Greece and Italy both produce olive oil and cheese. With the same amount of labour Greece produces 15,000 tonnes of cheese per year and 12,000 barrels of olive oil and Italy produces 25,000 tonnes of cheese and 15,000 barrels of olive oil. Determine and explain the comparative advantage for each country.

Refer to Table 1-1 Now, each country spends all 40 hours of its time producing only the good for which it has a comparative advantage. What is the total output of CHEESE produced by both countries combined now?

What is the trade balance between the U.S. and China from 2018 to 2020?Graph the year and trade balance (exports – imports) using year for horizontal axis and trade balance for vertical axis.   What is the difference between absolute advantage and comparative advantage? Which among these 2 concepts is the basis of trade? Suppose that an American worker can produce 1000 shirts or 200 computers, while a Chinese worker can produce 1000 shirts or 100 computers.In the US, what is the opportunity cost of producing an additional shirt (measured in terms of foregone computers)?

In the past 20 years the United States has entered into several "free trade agreements."  The commonality of these free trade agreement has been making it easier for foreign companies to sell their goods in the United States (imports) and for American companies to sell their goods overseas (exports) What are the key points of specific trade agreement the United States has entered into in the last 25 years?  And what  other countries are  involved and what kinds of trade restrictions and/or tariffs were changed as a result of that agreement.

Please answer this for me. Thanks

Consider two countries Home and Foreign producing goods using only one factor of production, Labor.  These are the marginal products of labor. Home has 100 people and foreign has 50 people.   Home:                     Wheat                     4 bushels                                  Cloths                     2 yards Foreign:                 Wheat                     1 bushel                                   Cloths                     1 yard           Assuming there is no trade, draw production possibility frontiers of two countries. With no trade, what are the relative prices of wheat and cloths in two countries? What will happen when they begin to trade?

Here is what Sweden and Canada can produce: Country Tons of Food Tons of Metal Sweden 40,000 XXXXX Canada XXXXX 1,000 Sweden has a comparative advantage in metal The price of metal will be between 10 and 20 food, if these countries trade. How much metal can Sweden produce? If you think the answer is 17,000, then write 17000, not 17,000.

[India is the world’s largest consumer of sugar. Assume the world price for sugar is $750 per ton.] [Assume India currently has a tariff of $50 per ton on sugar and imports 7 million tons of sugar. Show this situation in a graph. Label the quantity demanded and the quantity supplied domestically and imports clearly on a graph. Explain your graph in 3-4 sentences. How to draw the graph?

Hours of work necessary to produce one unit of cloth or wine is shown in the following table: Cloth Wine England 100 120 Portugal 90 80 Who has the comparative advantage in cloth, and who in wine? England, Portugal Portugal, England England, England Portugal, Portugal

Suppose there is  trade between Spain and France Suppose that each produce only two goods, and that they each have $140,000 of resources to spend on the production of these goods.   France• France produces one unit of oil at a cost of $5 per unit. • France can produce one unit of beef at a cost of $17 per unit. Spain• Spain produces one unit of oil at a cost of $11 per unit. • Spain produces one unit of beef at a cost of $21 per unit.    a)Which country has the comparative advantage in producing oil? Which has the comparative advantage in producing beef?  b)Draw the Production Possibilities Frontier (PPF) for Spain under autarky. Draw this PPF with oil on the x-axis and beef on the y-axis. Label both the x-intercept and y-intercept Suppose now that Spain and France start trading with each other at a rate of 3 units of oil for 1 unit of beef. C) Draw the Production Possibilities Frontier (PPF) for Spain under this trade agreement. D) Draw this PPF with oil on the x-axis and beef on the…