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 4R(ice) with the Philippines? (Do not just give the number, but also explain andjustify your answer.)Table 1COMMODITYU.S.PhilippinesWheat (bushels/man-hour)Rice (sacks/man-hour)5.14

The theory of comparative advantage suggests that countries have a comparative advantage in the…

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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In Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10 tons of rubber or 40 radios. Who has the absolute advantage in the production of rubber or radios? How can you tell? Calculate the opportunity cost of producing 80 additional radios in Japan and in Malaysia. (Your calculation may involve fractions, which is fine,) Which country has a comparative advantage in the production of radios? Calculate the opportunity cost of producing 10 additional tons of rubber in Japan and in Malaysia. Which country has a comparative advantage in producing rubber? In this example, does each country have an absolute advantage and a comparative advantage in the same good? In what product should Japan specialize? In what product should Malaysia specialize?
1. Can you use an algebraic statement to view the costs associated with tariffs as a function of a country's GDP?
No written by hand solution Based on information below (2 countries x 2 products), if US has comparative advantage in producing Rice, what can you say about X? (note: figures represent production or output.) Please assume that X is a positive number. Rice Car US 7 6 Korea 9 X X < 4 X > 54/7 X < 63/7 X < 7
Suppose that Spain and Switzerland both produce oil and shoes. Spain's opportunity cost of producing a pair of shoes is 3 barrels of oil while Switzerland's opportunity cost of producing a pair of shoes is 11 barrels of oil. 33.3
7. With one hour of work, a Canadian worker can produce 2 tons of wheat or 5 barrels ofbeers. With one hour of work, a German worker can produce 1 ton of wheat or 3 barrels of beer.Which country has the comparative advantage in producing beer?A. GermanyB. CanadaC. Neither countryD. There is not enough information to know.
Answer in 5 sentences each questions. 1. What would happen to a country if they limits the production of their local poultry raisers and prioritize the imported poultry products?. 2. What would happen to their local poultry raisers?.
1. Suppose there are two countries Peru and Japan that produce Food and Fuel. Peru can produce 7,523 units of Food or 17,853 units of Fuel using a labour force of 8000. Japan can produce 5,733 units of Food or 24,156 units of Fuel using a labour force of 5000. a) On two separate graphs sketch the initial PPF for the two countries with Food on the x-axis. b) If Japan and Peru employ half its workers to produce Food and half to produce Fuel how much of each good can they consume? Label this point A and A* respectively. c) Which country has the absolute advantage in food? In fuel? Explain.
Z and S.A are trading partners. Both produce metal ores (including lithium) and delivery trucks. Now suppose that if Zimbabwe uses all of its resources, it can produce 50,000 tons of metal ores or 100,000 delivery trucks (trading off at a constant rate). Suppose that if South Africa uses all of its resources, it can produce 20,000 tons of metal ores or 80,000 delivery trucks (trading off at a constant rate). What is the direction of the trade (who exports what to whom)? Be sure to give the opportunity costs of production of both goods for both countries.
I have this Comparative advantage activity, y already made all the questions but I'm struggling with the question 8,9 and 10.
A semiconductor is a key component in your laptop, cell phone, and iPod. The table providesinformation about the market for semiconductors in the United States. Producers ofsemiconductors can get $18 a unit on the world market.a. With no international trade, what would be the price of a semiconductor and how manysemiconductors a year would be bought and sold in the United States?b. Does the United States have a comparative advantage in producing semiconductors?c. Draw a graph (graph is for your own reference, not required to be attached in the answersheet) to illustrate the U.S. supply and demand market for semiconductors. What is the pricewith free international trade? What is the quantity of semiconductors produced in U.S. andtotal quantity bought by U.S. people and the quantity exported from other countries?d. Due to loss of competitiveness brought on by appreciation of the exchange rate and the highproduction costs, U.S. government reduce the export (or limit the supply of…
Find out absolute advantage, absolute disadvantage, and comparative advantage, also the gains of trade for both countries. Case A Pakistan sri lanka rice (Kgs) 6 2 corn (Kgs) 3 5 Case B pakistan sri lanka rice (Kgs) 8 4 corn ( Kgs) 6 3
4. Argentina and Brazil can produce cups and plates. Argentina can produce either 30 cups and 0 plates, or 0 cups and 10 plates. Brazil can produce 10 cups and 0 plates, or 0 cups and 30 plates. If they trade, how do they decide which country produces what? Explain. Show graph,if applicable.

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