up vote ?)
As, this website for free source of tools I do not want also same answers than I can easily copy the answer from here do not need to post my questions asking again please I do not want same answers hope you understand whoever already take this answers we all same professor I think hope you understand I do not same writing even I always change the my writing before summit
International Trade (Chapter 20)
What is the law of comparative advantage, and why is it important in international trade?
Note: please do not give a copy & paste answer from Chegg. or course hero
answers already found the website I want new way or writing not highly requesting can u use word file bc a lot of grammar errors in writing or use Grammarly
1. What is the law of comparative advantage, and why is it important in international trade?Expert Answer
thumb_down
Step 1
Comparative advantage refers to the situation where the ability of one country to produce goods and services less opportunity…
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...
Additional Business Textbook Solutions
Find more solutions based on key concepts
What are the four elements of the budgeting cycle?
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
E6-14 Using accounting vocabulary
Learning Objective 1, 2
Match the accounting terms with the corresponding d...
Horngren's Accounting (12th Edition)
4. JC Manufacturing purchase d inventory for $ 5,300 and al so paid a $260 freight bill. JC Manufacturing retur...
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
What is a beta? How is it used to calculate r, the investor’s required rate of return?
Foundations Of Finance
Questions For Review
12-4. How is the concept of the value package useful in marketing to consumers and industr...
Business Essentials (12th Edition) (What's New in Intro to Business)
Why a convertible security not be converted when the market price of stock raises above the conversion price an...
Gitman: Principl Manageri Finance_15 (15th Edition) (What's New in Finance)
Knowledge Booster
Similar questions
- Macmillan Learning The Power of Trade and Comparative Advantage: Work It Out 5 Here's another specialization and exchange problem. This problem is wholly made-up, so that you won't be able to use your intuition about the names of countries or the products to figure out the answer. Consider the following productivity table: Mandovia Ducennia Number of Hours to Make One Rotid Output of rotids for Mandovia: Total rotid output: 50 150 Number of Hours to Make One Tauron d. Now allow specialization. One billion hours of labor are available for making products in Mandovia, and 2 billion hours of labor are available for making products in Ducennia. If each country completely specializes in the product in which it holds the comparative advantage, what will the total output of rotids be? Of taurons? Is the total output of each product higher than before? million 100 million 200 Output of rotids for Ducennia: millionarrow_forwardDiscuss scale economies as they apply to trade.arrow_forwardWhen Ozland closes off to trade, it notices that the number of firms in an industry double in size. What economic theory would help us explain this phenomenon? Stolper-Samuelson. Melitz. Ricardian. Cournot. please explain answer and a diagramarrow_forward
- Which of the following is predicted by the models of intraindustry trade we have studied? Countries will export what they have a relatively low opportunity cost of producing and import what they have a high opportunity cost of producing. Trade will either help consumers or help producers in a given industry but never both. Trade may decrease the price and increase the variety in the same industry for two countries that begin to trade.arrow_forwardWhen should a company consider expanding from strictly domestic trade to international trade?arrow_forwardWhat is trade theory .Explain with two graphical examples.arrow_forward
- What economic impact have pandemics such as COVID-19, had on global trade? Include one example of correct use of all of the following in the short paragraph explaining what economic impact have pandemics such as COVID-19, had on global trade? Comma, Colon, Semicolons, Exclamations, Quote Marks, Apostrophes, Parenthese, Dashes, Hyphens.arrow_forwardWhen Oz land closes off to trade, it notices that the number of firms in an industry double in size. What economic theory would help us explain this phenomenon?arrow_forwardexplain how Lego gained global competitiveness by referring to Porter's Diamond Theoryarrow_forward
- Which of the following is some evidence we discussed in lecture that trade affects firms of different productivities differently? A) high cost firms were most likely to begin selling goods from Canada to the US when the two countries signed a trade agreement. B) Countries with smaller firms were less likely to gain from trade C) low productivity firms faced with Chinese import competition were more likely to shrink and shut down compared with higher productivity firmsarrow_forwardQuestion: What are the explanations and advantages of free trade that the new theories of international trade give? The international monopoly of the drone market is held by an American firm. Its average production cost is given by the following function: CME = (5000-3Q) / 10 China is considering setting up a firm with the average cost function: CMC = (3500 - 3Q) / 10 The international request is written: DM = 1000 - p and the only Chinese request is written: DC = 500– 0.5 p A. Characterize the equilibrium in a monopoly situation when the American firm is alone in the world market. B. Describe the equilibrium in the event that China sets up a drone production industry (assume that Chinese production remains modest - close to 0 - in the event of entry). C. What policy would improve the balance for China and for the world as a whole, if the United States were excluded? Characterize this balance. Explain and comment. D. Represent all the equilibrium situations on a single graph.arrow_forwardWhy people support in illegal trade is a lucrative form of business?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education