Country A would have an absolute advantage compared to Country B in the production of corn if Group of answer choices Country A uses fewer resources to produce corn than Country B does. corn sells for a higher price in Country A than in Country B. the demand for corn is higher in Country A than in Country B. corn can be produced at lower cost in terms of other goods than it could be in Country B.

Q: Which of the following is an example of a quota? a) The United States sets a minimum or maximum…

A: Governments impose quotas by putting the limits on the value or number of items exported or…

Q: 2 Nation "A" decides to engage in trading with Nation "C". What will the surplus be for producers of…

A: A tariff is a kind of duty or tax that has to be paid by a domestic country to import any product…

Q: Suppose a small country Wakanda exports only vibranium and adamantium. These two industries employ…

A: Welfare reforms are modifications to a welfare system's operation with the purpose of lowering the…

Q: When entering a foreign market, you might have to choose a business partner. Describe the process of…

A: Foreign Market The company is a market abroad. Selling in foreign markets involves interacting with…

Q: The term external to the exchange. a) private costs b) externality c) market failure d) social costs…

A: The term being referred to alludes to a monetary idea where a market trade between two gatherings…

Q: Consider a country that is deciding how many libraries to build. For the time being, suppose that…

A: As library is public good provided by the country, we will vertically sum the demand of three people…

Q: What is the Gina Coefficient

A: Gina coefficient is a statistical measure which is measured by lorenz curve and can be calculated as…

Q: If a government decided to impose price controls on gasoline, what could it do to avoid the time…

A: Price controls on commodities like gasoline are government-imposed limits on the prices charged for…

Q: Please help me answer each part of the questions in detail. Thank you

A: e) Export Subsidy of 4With an export subsidy of 4, the Brazilian suppliers get 𝑃+4 New Export…

Q: Comparative advantage     The price of the good sold in the market, but not the quantity bought…

A: Answer Option 'C' is correct - Both price and quantity of the good bought and sold in the market

Q: Due to coronavirus there has been government policies implemented to reduce the importation of…

A: A protectionist policy is one in which a country restricts the importation of goods and services…

Q: Interpret the figure presented below in the context of Competitive Markets and International Trade…

A: Above provided graph depicts a scenario  with international trade for a country importing at a world…

Q: Which of the following represents a market failure? a) people prefer to have more restaurant meals…

A: Market failure is the economic situation defined by an inefficient distribution of goods and…

Q: In a market economy, what mechanism determines the price and quantity of goods sold? A) Government…

A: The issue is to distinguish the system in a market economy that normally lays out the costs and…

Q: Microeconomics is the study of:     The gains from trade since we can only consume what we produce…

A: Micro economics facilitates easy understanding of our economic system.

Q: The government in your country is considering three programs that affect the market for cigarettes.…

A: Economic welfare is one the functions performed by the government of a country inorder to maintain…

Q: Suppose the fictional country of everglass produces only two goods

A: In economics, a Production Possibility Frontier (PPF) represents the maximum combinations of two…

Q: Genetically modified crops (like soya and corn) have been developed in the US and are being exported…

A: Genetically modified (GM) food varieties are food varieties got from creatures whose hereditary…

Q: The following figure shows the demand and supply schedules for an import good in a small open…

A: Tax is the additional burden imposed while exporting and importing the goods.

Q: In a free market: Exhange is typically mandated Prices are sticky and don't change The government…

A: The objective of the question is to identify the correct statement about the characteristics of a…

Q: Markets usually lead to efficiency for all of the following reasons except: Businesses with high…

A: Efficiency refers to the effective use of available resources to get maximum output by given…

Q: Refer to Figure 9-6. With free trade, what would producer surplus be? $200 $160 $150 Another value…

A: Producer surplus refers to the surplus that shows the difference between the amount the…

Q: For many purposes, the use of a tariff is said by economists to be “second best.” This means that…

A: Tariff increases the effective price of the goods imported from the other country.  It is one of the…

Q: There are two countries in the (Home and Foreign). Home is exporter of cotton. The home government…

A: Government tends to create the export subsidies to earn the foreign exchanges and reduce the trade…

Q: 39) A student wrote: "A production quota is inefficient because it results in overproduction. At the…

A: Marginal cost:Marginal cost is the expenditure incurred for marketing that one unit, whereas…

Q: What are the reasons why a company transposes its national market and goes out to the international…

A: An exchange of a good or service between at least two countries is referred to as international…

Q: The UK recently voted to leave the EU, often referred to as Brexit. Suppose the domestic market for…

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Q: The government in your country is considering three programs that affect the market of cigarettes.…

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Q: Suppose the market for steel is expressed as follows:  Domestic demand: p = 40 - 0.2q, or q = 200 -…

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Q: Consider a city with the following characteristics: i. Price elasticity of city’s output (export…

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Q: Government price controls like price ceilings and price floors will still lead to equilibrium…

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Q: A developing country wants to set up a subsidy system to help its farmers. Which of these subsidies…

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Q: Russia trades chocolate with France, where it is a staple. The government of Russia places a price…

A: Price floor is the price set by the government which is the minimum price that should be charged…

Q: Food laws and regulations are globally standardized yet each country has their own laws. Why do you…

A: Government uses fiscal policy to increase employment by increasing aggregate demand and reserve Bank…

Q: Please help me answer each part of the questions in detail. Thank you

A: A) ) The domestic Equilibrium in Ethiopia will be determined where----D*= S*90-20P=30+20P. Or.…

Q: The following graph shows the market for wheat in Canada, where Dc is the demand curve, Sc is the…

A: An export subsidy is a payment to the exporting firm by the government of the exporting country to…

Q: Which of the following is not correct? Group of answer choices The value of the economist’s language…

A: The value of the economist’s language lies in its ability to provide you with a new and useful way…

Q: the presence of competition in free markets and why A)is undesirable because it results in…

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Q: Exploration and the discovery of new places led Europeans to colonize these areas. How is this…

A: Due to the association of economic variables, the European era of discovery and colonization was a…

Q: Suppose a government imposes a quota on the sale of an agricultural commodity in an attempt to boost…

A: A quota is a type of restriction on the sale or purchase of goods and services.

Q: The method of trade to use fixed quantities of goods for import

A: Barter trade is like a swap where goods are exchanged directly without involving money. In this…

Q: When are government intervention or government regulations beneficial to consumers?…

A: The objective of the question is to understand the circumstances under which government intervention…

Q: If a country is rich in natural resources, why is it that the people are experiencing a food…

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Q: Question 2: Suppose Qd= 100- 10P Qs = 10P a. Draw a graph using the supply and demand equation…

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Q: What is a free market         a) a store where goods are free       b) an economy controlled by the…

A: A free market is an economic system that is driven by the market forces of demand and supply. All…