Australia has an absolute advantage over South Africa in wool production if, during a year, Australia: Can produce more wool than South Africa. Specialises in wool pproduction. Can produce less wool than South Africa. Can produce more wool than South Africa with a given amount of resources. Consumes more wool than South Africa on average.
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Australia has an absolute advantage over South Africa in wool production if, during a year, Australia:
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Can produce more wool than South Africa. |
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Specialises in wool pproduction. |
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Can produce less wool than South Africa. |
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Can produce more wool than South Africa with a given amount of resources. |
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Consumes more wool than South Africa on average.
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- When one country can produce a product at a lower cost in terms of other goods, that country is said to have Group of answer choices a productive advantage. an unfair advantage. a comparative advantage. an absolute advantage.You work for a Nova Scotia Company trying to successfully enter the cranberry market in Australia. Create an analysis on the entry country (Australia) based on the following; Are there any trade restrictions? This includes embargoes, quotas, import taxes, tariffs, licensing, and customs duties.Does the entry country require countertrade? Do they receive foreign aid?Country A would have an absolute advantage compared to Country B in the production of corn if Group of answer choices Country A uses fewer resources to produce corn than Country B does. corn sells for a higher price in Country A than in Country B. the demand for corn is higher in Country A than in Country B. corn can be produced at lower cost in terms of other goods than it could be in Country B.
- Absolute advantage is the economy's ability to produce goods and service at a lower opportunity costs than its trading partners True or falseNo Plagiarism Please! • Distinguish between absolute advantage and comparative advantage. • Analyze the role of comparative advantages in the production of goods and services. • Define trade barriers such as tariffs, quotas, embargoes, standards, and subsidies. • Explain the causes, benefits, and consequences of trade barriers on consumers and producers. • Analyze multinational entities in economic and social terms. • Explain how changes in exchange rates can have an impact on the purchasing power of groups in the United States and in other countries. • Identify tools used to measure levels of development and describe the characteristic of developed nations and less developed countries. • Understand the role investment plays in development and identify the purpose of foreign aid. • Explain how current globalization trends and policies affect labor markets, resources, and income distribution in different nations. • Evaluate the arguments for and against free trade.Romilo produces 250 different varieties of potatoes sourced from nearby villages, suggesting he likely lives in: Maine China Ireland Peru, or maybe Chile All of the following are reasons that foreign countries and corporations engage in long-term leases of land or outright land purchases in other countries EXCEPT: These countries and corporations may be concerned about the long-term food security of their home population These countries and corporations have a stated goal of promoting neo-colonialism These countries and corporations may be pursuing a strategy to ensure energy security These countries and corporations may be interested in low prices for labor and land CITES seeks to preserve the existence of endangered species. This existence value is a __________. CITES is effective, but very narrowly focused on __________. public good, fish private good, rhinos…
- Emerald Island has a climate that is suited to banana production and yields 840 pounds per acre. Tropical Springs has a climate that is not well-suited for bananas and yields only 250 pounds per acre. Emerald Island has a climate that is not well-suited for mango production and yields 325 pounds per acre. Tropical Springs has a climate that is suited for mangoes and yields 950 pounds per acre. In 2018, there was no trade between Emerald Island and Tropical Springs because of high tariffs and both countries together produced huge quantities of bananas and mangoes. In 2019, tariffs were eliminated because of a new trade agreement. What is likely to happen? Can you justify the trade agreement on the basis of Pareto's efficiency? Why or why not?Domestic producers of microprocessors send a lobbyist to the U.S. government to request that the government impose trade restrictions on imports of microprocessors. The lobbyist claims that the U.S. microprocessor industry is new and cannot currently compete with foreign firms. However, if trade restrictions were temporarily imposed on microprocessors, the domestic microprocessor industry could mature and adjust and would eventually be able to compete in the world market. Which of the following justifications is the lobbyist using to support their argument in favor of the trade restriction on microprocessors? National-security argument Infant-industry argument Unfair-competition argument Jobs argument Using-protection-as-a-bargaining-chip argumentSuppose a Japanese manufacturer wants to take advantage of the cheaper labor available in China. Which of the following is not foreign direct investment? Group of answer choices License a Chinese firm to produce its products under its own label. Build a plant in China and send all Japanese workers to operate it. Build a manufacturing subsidiary in China and employ Chinese workers. Buy a Chinese firm that produces similar products, and adapt it to produce its own products.
- According to comparative advantage, trade between two countries Group of answer choices will benefit all the industries in each of the countries. guarantees that consumption levels will be equal in the two countries. maximizes the amount of inputs that are used in the production of all products. allows each of the trading countries to allocate its resources most efficiently.Q90 When opportunity costs differ between countries, ... a. Comparative advantages may not exist. b. Only the larger countries will benefit from trade. c. Each country should produce only those goods for which it has an absolute advantage. d. Specialisation and trade can lead to increases in the production of all commodities. e. Only the smaller countries will benefit from trade. Clear my choiceabsolute advantage in the production of all goods. is True or False
