pls answer this question within 15-20 minutes with the complete explanation and also explain why other options are not valid I'll give you multiple upvotes. 3. Consider the following statements.If P.IP, increases and a country exports cloth, production of cloth increases and although a country canconsume less cloth then before, a country can consume more cloth as well. In either case, a country's welfareis most likely to increase.(ii.)(i.)Biased growth means that a sector in a country's economy experiences more growth than other sectors.Export-biased growth expands a country's PPF in favor of its exports and will tend to improve its terms of(iii.)trade as well improve its welfare as well as that of other similar exporting countries.Choose the best answer.a. All the above statements are true.b. Only statements (i) and (i) are true.c. Only statements (ii) and (iii) are true.d. Only statement (i) is true.

The exchange of goods between individuals and entities for a specified payment is known as trade.…

3. Consider the following statements. If P./ P, increases and a country exports cloth, production of cloth increases and although a country can consume less cloth then before, a country can consume more cloth as well. In either case, a country's welfare is most likely to increase. Biased growth means that a sector in a country's economy experiences more growth than other sectors. Export-biased growth expands a country's PPF in favor of its exports and will tend to improve its terms of trade as well improve its welfare as well as that of other similar exporting countries. (i.) (ii.) (i.) Choose the best answer. a. All the above statements are true. b. Only statements (i) and (i) are true. c. Only statements (ii) and (iii) are true. d. Only statement (i) is true.

3. Consider the following statements. If P./ P, increases and a country exports cloth, production of cloth increases and although a country can consume less cloth then before, a country can consume more cloth as well. In either case, a country's welfare is most likely to increase. Biased growth means that a sector in a country's economy experiences more growth than other sectors. Export-biased growth expands a country's PPF in favor of its exports and will tend to improve its terms of trade as well improve its welfare as well as that of other similar exporting countries. (i.) (ii.) (i.) Choose the best answer. a. All the above statements are true. b. Only statements (i) and (i) are true. c. Only statements (ii) and (iii) are true. d. Only statement (i) is true.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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