Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 1, Problem 21CTQ
Why would division of labor without trade not work?
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Chapter 1 Solutions
Principles of Economics 2e
Ch. 1 - What is scarcity? Can you think of two causes of...Ch. 1 - Residents of the town of Smithfield like to...Ch. 1 - A consultant works for 200 per hour. She likes to...Ch. 1 - A computer systems engineer could paint his house,...Ch. 1 - What would be another example of a system in the...Ch. 1 - Suppose we extend the circular flow model to add...Ch. 1 - What is an example of a problem in the world...Ch. 1 - The chapter defines private enterprise as a...Ch. 1 - Why might Belgium, France, Italy, and Sweden have...Ch. 1 - Give the three reasons that explain why the...
Ch. 1 - What are three reasons to study economics?Ch. 1 - What is the difference between microeconomics and...Ch. 1 - What are examples of individual economic agents?Ch. 1 - What are the three main goals of macroeconomics?Ch. 1 - How did John Mayhem Keynes define economics?Ch. 1 - Are households primarily buyers or sellers in the...Ch. 1 - Are firms primarily buyers or sellers in the goods...Ch. 1 - What are the three ways that societies can...Ch. 1 - What is globalization? How do you think it might...Ch. 1 - Suppose you have a team of two workers: one is a...Ch. 1 - Why would division of labor without trade not...Ch. 1 - Can you think of any examples of free goods, that...Ch. 1 - A balanced federal budget and a balance of trade...Ch. 1 - Macroeconomics is an aggregate of what happens at...Ch. 1 - Why is it unfair or meaningless to criticize a...Ch. 1 - Suppose, as an economist, you are asked to analyze...Ch. 1 - Why do you think that most modern countries...Ch. 1 - Can you think of ways that globalization has...
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- In 2005, manufacturing workers in the United States earned an average wage of $23.65 per hour. That same year, manufacturing workers in Mexico earned an average wage of $2.63 per hour. How can U.S. manufacturers possibly compete? Why isn’t all manufacturing done in Mexico and other low-wage countries?arrow_forwardSpecialization is deciding who can make decisions. True Falsearrow_forwardIn 2013, manufacturing workers in the United States earned average compensation of $36.34 per hour. That same year, manufacturing workers in Mexico earned average compensation of $6.82 per hour. How can U.S. manufacturers possibly compete? Why isn’t all manufacturing done in Mexico and other lowwage countries?arrow_forward
- What are the advantages of using capital in the production process? What is meant by the term “division of labor”? What are the advantages of specialization in the use of human and material resources? Explain why exchange is the necessary consequence of specialization.arrow_forwardConsider two competitive economies that have the same quantities of labor and capital (K=L), and the same technology. The economies of the countries are described by the following Cobb–Douglas production functions: North Economy: Y = AK^0.7 L^0.3 South Economy: Y = AK^0.3 L^0.7 If half of workers (L) in North immigrated to South, explain how would total output, marginal produc- tivity of labor, and labor’s share of income in the two economies change?arrow_forwardHow do the tools of colonization affect business relationships?arrow_forward
- Which graph depicts a technological breakthrough in the production of Y only?arrow_forwardI've already read the answer provided on this site, but it is not giving me the information I need. I understand the math for finding the opportunity costs for each item in each country. However, where are they getting the answer that 2.5 tons of chemicals is what the US will give up, and 1 ton of apparel is what China will give up? From videos I've seen on youtube, they basically state that as long as the cost is less than what the original opportunity cost is, then nations will trade. So, it costs China 4 apparel for every 1 ton of chemicals, and in the US it costs 1 apparel for every 3 tons of chemicals. Am I right to assume that as long as China can trade less than 4 apparel it will benefit, and as long as the US can trade less than 3 tons of chemicals it will benefit? If so, then what is the math being used to arrive at exactly 1 ton of Chemicals for 1 ton of Apparel for China, and 1 apparel for 2.5 tons of Chemicals for the US? I need to understand the math that is used to…arrow_forward“In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily closed. During this time I had the option of shipping my prints through USPS or UPS. I decided to ship my prints through USPS instead of UPS since it was a bit expensive at the time. My prints that were shipped out from USPS arrived in time and came in good condition.” What is the opportunity cost?arrow_forward
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