Chapter 10 Knowledge Quiz BUS 3370

Question 40 When a country opens for trade and becomes an exporter of a good, which of the following is a consequence?     The price received by domestic producers of the good decreases.     The gains of domestic consumers of the good exceed the losses of domestic producers of the good.     The gains of domestic producers of the good exceed the losses of domestic consumers of the good.     The price paid by domestic consumers of the good decreases.

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Question 17 When a country opens for trade and becomes an exporter of a good, which of the following is a consequence? The gains of domestic consumers of the good exceed the losses of domestic producers of the good. The price received by domestic producers of the good decreases. The price paid by domestic consumers of the good decreases. The gains of domestic producers of the good exceed the losses of domestic consumers of the good.

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Question: Describe comparative advantage in international trade and its benefits for countries.Don't use chatgpt please provide valuable answer otherwise be ready for disupvote

1-Analyze the following (2x2) matrices. Identify the countries having certain advantages. Moreover, specify the benefits of trade for both countries. A (2x2) matrix involves (2 countries exchanging 2 commodities or products) Matrix A Wheat (bushels/labor Cloth (yards/labor hour) hour) United States U.K. 3. (Numerical values reflect output per unit of input) a. Will trade occur??? Identify the country having the absolute advantage in wheat and the one having the absolute advantage in cloth. b. Identify the production possibility frontiers for both countries. c. Show me the gains of trade if we assume that the U.S. exchanges 6 units of wheat for 6 units of cloth.

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********(PLEASE, I NEED THIS ANSWER THAT HAS BEEN HANGING THERE FOR ALMOST 5 DAYS WITHOUT AN ANSWER) Write an essay related to this treatise:NAFTA (North American Free Trade Agreement): Must present:a summary of the outstanding findings.a comment on the future challenges pending to be resolved in the treaty.

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Question 2 [Soalan 2] The following graph shows the effect of free trade on the domestic quantities demanded and supplied of good A in a small nation. [Graf berikut menunjukkan kesan perdagangan bebas terhadap kuantiti diminta dan ditawarkan bagi barang A dalam sebuah negara yang kecil.] P (RM) , 800 0. Q (units) 1,000 Suppose that under free trade, the country imports 1,500 units of good A, and the world price is RM450, calculate how many units of good A the country consumes. (Diandaikan bahawa dalam perdagangan bebas, negara tersebut mengimpot 1.500 unit barang A, dan harga dunia adalah RM450, kirakan berapa unit barang A yang digunakan oleh negara tersebut.] SI

In the United States, what percent of gross domestic product does international trade account for?Chapter 325 percentO 12.5 percentO 75 percent50 percentO 90 percent   Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

35. What are some benefits of international free trade? (Easy Question) Multiple Choice . . The U.S. consumer has more purchasing power with their dollars when they visit a store like WalMart or shop online with Amazon, since they get many of their goods from international sources. Lower prices, more consumer choice, more global output and increased wealth. Since the 1980's until today the increase in free trade has helped to lower global poverty. All of these reasons are benefits of international trade.

QUESTION 10 Why do countries trade? International law requires them to. They have similar comparative advantages. They have identical comparative advantages. They have different comparative advantages. They have identical absolute advantages.

Question 3 New Trade Theory suggests that a country may become the dominant exporter of a good because it was the first to develop large-scale production capabilities for a given product or industry and thus possessed "first-mover advantages" As the head of major manufacturing company, what type of new product, real or imagined would you start developing now in order to enjoy first-mover advantages in the future? Define and explain accordingly.

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Timber 25 (millions of tons) Key Torland Leeland 20 15 10 5 5 10 15 20 25 Honey (millions of tons) Figure 2 Production possibility frontiers for two countries Figure 2 shows the production possibility frontiers for two countries, Torland and Leeland. Select one correct statement from the following options: Select one: Neither country has a comparative advantage in the production of timber or honey. Torland has a comparative advantage in the production of timber and Leeland has a comparative advantage in honey. Leeland has a comparative advantage in the production of timber and Torland has a comparative advantage in honey. Both countries have a comparative advantage in the production of timber and honey.

Question 3a. What does “term of trade” mean? b. Using the information provided in the table below, answer the following questions.   COUNTRY A COUNTRY B TABLES 4 7 DESK 1 2 b) Answer the following questions:i. Which country has the Absolute advantage in tables? ii. Which country has the Absolute advantage in desk? iii. Which country has the Comparative Advantage in tables?iv. Which country has the Comparative advantage in desk? v. If each country has 10 workers who can produce either tables or chairs, draw the PPF of tables and desk for Country A and do the same for Country B.