Question
Assuming specialization and free trade and using the data in the previous
question, if Country A imports 40 TV's and exports 80 wheat, consumption in
Country A will be:
Wheat
Country A
Wheat
Country B
200
80
50
Television Sets
80
Television Sets
200 wheat and 40 TV's.
280 wheat and 90 TV's.
120 wheat and 80 TV's
120 wheat and 40 TV's
Expand
Transcribed Image Text

Assuming specialization and free trade and using the data in the previous question, if Country A imports 40 TV's and exports 80 wheat, consumption in Country A will be: Wheat Country A Wheat Country B 200 80 50 Television Sets 80 Television Sets 200 wheat and 40 TV's. 280 wheat and 90 TV's. 120 wheat and 80 TV's 120 wheat and 40 TV's

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Economics

Related Economics Q&A

Find answers to questions asked by students like you.

Q: Marginal cost curve always cuts the lowest point of the average total cost curve. Do you agree? Expl...

A: Average total cost is the addition of fixed cost and running cost or marginal cost.Marginal cost is ...

Q: which of the following statements are true? I) Two countries can achieve gains from trade even if on...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Q: Suppose the Hong Kong government imposes a price ceiling above the equilibrium price of flour. How d...

A: In order to have binding price ceiling, the market price is set below the equilibrium price. This is...

Q: Draw the Phillips curve.Use the model of aggregate demand and aggregate supply to show how policy ca...

A: The Phillips curve is a downward sloping curve which shows the relation between inflation and unempl...

Q: The question am asking is based on the capabilities approach developed by A. Sen. My question is whi...

A: Click to see the answer

Q: 6. Given that Nathan has 10 acres and can grow 15 bales of hay or 40 bushels of corn on anacre, whil...

A: * Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If...

Q: Explain using words and graphs of how the supply curve is derived( where do they come from)?

A: Supply curve grapically represents the correlation between cost of goods and quantity supplied. Typi...

Q: Explain how the following events may affect the profit rate for a U.S. firm and industry (be sure to...

A: a.The oil is an important and essential commodity which is required for the growth of the economy. T...

Q: In the simple circular-flow diagram,   a. households own the factors of production. b. households...

A: Click to see the answer

Q: Please see attached

A: Given:Minimum selling price = $570000

Q: Answer question 6D only

A: The efficient scale of production is defined as the point which is lowest and where the firm can pro...

Q: It is often said that there exists a fundamental contradiction in capitalist ideology:  Competition ...

A: Industrial policy is the official effort that taken by the government to develop and maintain the gr...

Q: The country of HOYA produces phones and fridges. The table below shows price and output data in thes...

A: GDP (Gross Domestic Product): It refers to the total of market value of all produced final goods and...

Q: How can the United States improve trade deficit? Give three solutions.

A: Click to see the answer

Q: The question am asking is based on the capabilities approach developed by A. Sen. My question is Why...

A: Human development refers to improvement in quality of life and reduction in inequalities. Following ...

Q: What determines whether or not a resource is scarce? Why is the concept of scarcity important to the...

A: The scarcity of resources is determined when the demand for resources is more than the availability ...

Q: Question 1  Which of the following Fed actions will increase bank lending?         Select one or mor...

A: Discount rate is the rate at which the Fed lends short term loans to other banks.

Q: 5. Supply: Basic concepts Complete the following table by selecting the term that matches each defin...

A: Supply Schedule: It is the table showing the relationship between the price of a good and the amount...

Q: (Figure: Pineapples) Refer to the figure. What is their total profit or loss?         $360,00...

A: The profit is defined as an excess revenue that has been made by the firm that has deducting the tot...

Q: +. MindTap - Cengage Learning geBrain - My Home https://ng.cengage.com/static/nb/ui/evo/index.html?e...

A: Using the maximum selling price and buying price, we can find the quantity demanded and supplied as ...

Q: What is a logit model?

A: A Logit Model is the binomial regression model, better known as Logistic Regression. Using logistic ...

Q: The Kowloon Motor Bus (KMB) Company Limited has done a research on the price elasticity of demand fo...

A: A proportion of % change in Qd (quantity demanded) and % change in P (price level) is PED (Price ela...

Q: 1. Suppose the government cuts transfer payments in an economy with an inflationary gap. How would t...

