Through some countries have become famous for the goods and services they produce. * O None of the options O Domestic trade O International trade O Local Trade

Q: Home has 12,000 units of labor available. It can produce two goods, apples and bananas. The unit…

A: We will answer only the first question as the exact question number is not mentioned here.

Q: The U.S. can produce either 30 beans or 10 chicken, so the opportunity cost of producing one bean is…

A: Here, it is given that the United States can produce two goods that are beans and chicken using…

Q: a country has a (an) in the production of a good it produces at lower opportunity cost than anoti O…

A: An opportunity cost measures the trade-off between two goods i.e. a good needs to be given off in…

Q: Poor country Rich country Wheat Cloth 6 8 2 20 (a) What are the opportunity cost ratios for these…

A: opportunity cost is the cost for gaining one opportunity , loose the other opportunity or we can say…

Q: The ability of one person or nation to produce a good at a lower opportunity cost than another is…

A: Opportunity cost is the loss when selecting one alternative over the other.

Q: 1. Home has 12,000 units of labor available. It can produce two goods, apples and bananas. The unit…

A: The relative price of banana = Quantity of apples / Quantity of bananas/

Q: If a country’s workers can produce 5 hamburgers per hour or 10 bags of fries per hour, then absent…

A: The given statement is false. In the absence of trade, the price of 1 bag of fries is 0.5 (1/2) of…

Q: Table 3-3 Labor Hours Needed to Make One Unit of: Amount Produced in 24 Hours: Baskets Birdhouses…

A: Comparative cost advantage: - it is a principle of international trade given by David Ricardo which…

Q: If Portugal has a total of 120 man-hours of resources available for production, while England has…

A: Relative price: It is the ratio of prices.

Q: Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor…

A: The nations around the world are involved in the trading activities with each other. The nations…

Q: 1) Two countries, A and B, each produce 2 goods, X and Y, using labor.  Country A need 2 units of…

A: Hi there, you have asked a question with multiple questions and also multiple subparts. We will…

Q: If the opportunity cost for US was 1 shoe = -10 sweaters and Canada's opp cost was 1 shoe = -20…

A: The opportunity cost is the cost/benefit forgone, when an another alternative is chosen. Therefore,…

Q: international trade Home has 1200 units of labor available. It can produce two goods, apples and…

A: International trade: International trade is that the transfer of capital, goods, and services across…

Q: 1. The output per laborer per day in the production of steel and tin for Russia and China are given…

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

Q: Country Airplanes produced in 100 worker hrs Dishwashers produced in 100 worker hrs Microtania…

A: The opportunity cost of 1 unit of good = what we sacrifice / what we get It takes 100 hours to…

Q: 3. Assume a country produces bag and potato only and follows "law of increasing opportunity cost".…

A: According to the "law of increasing opportunity cost", as the production of one good is increasing,…

Q: international trade Home has 1200 units of labor available. It can produce two goods, apples and…

A: Trade is important for all the countries of the world. Trade includes exports and imports. There are…

Q: Free trade gives consumers A. the right to purchase goods and services on credit. B. higher prices…

A: Free trade is defined as the trade of goods and services between different countries without any…

Q: Suppose the opportunity-cost ratio for fish and lumber is 1F = 1L in Canada but 2F = 1L in Iceland.…

A: Opportunity cost Opportunity cost is the cost of next best alternative foregone. In other words it…

Q: 1. Production Possibilities It has been determined that Germany and France can produce the following…

A: Production Possibility Frontier  The graph is known as the Production Possibilities Frontier (PPF)…

Q: 18 14- 16 12- 14- 10 12 10- 64 4- 4 16 18 20 22 10 Corn Corn Part A What is the opportunity cost of…

A: Since, you have asked multiple questions with subparts, so as per the answering guideline we will…

Q: Suppose Armenia has a comparative disadvantage in electronics in trade with Turkey. However, it has…

A: When a country can manufacture a particular good at a lower opportunity cost than other countries,…

Q: The outputs per laborer per day in the production of computers and autos in Nation 1 and in Nation 2…

A: Opportunity Cost refers to the next best alternative forgone

Q: Homework (Ch 03) Attempts: Keep the Highest: 3/4 2. Gains from trade Consider two neighboring island…

