18. What is the net welfare gain from trade to the economies of both countries together? (hint: the formula for calculating the area of a triangle is 1/2 times the base times the height) O 3 O 6 13.5 O 33.75

16. What is the net welfare gain from trade to the economies of both countries together? (hint: the formula for calculating the area of a triangle is 1/2 times the base times the height) a) 3 b) 6 c) 9 d) 13.5 e) 27

P 25 20 15 10 5 O COUNTRY 1 O (d) 13.5 O (e) 18 d1 Q 03 691215182124 INTERNATIONAL MARKET 25 20 s1 15 IP 10- 5 0 0 3 6 9 1215182124Q P S2 -IP 222 D2 P 25 S1 15 10 5 D1 0 20 24. What is the net welfare gain from trade to the economy country 1? (hint: the formula for calculating the area of a triangle is 1/2 times the base times the height) O (a) 3 O (b) 6 O (c) 9 COUNTRY 2 s2 IP d2 0 3 6 9 1215182124Q

QUESTION 17 25 20 15 10 LO 5 O P Country 1 s1 SP O $37.125 O $50.5 O $55 IP d1 EQ 0 3 6 9 1215182124 International market P 17. What is the welfare loss to producers (decrease producer's surplus) resulting from trade in country 2? O $3 O $27 S2 25 20 15- 10 5 D2 0 D1 0 3 6 9 1215182124 Q S1 -IP P Country 2 s2 25 20 15 10- 5 0 0 3 6 9 1215182124Q IP d2

70,000 Norway 60,000 United States 50,000 Netherlands Denmark • Germany France 40,000 UK Japan. Italy South Korea Spain 30,000- Greece Russla 20,000 Mexico Chile Turkey 10,000- 6,400 6,500 6,600 6,700 6,800 6,900 7,000 7,100 7,200 7,300 7,400 7,500 Average annual hours of free time per worker According to the graph: Select one or more: a. UK workers have more free time than Greek workers. Ob. UK workers have lower GDP per capita than Spanish workers. O c. The relationship between GDP per capita and free time is downward sloping. O d. US workers work longer hours than French workers. GDP per capita (USD PPPS)

Suppose workers in Canada and the United States can produce either baseball bats or hockey sticks. Output per worker per hour at each activity is the following Bats Sticks Canada 6. United States Suppose the two countries move from autarky to mutually beneficial trade. Everything else held constant, this will.cause the price of a baseball bat to decrease in Select one: OA Canada. OB the United States 828AM /2021 ob

Also, plz answer the last question at the end that I wasn't able to include in the photo: True or False: Without engaging in international trade, Freedonia and Desonia would not have been able to consume at the after-trade consumption bundles. (Hint: Base this question on the answers you previously entered on this page.) ( T / F )

Suppose Japan and Great Britain produce only cell phones and digital music players. Assume that each country uses only labor to produce each good, and that the cell phones and digital music players made in Japan and Great Britain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor: Output per Hour of Labor Cell Phones Japan Great Britain 23 2 Digital Music Players 16 7 Suppose that Japan and Great Britain do not trade with each other. Each has 100 hours of labor with which to produce cell phones and digital music players, and the countries are currently producing amounts of each good shown in the table below: Japan Great Britain Consumption with 100 Hours of Labor Cell Phones 2,070 160 Digital Music Players 160 140 Assume now that each country specializes in producing that good in which it has a comparative advantage. Further, assume for simplicity that one cell phone can be traded for one digital music player. If Japan trades…

Homework (Ch 09) Q Search th The following graph shows the domestic supply of and demand for maize in Panama. The world price (Pw) of maize is $270 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount dermanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Domestic Demand Domestic Supply 450 430 410 300 370 350 330 260 270 PRICE (Dollars per ton)

QUESTION 12 wine 88185432 90 80 70 60 50 40 30 20 PPF Portugal CPF 10 0 0 10 20 30 40 50 60 cloth wine 8818588 90 80 70- 60 +09 40 30- 20 England PPF CPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.