Why export plays important role in the economy? (

Q: One region has an absolute advantage over another region in the production of good X when... a. The…

A: The opportunity cost of one unit of X is lower in the first region than in the second region. This…

Q: Discuss whether a government should always pursue a policy of free trade

A: The capacity of countries to import and export goods without tariffs or other restrictions is…

Q: Comparative advantage is a comparison among producers based on opportunity cost. True False

A: Comparative advantage is terms of economics and it is leads to the ability of output or production…

Q: Susan can brew 5 gallons of root beer in an hour or she can make 4 pizzas in an hour. Becky can brew…

A: Absolute advantage can be defined as the ability to produce more of a given quantity with same…

Q: Which country has the absolute advantage in producing each good?

A: Absolute advantage is the advantage which a country has when it can produce more goods or services…

Q: Assume the table below shows the quantities of wine and cheese that a worker can produce in an hour…

A: Here we calculate the absolute and Comparative advantage and fill the blanks by using the given…

Q: How does the production of "Coconut Coir" affect the economy of one "country"?

A: The palms with the best importance in world business are the coconut and the African oil palm; both…

Q: A Production Possibilities Frontier shows Group of answer choices all the combinations of two goods…

A: Production Possibilities Frontier (PPF) is also known as the Production Possibilities Curve (PPC).

Q: Economics suppose the following information is given for turkey and finland. in finland it takes two…

A: According to the question, it is given that : The following information is given for Turkey and…

Q: LeBron James is extremely tall and athletic and, therefore, can clean his house faster than any…

A: As the question states that being very tall and athletic, he can clean his own house faster but when…

Q: Name four things about our current economic system that would like to change, and briefly explain…

A: Economic system: It refers to the system under which government will try to provide resources to all…

Q: Which country has the absolute advantage in production of Good A? Group of answer choices Country Y…

A: Absolute advantage is a situation when one country can produce a particular good at lower cost in…

Q: Question 15 Which of the following statements is correct? Two countries can gain from specialization…

A: Option A is correct.  Option D is incorrect as gains from trade is based on comparative advantage…

Q: The Theory of Comparative Advantage states that countries gain from trade, this is because : The…

A: There are two important categories of business cycles which are inflation and recession that occur.…

Q: Who has the absolute advantage in coffee production? Who has the absolute advantage in sugar cane…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: heckshecker ohlin theory suggests that land abundant nations will export land intensive good

A: In international economics, there are many theories of trade that explain the concept of exchanging…

Q: n what way is applied economics important in tackling economic issues of the country?Philippines

A: In Philippines the applied economies has been determined in the likely outcomes and it is possible…

Q: Homework (Ch 02) Suppose South Africa produces two types of goods: agricultural and capital. The…

A: Production possibilities frontier shows the combinations of two goods that can be produced with the…

Q: 39 1A country is said to have a comparative advantage in the production of a good when it: has the…

A: Comparative advantage is responsible for the international trade. The international trade is not…

Q: When a nation concentrates on a certain production activity based on a specific resource, which of…

A: The nations around the globe tend to have a limited amount of resources with them, which is the…

Q: Distinguish between absolute advantage and comparative advantage

A: Absolute advantage Comparative advantage When the country is able to produce a good at a lower…

Q: Zambia Germany Pair of Shoes per worker Barrel of wines per worker 8. 3 Use the information above to…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: What are the ultimate reasons for analysing the economic performance of a country or market

A: The focus of economic analysis is on determining costs and benefits.To aid resource allocation, it…

Q: Which of the below statements does NOT reflect the ideas expressed by the author Charles Wheelan in…

A: Naked economics: Written by Charles Wheelan and published by W.W.Nortan & Company the book naked…

Q: Question 21 If. using the same factors of production, France is able to produce more wine than…

A: The ability of an economy to produce a specific good or service at a lower opportunity cost than its…

Q: Consider two countries, Zerka and Xena. In Zerka total annual output is worth $500 million and…

A: Opportunity cost refers to losing the benefit of consuming a good that is forgone to receive the…

Q: What type's of goods and services should the United States produce based on its comparative…

A: Comparative advantage refers to the production of goods and services at a lower opportunity cost…

Q: Ghana imports and exports food from and to neighbouring Côte d'Ivoire. The latter nation is very…

A: Since Ghana and Côte d'Ivoire have similar environment, level of education and institutional…

Q: How have changes in technology contributed to the globalization of markets and production? Would the…

A: Globalization refers to the spread of goods and services, technology, capital, information, and jobs…

Q: Refer to Table 1. Who should produce berries? [ Select ] Who should produce fish? [ Select ] Since (…

A:

Q: The concept of _________ __________ was introduced by economist David Ricardo, and it posits that,…

A: David Ricardo introduced a new concept of international trade in 1817.  He said that trade will…

Q: According to the News Wire, what is the opportunity cost of North Korea's rocket program in terms of…

A: Opportunity cost is the forgone benefits from next best alternative.

Q: Compare and contrast absolute advantage and comparative advantage

A: Absolute advantage is the ability of a party (person, company or country) can produce large quantity…

Q: Because of the existence of comparative advantage, the total output of goods is higher when each…

A: Comparative advantage occurs when a producer produces a good at a lower opportunity cost than…

Q: Suppose that there are 10 workers in each country and real GDP includes just televisions and cell…

A: Absolute Advantage is defined as when a producer can produce a good or a service at a lower cost and…

Q: Suppose Italy can make either 1000 statues or 700 bottles of wine. Suppose the US can make either…

A: Specialization in business includes which is focusing on one item or a restricted extent of…

Q: What is meant by production and consumption being pro-trade, antitrade, or neutral? What are the…

A: In an economy, production and consumption are classified into three categories by analyzing the…

Q: In Lima one worker can produce either 21 bushels of corn of 5 pounds of tomatoes in one day.  In…

A: In Lima, worker can produce 21 bushels of corn or 5 pounds of tomatoes. So, the opportunity cost of…

Q: Ghana imports and exports food from and to neighbouring Côte d'Ivoire. The latter nation is very…

A: Dear student,  You have asked multiple questions (3 questions). I am going to answer the first…

Q: Based off of these choices, which of the following are facts about the U.S. economy? Select all that…

A: Economy- it is a geographical area in which production, trade, consumption & exchange of goods…

Q: Which country has the absolute advantage in production of Good A? Group of answer choices: Country…

A: Absolute advantage is the ability of an individual or a country to be the most efficient at the…

Q: In the picture below is the table to answer the question. The highlighted one is my guess which is…

A: Comparative advantage is the ability to manufacture the products and services at lower opportunity…