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- In the Heckscher-Ohlin model with trade the wage in a country that produces both goods will depend on its labour abundance. True FalseThe production possibilities frontier is shown for a labour-abundant country. The international relative price of agricultural goods to manufactured goods is shown. The country produces at point C when open to trade. Manufactured goods M3-M2 A3-A1 M3-M1 M1 M2 A3-A2 M3 Pa/Pm B D A1 A2 с According to factor endowment theory. This country will export A3 Agricultural goods goods.True/false/explain. If a country’s workers can produce 5 hamburgers per hour or 10 bags of fries per hour, then absent trade with other countries, the price of 1 bag of fries is2 hamburgers. If trade benefits one country, its trading partner must be worse off as a result of trade.
- Define comparative advantage with the use of opportunity cost. Give a real life example of it.Home has 12,000 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 100, while in banana production is 75. There is now also another country, Foreign, with a labor force of 18,000. Foreign’s unit labor requirement in apple production is 120, while in banana production is 150. Construct the world relative supply curve of banana. What will happen if Pa/Pb < 4/5?Suppose there are two countries Peru and Japan that produces 7,523 units ofFood 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 5,000. d) Which country has the comparative advantage in food? In fuel? Explain. e) Which good(s) should each country specialized in?
- Which country has the absolute advantage in production of Good A? Group of answer choices: Country Y Neither country has an absolute advantage of producing Good A Country XIn the specific factor model, with free trade the relative price of imported goods cannot be _____ than in autarky.in the heckler-ohlin analysis, a country imports the good that uses intensively the countries relatively _____ factor of production, and a consequence of trade is that the income distribution in the country shifts away from the _____ factor a. scarce; abundant b. abundant; abundant c. abundant; scarce d. scarce; scarce
- Introducing free international trade in the specific factor model expands the set of feasible allocations in the world economy. True FalseThe law of diminishing marginal utility has a direct impact on the global trade in the economy. True FalseSuppose there are two countries Peru and Japan that produces 7,523 units ofFood 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 5,000. a) On two seperate graphs sketch the initial PFF for the two countries with Food on the x-axis. b) If Japan and Peru employ half it workers to produce Fuel how much each good can consume? Label this point A and A* respectively. c) Which country has the absolute advantage in food? In fuel? Explain. d) Which country has the comparative advantage in food? In fuel? Explain. e) Which good(s) should each country specialized in?