From the book  "Power and Plenty: Trade, War, and the World Economy in the Second Millennium" by Ronald Findlay and Kevin H. O'Rourke (2007) and "A History of the Global Economy: From 1500 to the Present" by Joerg Baten (2016). Discuss how does education system shaped the economic foundations of nations and lead to the varying ability of countries to invest in proximate factors such as physical capital and human capital.

Q: 1. All of the following are types of occupation except  a) Primary  b) Secondary  c) Quaternary…

A: NOTE - “Since you have posted multiple questions, we will provide the solution only to the first…

Q: positive or normative.

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Heckscher-Ohlin Model - Example Please, provide and briefly explain an example of 2 countries, whose…

A: The nations around the world tend to have a limit to the amount of resources which they have, while…

Q: How are social factors affecting the new global innovation economy

A: Innovation Economy The innovation economy is that branch of economics that deals with New…

Q: How have changes in technology contributed to the globalization of markets and production? Would the…

A: A discipline of economics called "international economics" studies the economic exchanges and…

Q: What are the components of economic growth? How does PPF is used to depict the economic growth of a…

A: Economic growth portrays an expansion in the amount and nature of the economic labor and products…

Q: Consider two countries: Alland and Georgeland. Say that Alland can produce 48 units of food per…

A: Absolute advantage refers to a country's capacity to produce a good more effectively than its rivals…

Q: Evaluatr and discuss this statement, Absolute advantage, specialistion and comparative advantage are…

A: When a nation can manufacture an item more cheaply or efficiently than another nation, it is said to…

Q: What are the similarities and differences of homogeneity and heterogeneity? (Globalization)

A: The growing interdependence of the cultures, economies, and populations of the world being brought…

Q: Label each of the following statements as positive or normative: v The power of population is so…

A: Positive statements are based on facts, actual data, and these statements can be checked whether it…

Q: From the book  "Power and Plenty: Trade, War, and the World Economy in the Second Millennium" by…

A: Physical capital refers to tangible assets that are used in the production process, such as…

Q: The following graph shows the production possibilities curve (PPC) of an economy that produces…

A: Opportunity Cost is the cost or value of doing something or of choosing an alternative. It can be…

Q: How does agglomeration economies work? Cite the case of the Philippines to explain the answer

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: please help reply to this discussion post ...needs to be 150 words at least. "Cross-cultural…

A: I completely agree with your perspective on the importance of cross-cultural literacy in the…

Q: Consider Figure 2.1 on page 30. Between points c and d, the opportunity cost of  tons of wheat is…

A: It is the gain or benefit from the next best alternative that a person has given up to choose one…

Q: Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or…

A: Here, it is given that Alpha can produce either 18 oranges or 9 apples, while Beta can produce 16…

Q: What is a synthesis of the literature? Also, what is not a synthesis of the literature?

A: A synthesis of the literature is a comprehensive and critical summary of existing research and…

Q: Consider the following Ricardian model with 2 countries and 2 goods. The table below provides…

A: Both concepts help the country to trade between them. They are related to international trade.…

Q: From the book  "Power and Plenty: Trade, War, and the World Economy in the Second Millennium" by…

A: Culture and social factors play a substantial position in shaping the monetary foundations of…

Q: In thinking about how nations around the world should pursue the goal of raising their standard of…

A: These Nation can be classified in the following three groups.  High-income group countries or…

Q: Countries that are at the technological frontier must __________ to increase living standards and…

A: Countries that develop new technologies are placed at the top of technological frontier.

Q: What is development policy and policy mix in microeconomics,please give two examples.

A: Macroeconomic policies:-  There are three main macroeconomic policies:- 1) Fiscal policy:- Changes…

Q: According to separate analyses by the Organization for Economic Cooperation and Development (OECD)…

A: The Organization for Economic Cooperation and Development (OECD) is a prominent international…

Q: Give three of the best countries to visit based on their economic status model. (Justify and provide…

A: The economic status of any country is determined by the key performing economic indicators which are…

Q: Burgers Produced in 1 hr Fries Produced in 1 hr 'Merica 200 400 France 100 300 Based on the…

A: The opportunity cost shows the cost of next best alternative use. In other words, it is the forgone…

Q: The following hypothetical production possibilities tables are for China and the United States.…

A: Comparative cost advantage means that if countries specialize in production of a good which has a…

Q: Consider the following Ricardian model with 2 countries and 2 goods. The table below provides…

A: It is the model of international trade especially called comparative advantage theory.

Q: What is the difference between opportunity zones and enterprise zones?

A: The investment refers to the expenditures which are made by the individuals in order to earn profits…

Q: = Kayla's PPF is defined by 10 = 2Qw + Qc where Qw is bushels of wheat and Qc is bushels of corn.…

A: Production Possibility Frontier is a very necessary term for international trade because this curve…

Q: Define economic integration and differentiate between differentiate between different levels of…

A: In an open economy, trade becomes a little more complex because a country makes trade transactions…

Q: The following is one of the four Asian tiger economies Select one a. Indonesia b. Thailand c.…

A: Answer - Asian tiger economies - The asiasn tiger economies are those economies which show…

Q: Read the material below and answer the question. Baten (ed.), A History of the World Economy: 1500…

A: Osamu Saito's chapter on Japan in "A History of the World Economy: 1500 to the present" provides a…

Q: 2. Based on the description of the four major economic systems (Capitalism, socialism, communism,…

A: Economic systems refer to the ways in which societies organize and allocate resources to satisfy…

Q: List and describe the characteristics of the types of economic integration and give real life…

A: Economic integration is the cooperative process through which several countries establish tighter…

Q: In the YouTube video entitled, "Commanding Heights - The Agony of Reform," after all of the global…

A: Most nations attempted to create prosperity through government control of their economies in the…

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.