Q5)    a)Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization? Division of labor International trade Economies of scale b) In a market economy, ___ own(s) the means of production. individuals everyone the government or ruling class c) Which of the following is required for specialization to work? (Choose the best answer) Technology Education Trade choose correct option, solve all three subparts early

Q: The volume of international trade: Has increased dramatically in the last few decades. Has…

A: International trade: It refers to the interchange of goods and services between two or more…

Q: Which of the following strategies of multinational companies is more likely to reduce costs?…

A: A multinational company refers to the type of a firm that operates its business in more than one…

Q: Review Porter’s Theory of Competitive Advantage and assess the extent to which the model can be used…

A: Competitive advantage is based on some important factors which make the company or nation unique and…

Q: Which of the following can expand a nation's production possibilities boundary (curve)? [select all…

A: The curve that depicts various quantities of goods and services that could be produced using the…

Q: The more dissimilar two cultures are, the greater the degree of influence culture has on…

A: Recognizing and being aware of cultural differences is a necessary ability for commercial success.

Q: Which of the following elements demonstrate the degree of globalization? Group of answer choices   A…

A: The term "globalization" refers to the increasing interdependence of the economies, cultures, and…

Q: Based on the information in the table above, what would be the income distribution effects of free…

A: Answer: Labor/capital ratio for US=10020=5Labor/capital ratio for Canada=104=2.5 Since the…

Q: 17. Which of the following statements is FALSE ? a) This model shows only half of the benefits from…

A: International trade is the concept of buying and selling goods and services between different…

Q: Which of the following are among the reasons offered by Adam Smith for why specialization results in…

A: GIVEN DATA Adam smith The economist and philosopher "Are also referred to as "The Father of…

Q: The arguments againstglobalization include all of the following, except: Freer trade has resulted in…

A: Globalization is the process of integrating the domestic economy with the global economy.

Q: Question 3: Economies of Scale, Imperfect Competition and International Trade Trade need not be…

A: While dealing or exchanging in international trade, both participants try to benefit from the…

Q: A point above the Production Possibility Frontier line:   A. Can potentially become feasible…

A: Production possibilities frontiers are used to represent the trade-off that occurs between the…

Q: If a scale economy is the dominant technological factor defining or establishing comparative…

A: The answer is as follows:-

Q: Specialization is economically useful because it can   Question 7 options:   Help workers develop…

A: Economies of scale are cost benefits harvested by organizations when creation becomes effective.…

Q: What does it mean to have a globalized economy? International trade is significant to all continues…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Q)5 a)Because of their relatively small national economies, which of the following is most likely…

A: Answer: (5). Correct option: International trade Explanation: International trade is most likely…

Q: There are differences and similarities among the different trade models. Here are some of them: -The…

A: Answer to the 1st blank is "only one factor of production" (as goods produced in this model are…

Q: Question 18 Which of the following statements is correct? The gains from specialization and trade…

A: Option D is correct.  Option A is incorrect as gains from trade is based on comparative advantage…

Q: At the start of 2010 a new free trade area was established incorporating China and the six founding…

A: Answer - Factors determine the extent to which industries within a country gain or lose:-  1.…

Q: At the start of 2010 a new free trade area was established incorporating China and the six founding…

A: "Since you have asked multiple questions, we will answer only first question for you. If you have…

Q: Trade need not be the result of comparative advantage but it can be a result of economies of scale.…

A: Comparative Advantage: The comparative advantage exhibits to the economic situation where an economy…

Q: Gains from trade come from: Excessive negotiations. Specializing in one’s comparative advantage.…

A: The emergence of globalization allowed countries to trade with each other. The countries exchange…

Q: This module covers five concepts of the global economy: • Specialization and Trade • Comparative…

A: The economies around the globe are involved in various economic, and financial transaction's with…

Q: With respect to international trade, specialization means that Multiple Choice each country consumes…

A: Specialisation refers to a process of using the skills and knowledge to produce a particular good…

Q: Match the following Regional Trade Agreement examples to the Type of Regional Trade Agreement to…

A: Customs Union:  A customs union is the substitution of a single customs territory for two or more…

Q: In the Heckscher-Ohlin-Vanek model, labour productivities in the production of a good in the…

A: Heckscher-Ohlin-Vanek model The Heckscher-Ohlin model was created to forecast international trade…

Q: The simple Heckscher-Ohlin matches the empirical evidence on trade patterns between economies well.…

A: The measure that depicts the exchange of goods and services between entities and individuals in…

Q: Explain the following economic concepts in relation to the economic problem:       - Trade off…

A: Trade-off In economics, the trade-off can be understood as sacrificing one good in order to increase…

Q: According to conflict theorists, global sport corporations move foreign production facilities from…

A: When talking about conflict theory, it is the theory based on individual behavior and their…

Q: International trade Multiple Choice benefits consumers but harms producers. can only take place if a…

A: Comparative advantage is the situation when one country can produce the good at a lower opportunity…

Q: Which of the following is NOT RELATED to specialization in international trade? Economies of scale…

A: In the international trade, countries generally export a product or service in which it has the…

Q: Which of the following correctly defines consumption possibilities? It is the maximum amount of…

A: consumption possibility frontier shows different combinations of goods and services that the…

Q: Which of the below statements does NOT reflect the ideas expressed by the author Charles Wheelan in…

A: Charles Wheelan is an American economist and professor who gave his findings on economic concept in…

Q: Which of the below statements does NOT reflect the ideas expressed by Trade and Globalization? In…

A: The spread of products, technology, information, and jobs across national borders and cultures is…

Q: The New York Times (Nov. 30, 1993) reported that "the inability of OPEC to agree last week to cut…

A: OPEC or Organisation of the Petroleum Exporting Countries is a cartel of Oil-producing nations which…

Q: Indicate whether each outcome in the following table is or is not an objective of economic…

A: Economic sanctions, also known as restrictive measures, are fines imposed by one or more countries…

Q: a)Because of their relatively small national economies, which of the following is most likely…

A: a. The division of labor refers to allocation of jobs for each labor and at different stages the…

Q: Which (if any) of these statements are correct?   Empirical results show that trade between two…

A: The answer is - Empirical results show that trade between two partners tends to be higher among…

Q: Several countries currently have national laws against ecocide -- the willful or negligent…

A: As economies and societies developed, the study of economics got more complicated. Hence, as a…

Q: explains that specialization and trade makes people (and the world) better off.  Please explain this…

A: Importance of specialization:- Specialization may improve productivity and give a company or nation…

Q: Classify the below statements as positive or normative statements: • Canada and Japan account for…

A: Normative economics and Positive economics are two standard parts of present-day financial matters.…

Q: List down at least 5 examples of the following: Security Regionalism Economic regionalism Political…

A: Security, economic and political regionalism are institutional arrangements designed for effective…

Q: Using a production possibilities frontier determine how does a country's PPF change in response to…

A: Production possibility frontier represents the amount of production possible in an economy while all…

Q: What is meant by complete specialization and incomplete specialization? Why do both nations gain…

A: The trade involves the exchange of the goods and services. The trade results in the export and the…