What is the opportunity cost of a pair of shoes in Mexico? What is the opportunity cost of a pair of shoes in Nicaragua ? Which country has a comparative advantage in the production of shoes? Which country has a comparative advantage in the production of clothing? In this example, the country of Mexico should export ----------and import ----------------.
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- What is the
opportunity cost of a pair of shoes in Mexico? - What is the opportunity cost of a pair of shoes in Nicaragua ?
- Which country has a
comparative advantage in the production of shoes? - Which country has a comparative advantage in the production of clothing?
- In this example, the country of Mexico should export ----------and import ----------------.
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- How can the outsourcing of jobs cause production possibilities to expandAccording to separate analyses by the Organization for Economic Cooperation and Development (OECD) and the World Population Review, respectively, the United States ranks fifth among OECD countries in productivity, and twenty-seventh in social mobility. While one observer might commend the United States in terms of that is, economic another might criticize it in terms of that is, its relative, outcome; efficiency: process; inequality of opportunity process; efficiency; outcome; inequality of opportunity outcome; inequality of opportunity; process; efficiency O process; efficiency; outcome; inequality of opportunity70,000 Norway 60,000 United States 50,000 Netherlands Denmark • Germany France 40,000 UK Japan. Italy South Korea Spain 30,000- Greece Russla 20,000 Mexico Chile Turkey 10,000- 6,400 6,500 6,600 6,700 6,800 6,900 7,000 7,100 7,200 7,300 7,400 7,500 Average annual hours of free time per worker According to the graph: Select one or more: a. UK workers have more free time than Greek workers. Ob. UK workers have lower GDP per capita than Spanish workers. O c. The relationship between GDP per capita and free time is downward sloping. O d. US workers work longer hours than French workers. GDP per capita (USD PPPS)
- What is import substitution industrialisation? What role does learning by doing plays and when does it make sense for the government to interfere?International factor movements can sometirmes substitute for trade, so it is not surprising that international migration of labour is similar in its causes and effects to intemational trade. Labour moves from countries where it is abundant to countries where it is scarce. This movement raises total world output, but it also generates strong income distribution effects, so that some groups are hurt as a result. This movement can be illustrated by on what was happening in the United States and Mexico. Studies of the effects of immigration into the United States from Mexico tend to find that the big winners are the immigrants themselves. QI: Explain the effects of this situation to the following five different groups of people: a) Workers who were originally in the United States b) American landowners c) Workers who stay in Mexico d) Mexican landowners e) The workers who do moveWhy do workers (skilled and unskilled) migrate from labour abundant countries to countries with a scarcity of labour? How has that migration of labour been of advantage to other countries?
- How can industrialization or innovation help end the poverty cycle?what are the structural parts of division of labor in a world economy?What is the difference between Specific Factor trade model and the Ricardian model in terms of income distribution within the trading countries before and after trade?
- Will an economy benefit from net immigration?Poverty is endemic in some PICs such as PNG, Solomon Islands and Fiji to some extent. What do you think would be the best way to address the problem? Countries that have low/poor primary to secondary linkage can look towards the services sector such as tourism, IT services and/or health services for economic growth. This is particularly true when terms of trade for agricultural products continue to decline. Comment vis-à-vis PIC economies. You may pick on any country among PICS that you are familiar with. c) Consider a scenario where inequality between social groups (ethnic/religious/regional) is increasing as the economy grows. What are some short-term and long-term policy options for the government? You may cite some local examples to support your answer. d) Explain the pros and cons of minimum wage in developing economies such as Fiji. Unreliable and costly utility services (such as water and Electricity) in PICs are source of serious concern for these small economies due to…What is the effect of urban migration on the economic development of a country?