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Principles of Economics, 7th Edition (MindTap Course List)

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section: Chapter Questions

Problem 6QCMC

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(B) Sara can produce 50 bags or 500 apple juices in an hour, John can produce 150
bags or 250 apple juices in an hour. Who has a comparative advantage in producing
bags? Who has a comparative advantage in producing apple juices?
(3)

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34. To obtain good A in which one does not have a comparative advantage, it is better to acquire it by "indirect production" – producing good B, in which one does have a comparative advantage, and trading it for good A. True False False
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I need help with questions 9 and 10. For question 9, since the x and y value are the same, I dont know how to identify in what type of production Pam has a comparative advantage in. For question 10, I do not understand how to calculate the combined output according to each person's specialization.
Economic Scenario: Country A has one of the highest real GDP while Country B has one of thehighest real GDP per capita in the world respectively. a.what are the (3) comparative differences between real GDP and real GDP per capita. b.What does this tell us, about the well-being of the residents of Country A and B?
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The bolded wording is the answer choices for the drop-down arrows it has 4 answer choices Euphoria's opportunity cost of producing 1 pair of jeans is a) 1/2 b) 1/4 c) 2 d) 4 of corn, and Arcadia's opportunity cost of producing 1 pair of jeans is a) 1/2 b) 1/4 c) 2 d) 4 of corn. Therefore, a) Euphoria b) Arcadia has a comparative advantage in the production of jeans, and a) Euphoria b) Arcadia and has a comparative advantage in the production of corn. Euphoria Trade Actions (Jeans) a) Exports 14 b) Imports 14 Trade Actions (Corn) a) Exports 42 b) Imports 42 Arcadia Trade Actions (Jeans) a) Exports 14 b) Imports 14 Trade Actions (Corn) a) Exports 42 b) Imports 42
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1. International economics refers to? 2. International economics is about how nations interact through? 3. What is the problem that will raise due to the economic interaction between several countries? 4. What are the two types of international economics? 5. Who sells what to whom has been a major interest in? 6. When imports are more than exports in value, it may be offset by net inflows of financial assets, this refer to which type of trade balance? 7. When imports are less than exports in value, it would not offset by net inflows of financial assets, this refer to which type of trade balance? 8.What is the risk that a domestic capital market would not face compared to international capital market?
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