A: Opportunity Cost refers to the  next best alternative of production foregone for producing a…

Q: See the table here below: Labor Input: Tables and Chairs Production Country X Country Y Chair 2…

A: Answer: Opportunity cost: opportunity cost refers to the production of one good sacrificed to…

Q: Suppose that the nation of Copperton produces nutmeg and cinnamon. Below are the possible…

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

Q: The economic basis for trade is O none of these. O speculative attacks. O insourcing. O comparative…

A: The trade between countries depends upon the opportunity cost of producing goods. With international…

Q: Who propounded the opportunity cost theory of international trade? A. Ricardo B. Marshall C.…

A: The opportunity cost theory idea explains that if a country can produce either commodity A or B, the…

Q: Suppose that in the absence of trade, the U.S. price for bicycles was higher than the world price…

A: In the event that without international trade, the price in the U.S. for bicycles was higher than…

Q: Suppose that the opportunity-cost ratio for fish and lumber is 1F ≡ 1L in Canada but 2F ≡ 1L in…

A: Opportunity cost is also known as alternative cost. It is the forgone benefit that an individual can…

Q: produce either 5 cloths or 10 wines. In the US, one hour of workers labor can produce either 20…

A: Opportunity cost measures the input need to be given up in order to obtain other input.

Q: For each watch Marina produces, it gives up the opportunity to make 50 pounds of cheese. Cambria can…

A: Opportunity cost: The cost or the price that could have been invested in the next best alternative…

Q: Portugal England 90 90 80 80 70 70 60 60 CPF 50 + 50 40 40 30 30 CPF PPF 20 PPF 20 10 10 0 10 20 30…

A: The international trade theory studies the pattern of trade between different countries. Various…

Q: Select the correct answer. What is global trade? O communication between countries O exchange of…

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: In order to obtain an efficient allocation of resources worldwide A. countries that have a lot of…

A: Free trade leads to an increase in production because it allows more efficient allocation of…

Q: Suppose that a worker in India can make 3 TVs or 15 pairs of shoes per week, and a worker in China…

A: The opportunity cost of producing TV in India can be calculated as follows. Opportunity cost of…

Q: With trade a country will produce a greater variety of goods and services to trade O country is…

A: With the opening up of trade, there is specialization and the country is involved in the production…

Q: The following diagram is for Country A based on the Ricardo model. Wheat (millions) 30 Terms of…

A: Ricardian model: The first model of international trade was basically been propounded by David…

Q: (Table) Referring to the table, we see that France may now consume wine and cheese. Country and…

A: The theory of comparative advantage suggests that countries should specialize in the production of…

Q: A nation can accelerate its economic growth by: O a. imposing tariffs and quotas on imported goods.…

A: Accelerating the economic growth of the nation cannot be done by printing more money in the economy…

Q: Look at a country’s Terms of Trade (T.O.T.). It is assumed that when the T.O.T. value increases the…

A: The term of trade (T.O.T.) refers to a rate at which a country’s goods are exchanged for another…

Q: United Nations is highly concerned with military issues, environmental issues, economic issues, and…

A: United Nation (UN) is a international organization which aims to intain peace among the nations.

Q: (Table) Based on the table, what is Mexico's opportunity cost of making one airplane: Canada's…

A: Production Possibility Curve or frontier is the representation of all the possible combination using…

Q: The US, Mexico, and Canada all produce steel and corn. The table below shows the total production…

A: The joint possibility curve shows the combined possibility curve of all three individuals for the…

Q: 2. Suriname and Paraguay consume two goods, coffee and machines, and labour is the only input into…

A: Answer-

Q: Which of the following statements is TRUE? Output per Day of Work Food Clothing Country A Country B…

A: The capacity of an economy to produce a certain item or service at a lower opportunity cost than its…

Q: All changes saved 8. What were the two strongest industries in Mediterranean Europe's economy, and…

A: When talking about Mediterranean European's economy, some of the industries worked efficiently and…

Q: Suppose Armenia has a comparative advantage in electronics in trade with Turkey. However, it does…

A: Comparative advantage is the ability of the country to produce goods and services at a lesser…

Q: Specialization can help a country's economy by: O A. increasing its level of self-sufficiency. O B.…

A: Answer to the question is as follows: