a)Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization? Division of labor International trade Economies of scale b) In a market economy, ___ own(s) the means of production. individuals everyone the government or ruling class c)Which of the following is required for specialization to work? (Choose the best answer) Technology Education Trade

Q: The volume of international trade: Has increased dramatically in the last few decades. Has…

A: International trade: It refers to the interchange of goods and services between two or more…

Q: 1.0 The integrated market increases the total number of products more than the total sum of two…

A: Below are the answers to all three questions with explanation.

Q: Trade theory cannot account for the empirical fact of intra-industrial trade (i.e. that countries…

A: According to trade theory, a country's economic well-being is based on the production of commodities…

Q: Which of the below statements does NOT reflect the ideas of Trade and Globalization. In short, with…

A: 1) First statement is antithetical to the notion of globalisation which believes in positive-sum…

Q: If the production possibilities frontier of one the trade partners ( " Country A " ) is bowed out (…

A: A model for showing the tradeoffs which are associated with the allocation of resources between the…

Q: The more dissimilar two cultures are, the greater the degree of influence culture has on…

A: Recognizing and being aware of cultural differences is a necessary ability for commercial success.

Q: Canada and Brazil have straight-line production possibilities curves: Multiple Choice   then…

A: The production possibilities curve (PPC) is a diagram that shows every one of the various blends of…

Q: Real world examples of comparative advantage in the Philippines

A: Philippine government policies have historically been anti-agricultural. However, in the 1970s,…

Q: Which of the following are among the reasons offered by Adam Smith for why specialization results in…

A: GIVEN DATA Adam smith The economist and philosopher "Are also referred to as "The Father of…

Q: Question 1   Which of the following is NOT a result of specialization?   Multiple Choice…

A: Meaning of Economics of Scale: The term economics of scale refers to the situation under which the…

Q: The arguments againstglobalization include all of the following, except: Freer trade has resulted in…

A: Globalization is the process of integrating the domestic economy with the global economy.

Q: Question 3: Economies of Scale, Imperfect Competition and International Trade Trade need not be…

A: While dealing or exchanging in international trade, both participants try to benefit from the…

Q: A point above the Production Possibility Frontier line:   A. Can potentially become feasible…

A: Production possibilities frontiers are used to represent the trade-off that occurs between the…

Q: If a scale economy is the dominant technological factor defining or establishing comparative…

A: The answer is as follows:-

Q: Q5)    a)Because of their relatively small national economies, which of the following is most…

A: Qn5 a) International trade Explanation: Belgium, Korea and Canada are the small national economy.…

Q: Question 15 Which of the following statements is correct? Two countries can gain from specialization…

A: Option A is correct.  Option D is incorrect as gains from trade is based on comparative advantage…

Q: Q)5 a)Because of their relatively small national economies, which of the following is most likely…

A: Answer: (5). Correct option: International trade Explanation: International trade is most likely…

Q: There are two countries Home and Foreign country. Both countries produce Food and Cloth. Food…

A: Given  Food production uses 80 workers and 200 acres  And cloth production uses 40 workers and 40…

Q: At the start of 2010 a new free trade area was established incorporating China and the six founding…

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

Q: There are differences and similarities among the different trade models. Here are some of them: -The…

A: Answer to the 1st blank is "only one factor of production" (as goods produced in this model are…

Q: Question 18 Which of the following statements is correct? The gains from specialization and trade…

A: Option D is correct.  Option A is incorrect as gains from trade is based on comparative advantage…

Q: At the start of 2010 a new free trade area was established incorporating China and the six founding…

A: Answer - Factors determine the extent to which industries within a country gain or lose:-  1.…

Q: At the start of 2010 a new free trade area was established incorporating China and the six founding…

A: "Since you have asked multiple questions, we will answer only first question for you. If you have…

Q: Which of the following statements is true? а. Cultures in a nation are likely to change faster than…

A: Answer in step 2

Q: Comparative advantage is the... a. Gains from international trade. b. Ability of one region to…

A: Comparative advantage is the basis of goods and services traded in the international market.

Q: The principal concept behind comparative advantage is that a nation should  maximize its volume of…

A: When an economy opens up its trade boundaries to make exchanges with other countries, it uses…

Q: Trade need not be the result of comparative advantage but it can be a result of economies of scale.…

A: Comparative Advantage: The comparative advantage exhibits to the economic situation where an economy…

Q: Analytically discuss how Economies of Scale and Imperfect Competition describe contemporary trade.…

A: Economies of Scale This describes the cost savings that occur as a company expands its scale of…

Q: What are Australia’s opportunities in global value chains (GVCs) in Asia Pacific focusing on GVCs in…

A:

Q: In a Mixed Specific Factors model with two sectors, Cars (C) and Wheat (W), Capital (K) is specific…

A: Specific Factor Model: The specific factor model refers to the model in which factors of production…

Q: With respect to international trade, specialization means that Multiple Choice each country consumes…

A: Specialisation refers to a process of using the skills and knowledge to produce a particular good…

Q: Match the following Regional Trade Agreement examples to the Type of Regional Trade Agreement to…

A: Customs Union:  A customs union is the substitution of a single customs territory for two or more…

Q: Unit labor costs in Germany approach $30 per hour, whereas in Britain unit labor costs are only $20…

A: Unit labor: It refers to the cost of a country closely related to the level of labor productivity.…

Q: International trade Multiple Choice benefits consumers but harms producers. can only take place if a…

A: Comparative advantage is the situation when one country can produce the good at a lower opportunity…

Q: Island nation of Zinga ouffered adversely in terms of damage to industrial infrastructure due to a…

A: The island nation of zinger has suffered adversely in terms of damage to industrial infrastructure…

Q: Mixed Specific Factors model

A: Mixed Specific Factor model: It refers to that model in which two factors of production are…

Q: Which of the below statements does NOT reflect the ideas expressed by Trade and Globalization? In…

A: The spread of products, technology, information, and jobs across national borders and cultures is…

Q: Even without 100% specialization, if the trading price is greater than the country’s opportunity…

A: The trade is considered to be one of the most important economic activity around the globe. The…

Q: 5) Ricardo's simplified trade model is based on all of the assumptions except a. costs do not vary…

A: Ricardo's simplified trade model believe in comparative advantage of a country in a specific product…

Q: explains that specialization and trade makes people (and the world) better off.  Please explain this…

A: Importance of specialization:- Specialization may improve productivity and give a company or nation…

Q: Classify the below statements as positive or normative statements: • Canada and Japan account for…

A: Normative economics and Positive economics are two standard parts of present-day financial matters.…

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: How have changes in technology contributed to the globalization of markets and production? Would the…

A: In today's era globalization, technology is the driving force. The global economy has been…

Q: Country A has an absolute command economy. Country B has a mixed economy and a population that…

A: An economic system refers to a system in which societies or governments organize and distribute…

Q: The New York Times (Nov. 30, 1993) reported that “the inability of OPEC to agree last week to cut…

A: The statements are given below with the reasons why they are true or false: The members of OPEC were…