If nations begin to specialize in production for the purpose of trade, a. the utility from consumption will increase, but not the total output. b. total world output will increase, as well as well-being from consumption. c. the impact on total output and well-being cannot be predicted. d. neither total output nor well-being from consumption will change. e. total world output will increase, but well-being from consumption will not.

If nations begin to specialize in production for the purpose of trade, a. the utility from consumption will increase, but not the total output. b. total world output will increase, as well as well-being from consumption. c. the impact on total output and well-being cannot be predicted. d. neither total output nor well-being from consumption will change. e. total world output will increase, but well-being from consumption will not.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter2: Production Possibilities Frontier Framework

Section: Chapter Questions

Problem 3WNG

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Production possibility curve shows ____________. a. All of these b. The output that can be produced by an economy. c. Level of output with minimum wastage of inputs d. Production of two products that are produced by an economy
Consider two countries, Zerka and Xena. In Zerka total annual output is worth $500 million and people work 40 million hours. In Xena total annual output is worth $600 million and people work 50 million hours. A) From the information above, in which country is productivity higher? B) Economists use the term ______________________________ to refer to the ability to produce a good using fewer inputs than another producer. C) Economists use the term ______________________________ to refer to the ability to produce a good at a lower opportunity cost than another producer.
a.) Looking at the graphs, which nation has a stronger preference for 'Y'? Explain. b.) Looking at the graphs, which nation has comparative advantage in producing good 'X'. Why? c.) What do the points A and A' on the graphs represent? Explain.
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Give typing answer with explanation and conclusion According to classical economists, instead of mercantilism, which says countries should produce everything themselves, what should countries do? a. Use tariffs to protect local industries b. Create an organization that dictates how countries should trade c. Specialize in producing what they are good at producing, and import other goods d. Engage in trade wars to try to gain an advantage
Direction: Write T if the statement is correct, and F if the statement is incorrect. _____ 4. As a consequence of the Treaty (or Treaties) of Westphalia, secular political power was stripped from religious authorities. _____ 5. The United Nations main mandate is to preserve global security, which it does particularly through the Security Council. _____ 6. The global economy refers to the interconnected worldwide economic activities that take place between multiple countries. _____ 7. International Finance refers to the exchange of goods and services between different countries, and it has also helped countries to specialize in products which they have a comparative advantage in. _____ 8. The specialization of goods production in most countries has led to advantageous economic factors such as lower average costs and lower prices for customers. _____ 9. Due to the presence of regionalism, it has become easier for countries to attract short-term and long-term investment.…
As we know, due to the shortage of resources, no country can produce all goods and services that the people want. In this situation, suggest the best economic decision that a country should take. a. Why to produce and distribute b. How to produce c. How to produce and distribute d. What to produce and how much to produce
Susan can brew 5 gallons of root beer in an hour or she can make 4 pizzas in an hour. Becky can brew 7 gallons of root beer in an hour or she can make 5 pizzas in an hour. Who has an absolute advantage in making pizza? Group of answer choices Becky Susan The value of production in an economy is $19,301 billion. The economy has 327.92 million people. What is the value of production per person? Hint: notice the units are different. Enter a whole number.
In a world where the only goods are cell phones and cereal: Jennereelam can produce: 80m kilos of cereal, and 200k cell phones, while Jonathannadu can produce: 30m kilos of cereal, and 15k cell phones. Even though Jennereelam is a bigger economy and can produce more of each product than Jonathannadu, this guy named Ricardo insists that they will both benefit if they trade. What is Ricardo's argument called, and why does he make the claim?
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	a.	the utility from consumption will increase, but not the total output.
	b.	total world output will increase, as well as well-being from consumption.
	c.	the impact on total output and well-being cannot be predicted.
	d.	neither total output nor well-being from consumption will change.
	e.	total world output will increase, but well-being from consumption will not.