ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
4th Edition
ISBN: 9781285423548
Author: William A. McEachern
Publisher: Cengage Learning
Question
Chapter 19, Problem 2.7PA
To determine

The gains and losses to the economies of countries that deal in the export of sugar.

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7- : What is the total expenditure made by consumers on the purchase of goods and services called?    a) Net foreign trade  B) Savings spending  NS) Consumption expenditure  D) investment expenditure  TO) public spending
7. Japanese labor productivity is roughly the same as that of the United States in the manufacturing sector (higher in some industries, lower in others), while the United States is still considerably more productive in the service sector. But most services are nontraded. Some analysts have argued that this poses a problem for the United States,because our comparative advantage lies in things we cannot sell on world markets.What is wrong with this argument?
19. _______________ topics relate to how much money the country makes in a year, how many resources a country imports and exports in a year, and the number of available jobs in the U.S. at a given time.
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  • 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.
    6-Look at a country’s Terms of Trade (T.O.T.). It is assumed that when the T.O.T. value increases the country’s wellbeing goes up, and when the T.O.T. value declines, the country’s wellbeing is reduced. Do you agree??? Explain!!! Among others you stated: “Trade between countries highly depends upon terms of trade. T.O.T. has important effects on the balance of payments or on its economic growth so the T.O.T. is used to measure the wellbeing of the country.” Further down though…you refute your previous statement by saying: “But T.O.T. should not be used to calculate wellbeing as its calculation does not show the volume of export of the country, only shows relative changes between countries….”etc.
    A semiconductor is a key component in your laptop, cell phone, and iPod. The table provides information about the market for semiconductors in the United States. Producers of semiconductors can get $18 a unit on the world market. Due to loss of competitiveness brought on by appreciation of the exchange rate and the high production costs, U.S. government reduce the export (or limit the supply of domestic producers) by imposing an export quota of 20 billion units per year. What happens to U.S. price of semiconductors, the quantity of semiconductors bought by U.S. people, and the quantity of semiconductors exported? [hint: use equation to calculate the equilibrium]
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