1. Hours of Labor Required to produce Cheese and Wine USA FRANCE Cheese 20 30 Wine 20 a. Show the pattern of specialization, and hence trade is beneficial to each country. b. If the US is endowed with 1600 units hours of labor and France 3000 labor hours, how many cheese and wine will they produce after trade begins and why? Draw the PFF for both countries and show the post-trade production points. Explain.

Q: you have been hired by an International Organization to be consulted on various issues that the…

A:

Q: A) Using the prior graph if the U.S. did not trade what price would the good cost? If the world…

A: Producer surplus refer to the difference between the minimum acceptance price of the producer and…

Q: Poor country Rich country Wheat Cloth 6 8 2 20 (a) What are the opportunity cost ratios for these…

A: opportunity cost is the cost for gaining one opportunity , loose the other opportunity or we can say…

Q: Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor…

A: The nations around the world are involved in the trading activities with each other. The nations…

Q: Two countries, A and B, produce cotton and wine. The table below describes their maximum daily…

A: Comparative advantage arises when the country produces good at lower opportunity cost than other…

Q: international trade Home has 1200 units of labor available. It can produce two goods, apples and…

A: International trade: International trade is that the transfer of capital, goods, and services across…

Q: 1. How cultural differences impact international business? 2. Describe the types of economic…

A: Since you have posted multiple questions, we will solve the first answer for you. If you want any…

Q: d) When trade opened which country exports which good? Suppose the international price is ½ bottle…

A: D)The respective country will export goods in which they have a comparative advantage.  Just as…

Q: The information in Table 2 shows the production of cloth and maize, per worker, in two countries.…

A: Opportunity cost is the benefit of the next best alternates.

Q: Table 1 Labour Hours Needed to Make 1 Kg of: Meat Potatoes Canada 8. Brazil 4 Refer to Table 1. How…

A: Absolute advantage refers to the ability of an individual, a firm or a country to produce more…

Q: international trade Home has 1200 units of labor available. It can produce two goods, apples and…

A: Trade is important for all the countries of the world. Trade includes exports and imports. There are…

Q: 1. A) Discuss the relationship between trade and economic growth. What are the key channels through…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor…

A: Answer -

Q: A) Indicate which country is relatively capital abundant and which country is relatively labor…

A: As per the Heckshare Ohline model of international trade, a country must specialize in the…

Q: Home country has 1200 units of labor available while Foreign country has 800 units of labor. In Home…

A: Each country has different level of labor unit requirements for both the goods apples and bananas.

Q: 1. Hours of Labor Required to produce Cheese and Wine USA FRANCE |Cheese 20 30 Wine 20 Show the…

A: Absolute advantage and comparative advantage are two concepts in economics and international trade…

Q: or service must find another person who is able and willing to make an exchange Exercise 1.…

A: 1. Concept An economical system is a method by which communities or gov'ts organise and distribute…

Q: Suppose that in the absence of trade, the U.S. price for bicycles was higher than the world price…

A: In the event that without international trade, the price in the U.S. for bicycles was higher than…

Q: List the Good and Bad effect of global free trade in a country?

A: The economics as a study is based upon the idea that the resources which are used in the economy are…

Q: Figure 2-4 shows various points on three different production possibilities frontiers for a nation.…

A: Influx of mmigration of labor means that there is an increase in the labor force and hence more…

Q: Production possibilities of the United States (USA) and South Africa (RSA): USA RSA wheat…

A: Production Possibilities frontier shows the possibility of the production of two goods and services…

Q: explain that how this international trade plays its significant role in the economic development of…

A: Meaning of Economic Development:The term economic development refers to the situation under which…

Q: 1. Hours of Labor Required to produce Cheese and Wine USA FRANCE Cheese 20 30 Wine 20 d. Wage rate…

A: Wage rate in USA is more than in France. USA is having comparative advantage in both cheese and…

Q: What is the range of prices (i.e., the CPC) at which trade can occur? Also, show (a) the possible…

A: The Production Possibilities Frontier (PPF) is a graph that illustrates all of the possible…

Q: a. What is meant by the “gains from trade”? b. Illustrate and label these gains on a figure

A: a. Two countries trade with each other only when they find it to be mutually beneficial. The…

Q: free trade and globalization

A: Globalization and the attendant concerns about poverty and inequality have become a focus of…

Q: (Table) Referring to the table, we see that France may now consume wine and cheese. Country and…

A: The theory of comparative advantage suggests that countries should specialize in the production of…

Q: d. Assuming no trading between the two, if both countries wanted to have equal numbers of tons of…

A: d. The number of workers multiplied by the productivity of one worker is the total number of workers…

Q: free trade, whereas others are unhapppy, even angry, that the government has reduced regulations on…

A: Trade restriction refers to the restrictions imposed on the cross-border trade between countries.…

Q: international trade Consider a Ricardian model with two countries, the US and Ecuador, producing…

A: Comparative advantage occurs when one country is able to produce a particular good at a lower…

Q: Suppose that companies in US can manufacture, using one year of labor, 10 units of machinery and 200…

A: Trade is vital to finishing worldwide neediness. Nations that are available to worldwide exchange…

Q: Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor…

A: The economics as a study is used to focus on the idea that the societies have a limit to the amount…

Q: 4) Partial (incomplete) specialization might result due to a. Non-restricted trade b. Constant…

A: Microeconomics is a part of economics that is used to understand how individual consumers producers…

Q: The graph below shows the trend of the terms of trade for the U.S. and China. Which would be…

A: Terms of Trade = (Price of Exports)/(Price of Imports)*100 We can clearly see from the graph that…

Q: Calculate opportunity cost for each good for each country. Country 1 and 2 have comparative…

A:

Q: QUESTION7 Consider the specific factors model that we discussed in the class. There are two…

A: Solving in 2 step

Q: 8 Each country should tend toward specialization in the production of which good? Why?

A: g.  Germany can produce 15 cars or 5 tons of grain. Poland can produce 4 cars or 4 tons of grain per…

Q: Specialization can help a country's economy by: O A. increasing its level of self-sufficiency. O B.…

A: Answer to the question is as follows: