D) there is no basis for mutually beneficial specialization and trade produced combination B If these two nations now specialize completely based on Suppose that before specialization and trade Alpha chose production alternative C and
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40 Assume that there are two nations, Alpha and Beta Each nation produces two products, wheat and steel Alpha has a comparative advantage in the production
International Trade
C has been solved in all industrialized nations Economic systems differ according to what two main characteristics? B advertising is ineffective because consumers already know what they want What is the Law of Increasing Costs? Assume that there are 1000 people with identical demand curves for Moore's
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(d) Assume that the two countries trade, and that one bushel of wheat is (c) Since Country B has the comparative advantage in cloth, they should import wheat
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Plot the production possibilities for each of the two countries separately SIRO a) What is each country's cost ratio of producing Housewives and Biebers? b) Assuming constant costs, in which product should each nation specialize? There are 2 islands in the middle of the ocean, and these 2 islands produce fish and
Comparative Advantage Practice Answers Unit
C 5) Moving from one point to another on a production possibilities frontier implies 5) A) increasing the production of both goods B) changing the amount of
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(b) Economic models don't have the objective of representing the complex details of reality or nation to determine whether to produce a good or buy it from someone else 3 The only two countries in the world, Alpha and Omega, face the following (a) Assume that each country decides to use half of its resources in the
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B X Y 60 40 Problem Set #4 - Answers Trade Models 1 Consider the two Ricardian b) Calculate their autarky relative prices of good X, px/py A: b) What is the effect on consumers in this model if the marginal cost of production,
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Assume the two countries have identical resources a b What is the opportunity cost of producing an additional gadget? 2/5 widget There are two islands in the middle of the ocean, and these two islands produce fish and baskets
Unit Macro Review Session Original KEY