A: Hi there! We will only answer the first question as per our Honor Code. Please resubmit the question...

Q: 2. Demand terminology Complete the following table by selecting the term that matches each definitio...

A: Law of demand. This is because this law says that if a commodity's price rises, then its quantity de...

Q: Online MBA programs significantly reduce the cost to existing managers of obtaining an MBA, as they ...

A: Online MBA programmes have reduced the cost of obtaining an MBA, to the existing managers. The onlin...

Q: Question 5

A: Click to see the answer

Q: Question 8 Which of the following is(are) possible reason(s) for the existence of a monopoly? Paten...

A: Monopoly: It is the form of market in which a single seller is selling the product that has no close...

Q: When comparing a primary market and a secondary market, which is true O the secondary market for sto...

A: Click to see the answer

Q: It deals with the Production Function . Problem: The Production Function for a Product is given by q...

A: D) Since we are given that the production function is:Q = 10K1/2 L1/2…... (1) where K is the capital...

Q: Larry and Megan Smith live in Swarthmore, PA. Megan's father, Raphael, lives in Sweden. For each of ...

A: Click to see the answer

Q: Latasha can read 30 pages of economics in an hour. She can also read 20 pages of sociology in an hou...

A: Opportunity cost is the cost of next best alternative that is available. Given- Latasha can read 30 ...

Q: If the total cost of producing 11 units of output in this figure is $16, the firm's economic profit ...

A: Total cost (TC) of the firm is given as $16. Since price is equal to the demand, total revenue (TR) ...

Q: Please help me to answer Q8

A: Question 8:Marginal Cost: It refers to the additional cost incurred when one more unit of a good is ...

Q: What is the supply, demand, and price of money?

A: Click to see the answer

Q: Suppose in our model, lifespans increased due to a productivity in- crease. What would likely happen...

A: a.The change in the technology when leads to an increase in the lifespan as well as the amount of ye...

Q: 2. Consider a game that game theory people refer to as the “ultimatum game.”We will refer to our two...

A: Since there are more than three sub parts for the question, only the first three sub parts of the qu...

Q: What's the answer for letter C and D

A: c) If 10% of the borrowers from happy bank default that means this amount of bank loan is now worthl...

Q: In the late 1990s, car leasing was very popular in the United States.  A customer would lease a car ...

A: The car leasing was a popular business in the US economy in the 1990s where the consumers were allow...

Q: If Standard Oil was a natural monopoly, what would happen to the average cost of producing gasoline ...

A: A natural monopoly is a situation in which the economies of scale are so large that one firm can sup...

Q: Answer Question 6B only

A: B.It is given that,The market price of T-shirt = $60 and T-shirts are produced in a perfectly compet...

Q: Federally funded student aid programs generally reduce benefits by $1 for every $1 that recipients e...

A: Federally funded student aid is the government funding scheme which helps student for education expe...

Q: The graph shows the demand curve (D), average total cost curve (ATC), average variable cost curve (A...

A: In perfectly competitive market, the firm produces where D=MC. Here, that is denoted by point A in t...

Q: 1. How is economics a science? 2. Why do economists make assumptions?

A: 1)Economics is a social science, which is related to the concept of governing and be based on the at...

Q: True False Partnership structures are commonly used for the following type of businesses other than:...

A: Hey, Thank you for the question. According to our policy we can only answer 1 question per session. ...

Q: Contrast the views of Malthus with that of Marx on population growth and demand for labor. Hint: Ref...

A: According to Malthus, growth of population is the end product of the entire economic development pro...

Q: Find the last year GDP data (in billions) and the personal consumption expenditures data (in billion...

A: GDP is the total value of final goods and services produced in an economy during a particular period...

Q: In a multiple OLS regression. Does correlation between explanitory variables violate assumtion numbe...

A: When we use the word multivollinearity, we are usually referring to imperfect multicollinearity wher...

Q: Consider the indifference curve map and budget constraint for two goods, X and Y. Suppose the good o...

A: Normal goods are those goods whose quantity demanded increases, when the income of the consumer incr...

Q: List the opportunity costs of the following: a. going to college b. missing a lecture c. withdrawing...

A: Click to see the answer

Q: NAME PRINT LAST NAME, FIRST NAME SECTION# PRICE CEILINGS AND PRICE FLOORS Policymakers are more like...

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,...