With reference to Table 1 above, indicate how much the U.S. and the Philippines would gain if the U.S.exchanges 5W(heat) for 8R(ice) with the Philippines? (Do not just give the number, but also explain andjustify your answer.)(Ctrl)Table 1COMMODITYWheat (bushels/man-hour)Rice (sacks/man-hour)U.S.Philippines4

For US : The table shows that , 1 man hour can produce 5 bushels of wheat. Also , 1 man hour can…

Answered: With reference to Table 1 above,…

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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ackground information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information.Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? (Show your work.)Part B: Calculate the opportunity cost of producing jeans for each country. (Show your work.)Part C: Calculate the opportunity cost of producing cell phones for each country. (Show your work.)Part D: Determine how many jeans should be produced by each nation. (Show your work). Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology you have learned in this unit in your…
Mexico, the United States and Canada entered into the United States-Mexico-Canada Agreement (USMCA) in 2020. One provision of the USMCA prevents any party from passing laws that restrict the cross-border flow of data. Mexico passes a statute that restricts the cross-border flow of data from England. Is the Mexican statute a violation of the USMCA? a)No, the Mexican statute is not a violation of the USMCA because England is not a signatory to the USMCA. b)Yes, the Mexican statute is a violation of the USMCA because it restricts the cross-border flow of data. c)No, the Mexican statute does not violate the USMCA because the statute has not been ratified by all the signatories to the USMCA. d)Yes, the Mexican statute violates the USMCA because it restricts cross-border flow of data from Mexico.
NEWS WIRE NORTH KOREA'S ROCKETS DEEPEN FOOD CRISIS North Korea's Rocket Launches Cost $1.3 Billion North Korea's rocket program is costly. In December 2012 North Korea successfully launched a long-range rocket carrying a satellite into space. That feat cost $300 million. The entire cost of the rocket program last year - including the failed launch in April - totaled about $1.3 billion according to estimates by South Korea experts. With that much money North Korea could have purchased 4.6 million tons of corn - enough to feed its population for 4-5 years. North Korea's ambitious nuclear program costs nearly triple that amount. The burden of North Korea's military program is evident in widespread poverty and periodic starvation. Source: News accounts of December 2012 - January 2013. According to the News Wire, what is the opportunity cost of North Korea's rocket program in terms of corn for North Korea's 25 million people? million tons of corn
09. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth ? a) wine costs 2 man-hours/bottle and cloth costs 6 man-hours/yard in Portugal. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in Portugal. c) cloth costs 2 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.
Are differences in geography behind the differences in absolute advantages?
In Exercise 33.31, is there an ask where Venezuelans may say no thank you to trading with Canada?
Ecuador’s biggest export is crude petroleum (unprocessed), 63% of which it exports to the United States, and Ecuador’s biggest import is refined petroleum (processed), of which it imports 70% from the United States. Based on this information, which of the following statements is true? Group of answer choices Ecuador has comparative advantage in extracting crude petroleum; the US has comparative advantage in producing refined petroleum. Not enough information. The US has comparative advantage in extracting crude petroleum; Ecuador has comparative advantage in producing refined petroleum. Ecuador has absolute advantage in extracting crude petroleum and the US has absolute advantage in producing refined petroleum.
Please answer each question with sufficient detail. Relevant detailed responses are highly r$ewarded. If you consult any sources, then you should provide both in-text citations and references at the end of each response. You need to make sure at least consult your textbook for your responses. 1. Suppose that the production of $1 miilion worth of steel in Canada requires $100,000 worth of taconite. Canada's nominal tariff rates for importing these goods are 20 percent for steel and 10 percent for taconite. Given this information, calculate the effective rateof protection for Canada's steel industry.
Egypt exports of soaps, lubricants, and waxes, to Kenya was US$22.63 Million during 2019,according to the United Nations COMTRADE database on international trade. Egypt exportsof soaps witnessed a steady decline since 2017, and there is lots of potential demand in manyother african nations for Egyptians soap.Last March 2020 the Ministry of Industry and Trade decided to exclude soap bars, shampoo,and tissue paper in the form of jumbo rolls "production requirements" from Resolution 187 of2020 to stop the export of masks and protective supplies.Minister of Trade and Industry Nevein Gamea issued two decisions to stop exporting all of thesurgical masks ("face masks") and the requirements to prevent infection and alcohol of all kindsand derivatives, for a period of 3 months starting from the date of publishing the decisions inthe Egyptian Gazette.H.E. Mrs. Gamea said that these two decisions aim to provide the needs of the Egyptian citizenwith these products, especially in light of the…
Please define COVID -19 has adversely affected the volume and growth of international trade. Can you eloborate more
10 24. Suppose a small country experiences economic growth that leads to an increased willingness to trade. The country's terms of trade will _____ because the prices of its exports will_____ relative to the price that it has to pay for its imports.
1.3 Using the gravity model calculate the value of trade between country I and J. You can assume: a=b=0.9, c=0.8 and A=0.5The GDP for country I is triple the GDP of country J. Country J GDP is equal to the product of the trading value of all developed countries listed in the given table. The distance between these countries is 28 km.

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