Answered: Specialization and trade are closely…

Business

Economics

Specialization and trade are closely linked to______________.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter19: International Trade

Section: Chapter Questions

Problem 4QFR

See similar textbooks

Related questions

Q: Explain how economic growth and international trade increase consumption possibilities.

A: A production possibilities frontier is the locus of all maximum combinations of two products or two…

Q: (T/F) Modern commerce and media allowed economic and cultural globalization to thrive more. False…

A: Globalization is a social, cultural, political, and legal phenomenon that has an impact on people's…

Q: During the colonization era, the economic activity focus on a. Agriculture, mining and services and…

A: During colonization Era the economic activity focus on trade, agriculture and human capital because…

Q: how can countries attain/account for trade equilibria when involved in trade transactions?

A: Getting involved in trade transactions means trading in the goods and services with the rest of the…

Q: The United States is able to experience economic growth to the exte a) trade is restricted. b) jobs…

Q: Economic globalization is characterized by Select one: a. international migration b. international…

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

Q: lobalization of technology and communication is the sourcing of goods from different countries to…

A: Globalization is the process by which firms expand their production in international markets.

Q: Which country of the three has the highest export/gdp ratio around early 2010s? i. China ii. South…

A: The country which has the highest export/gdp ratio around early 2010s between the options given…

Q: Among the following, which statement does not reflect the globalization of business? a) The increase…

A: Globalization refers to a process by which countries all over the world are becoming increasingly…

Q: Regionalism vs globalization

A: GLOBALIZATION: This is the process of informational integration that grows from the purchases of…

Q: Globalization is an . phenomenon with various consequences, brought about by cross-border trade in…

A: Since you have specifically asked for the solution of Q#13, providing you the answer for the same.…

Q: How will you explain each of the basic questions on trade, development, and industry?

A: Trade is considered as one of the basic economic concepts that involve the purchasing and selling of…

Q: A country in Southeast Asia has a cheaper manufacturing labor rate than America. How is this termed?…

A: Comparative advantage refers to producing the goods and services at lower opportunity cost. It means…

Q: Does a trade surplus help to guarantee strong economic growth?

A: Trade surplus refers to the positive difference between the country’s exports and imports. The…

Q: Why production factors move internationally? Thank you

A: Factors of production or economic resources are the major building blocks of production in an…

Q: Explain the regionalism vs globalization

A: Regionalism: It is not a new idea; the first regional efforts were launched in the 1950s and 1960s.…

Q: Which of the statements below is viewed as a negative impact of anti-globalization by substantial…

A: Globalization is the free movement of people, capital, goods and services between the boundaries of…

Q: Industrialization is important to the development of a nation for all the following reasons except:…

A: Economic development: - Economic development is the process of improving the social and economical…

Q: What happens to the welfare of a large nation a result of the following forms of technical progress…

A: When the development of both exporting and importing commodities in an economy is the same, this is…

Q: Which of the statements below is viewed as a negative impact of anti-globalization by substantial…

A: Globalization is the free movement of people, capital, goods and services between the boundaries of…

Q: nations that dependent on core countries for capital. are Internal areas Peripheral External areas…

A: When analyzing the nature and features of different countries, it can be seen that some of the…

Q: Using appropriate examples, describe the different stages of regional integration.

A: Regional integration is a process in which adjacent nations agree to work together to improve…

Q: Will cheap foreign wages alone make production in a foreign country (with the low wages) profitable?…

A: Production activity requires the conversion of inputs into finished and valuable goods and services.…

Q: In the policy embodied in globalization, which of the following shows the fall of local and foreign…

A: Trade means the export and import of goods and services. It is negative in the case of more imports…

Q: International trade Why would a country opt for free trade when some workers remain unemployed in…

A: Some workers need to be organized so that unions can work together to improve their economic and…

Q: Why high tech exporting by SME's is more profitable and valuable than by non high tech goods.

A: High tech exporting by SME's is more profitable and valuable than by the non-high tech goods, due to…

Q: Nations try to reconcile conflicting economic goals. The main one is: Innovation versus economic…

A: Scarcity is one of the economic problems which means human wants are unlimited but the supply of…

Q: Calculate the trade-to-GDP ratio for a country that has a 5 percent growth rate, $600 million in…

A: Trade to GDP ratio measures the relative importance of trade to a national economy.

Q: Discuss the regionalism vs globalization

A: Economic globalisation refers to the growing interdependence of national economies around the world…

Q: explain transnationality and transnationalism connects to globalization

A: Globalization refers to the acceleration of global movements and exchanges (of people, goods, and…

Q: An economic policy of exporting raw materials and importing manufactured goods a. develops the…

A: Ab economy can make imports or exports of any commodity based on its requirements to get products at…

Q: How have changes in technology and political shifts toward democracy encouraged the globalization of…

A: There are many changes in technology and political shifts which encouraged the globalization of…

Q: Population size is no guarantee for economic prosperity. However, developing countries that have low…

A: Population size is no guarantee for economic prosperity. However, developing countries that have low…

Q: Which of the following is associated with direct foreign investment? A. Official Development…

A: Foreign direct investment is referred to that investment that is done by a foreign company or…

Q: Impact of international trade relations on economic development.

A: International trade is the purchasing and selling of products and services across national borders.…

Q: evaluate the benefits if increasing trade between africa and china for africa

A: Ans in step 2

Q: Assess the effects of globalization on different social units and their responses

A: Globalization is the process of people, businesses, and governments from all over the world…

Question

Specialization and trade are closely linked to______________.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Globalization leads to all of the following EXCEPT: A. Interactions with other nations. B. Improved product quality. C.More product variety. D. Effective supply chain management. E.Competitive pricing.
During the colonization era, the economic activity focus on a. Agriculture, mining and services and trade. b. Agriculture, manufacturing and services. c. Trade, agriculture and human capital. d. Mining, services and agriculture.
Discuss the importance of terms of trade for countries.
Give ALL effects and explain with ALL DIAGRAMS. Suppose there is an increase in labor in a large country. What are the effects on growth, trade, and overall welfare of the country?
Nations can increase their productivity by specializing and trading with countries that are more efficient at producing certain goods or services. True False
Does a trade surplus help to guarantee strong economic growth?
Advancing technology and falling trade barriers have created more international business opportunities.
Explain how the change in terms of trade accompanying growth can leave a country worse off after growth compared with its state of well-being prior to growth.
Which of the following is not limitation of the concept of terms of trade? Select one: a) Base year choice is difficult b) Quality of goods changes c) There are no limitations d) International competitiveness may be compared e) Different countries may use different formulas
State the arguments in support if free trade and discuss the degree of economic integration
An economic policy of exporting raw materials and importing manufactured goods a. develops the economy b. develops science and technology c. hinders advancement in science and technology d. hinders economic development
Trade was an engine for growth for the then developing countries of the 19th Century. Trade and Growth had a mixed relationship in the 20th Century. How is trade and growth fairing so far in the 21st Century. Will trade continue to be an engine of growth for developing nations?