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- The table below represents the quantity of rice demanded for selected countries. Quantity of Rice Demanded (millions of metric tons) Price (U.S. dollars per metric ton) Japan Taiwan South Korea Market Total $600 13 7 8 500 14 8.5 10.5 400 15 10 13 300 16 11.5 15.5 200 17 13 18 a. Fill in the market quantity of rice demanded (column “Market”) for each given price. round to the nearest decimalThe first three questions are based on the following information: Assume two nations: Vietnam and US, and two commodities: clothing and wheat. There is only one factor of production: labour. The following table presents the number of hours it takes to produced one unit of the good in each nation: Vietnam US wheat 6 5 clothing 4 8 1. The relative price of clothing in the US is a) 5/8 kg of wheat b) 8/5 yards of clothing c) 8/5 kg of wheat d) 5/8 yards of clothing 2. If US and Vietnam were to trade, the relative price of wheat a) Can be 2 yards of clothing b) Must be between 5/8 and 1.5 yards of clothing c) Must be between 2/3 and 1.6 yards of clothing d) Can be ½ yards of clothing. 3. According to labour theory of value, a) US will have absolute advantage in the production of clothing and wheat. b) Vietnam will have comparative and absolute advantage in the production of clothing. c) Vietnam will have comparative advantage in the production of wheat. d) US will have comparative…Two countries, Pakistan and India, produce two commodities: apples and mangoes. The amount of each commodity produced per hour, in kg, for Pakistan is: 6 apples, and 6 mangoes. Meanwhile, it is 5 apples and 4 mangoes for India. Draw the world supply curve of apples.
- Consider a small country that exports steel. Suppose the following graph depicts the domestic demand and supply for steel in this country. One of the two price lines represents the world price of steel. Use the following graph to help you answer the questions below. You will not be graded on any changes made to this graph. Price of Steel (Dallas para 10 Demand Supply 100 0 100 200 300 400 500 600 700 800 900 5000 Quantity of Steel (Tom) "₂ Polygon (?) Because this country exports steel, the world price is represented by ♬ ▼ Suppose that a "pro-trade" government decides to subside the export of steel by paying $10 for each ton sold abroad. With this export subsidy, the price paid by domestic consumers is ton. The quantity of steel consumed by domestic consumers ▼, and the quantity of steel exported $30 per ton, and the price received by domestic producers is S ▼the quantity of steel produced by domestic producers pir True or False: With the export subsidy, this country will start…Now suppose other countries produce cassava and Côte d'Ivoire can import cassava at the world price (Pw) which is lower than the autarky (e. economic independence or self-sufficiency) price (Pa). Figure 2 below depicts the demand and supply curves for cassava in Côte d'Ivoire with imports. Quantity is represented on horizontal axis and price is on the vertical axis. Carefully examine Figure 2 and answer questions 8-11 that follow: Note: Qa is the Autarky quantity, Qs is the quantity of cassava supplied by producers in Côte d'Ivoire, and Qd is the quantity of cassava demanded by consumers in Côte d'Ivoire after import Figure 2: Demand and Supply of Cassava in Côte d'Ivoire with Imports Price ($) Pa Oa 9b OC Od OF or Pw 0 a Qs U d la la D₂ Quantity (kg) Question 8: Using the letters (i.e. a, b, c, d, e, f) from Figure 2, which area represents the producer surplus if Côte d'ivoire imports cassava at the world price (Pw)? Select all that apply.The table below represents the quantity of rice demanded for selected countries. Price (U.S. dollars per metric ton) Quantity of Rice Demanded (millions of metric tons) Taiwan million metric tons Japan $600 12 500 13 400 14 300 15 200 16 12 Instructions: Round your answers to 1 decimal place. a. Fill in the market quantity of rice demanded (column "Market") for each given price. b. What is the quantity of rice demanded in the market (in metric tons) if the market price is $500 per metric ton? South Korea 7.5 9 10.5 7 9.5 12 Market Total 14.5 17
- according to" the global coffee trade "- Stanford graduate school of business 1. Why does the price of coffee fluctuate so widely?2. How can farmers respond to a chronic oversupply problem? How do policies ofconsuming nations impact the potential exporting-country responses?3. Can supply and demand be overruled by a suitably designed international organization, oris an organization like the International Coffee Organization doomed to failure?4. Evaluate the NGOs’ proposals for improving the market. Are they workable?5. Viewing yourself as a technocrat whose job is to revamp the global green-coffee marketso that it operates more in the growers’ favor, what changes to the rules of themarketplace and/or national policies would you recommend?In the country of Alpha, -shirts are sold domestically in a competitive market, the equilibrium price is $10, and the equilibrium quantity is 100. (a) Draw a correctly labeled demand and supply graph for the domestic -shirt market in Alpha. Plot the numbers on the graph. (b) Assume the world price of -shirts is $6, and Alpha engages in international trade.(i) Will Alpha be an exporter or importer of -shirts? Explain.(ii) On your graph in part (a), indicate the domestic quantity demanded of -shirts at the world price and label it . (iii) On your graph in part (a), indicate the change in the consumer surplus, shaded completely. (c) Suppose the government of Alpha imposes a tariff of $2 on -shirts. On your graph in part (a), indicate the new domestic quantity supplied of -shirts as a result of the tariff and label it .Country Y LEGO Price Odd Osd $ 9.00 250 450 8.00 300 400 7.00 350 350 6.00 400 300 5.00 450 250 The accompanying table gives data for Country Y. Column 1 is the price of a product. Column 2 is the quantity demanded domestically (Qdd), and Column 3 is the quantity supplied domestically (Qsd. If the world price of the product is $5.00, then Country Y will
- Suppose Argentina (A) and Bolivia (B) only trade with each other and they both produce the same two goods: grocery (G) and fish (F). Given its resources, Argentina can produce either 2 units of grocery per day or 1 unit of fish; Bolivia can produce either 5 units of grocery or 4 units of fish. a. If there were no trade, what would be the local price of fish in each country, measured in units of grocery? b. If trade is allowed, which country will export fish and which country will export grocery (if any)? c. Suppose Argentina offers to buy fish from Bolivia for 1.20 units of grocery. Does Bolivia accept the trade? Why or why not? d. With trade, what are the bound of the price of fish, measured in units of grocery?Consider a small country that exports steel. Suppose the following graph depicts the domestic demand and supply for steel in this country. One of the two price lines represents the world price of steel. Use the following graph to help you answer the questions below. You will not be graded on any changes made to this graph. Demand Supply 100 90 Triangle 80 P2 70 Polygon 50 40 P1 20 10 400 500 600 700 800 900 1000 100 200 300 Quantity of Steel (Tons) Price of Steel (Dollars per ton)Venezuela's Production Possibilties Boundary Units of Beer Units of Silk PPB Trade Line, *Trade Line