which of the following statements are true? I) Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods II) Certain very talented people have a comparative advantage in everything they do  III) If a certain trade is good for one person, it is always good for the other one IV) If trade is good for a country it must be good for everyone in the country

The United States imports televisions from Japan and Japan imports computer chips from the United States. If the theory of comparative advantage guides trade between the two countries, it must be true that Group of answer choices the United States has comparative advantage in producing computer chips. the United States has comparative advantage in producing televisions. the opportunity cost of producing computer chips in the United States is higher than that in Japan. the opportunity cost of producing televisions in Japan is higher than that in the United States.

do you think countries with distinctively different cultural, historical, and economic histories can effectively enter into a trade agreement? (at least one paragraph). Select one regional trading bloc and discuss the economic motivations for that group of countries to form an agreement. (at least one paragraph) Do you think the countries in the trading bloc you selected are likely to have cross-cultural similarities or differences? Explain. (at least one paragraph).

Suppose a large country A initially imposed a tariff on its imports and is now considering removing its tariff. Use a domestic-market graph to   a) show the effect of country A’s tariff removal on the world’s price, country A’s import price, import quantity, consumer surplus, producer surplus, and government revenue. b) identify country A’s net welfare change as a result of its tariff removal. Is country A unambiguously better off? c) Use a different graph to show how foreign producers will be affected by country A’s tariff removal? d) What factor determines the level of optimal tariff for country A?   Please make sure to graph fpr both parts "a" and "c"

(g) Explain how is the production structure (i.e. which goods are produced) affected in each country by opening up to trade. Is this consistent with the empirical evidence we observe in reality? How can this model be modified to produce a less stark result?

American worker takes 20 hours to produce one computer and 300 hours to produce an RV. A Japanese worker takes 30 hours to produce one computer and 450 Hours to produce an RV. Which country has a comparative advantage in what product?  Why?

Study sheet:    Chapter 2: The Power of Trade and Comparative Advantage Absolute Advantage Comparative Advantage Opportunity Cost Production Possibilities Frontier Trade. How does specialization and trade make individuals and countries wealthier? Think about why countries benefit from foreign trade. Also consider a scenario where Country A is more productive than Country B at producing all goods. Why is it still in Country A’s best interest to trade with Country B?   Chapter 3: Supply and Demand Demand Curve and Factors that shift the Demand Curve Supply Curve and Factors that shift the Supply Curve Substitutes and Complements Normal Goods and Inferior Good Producer Surplus and Consumer Surplus   Chapter 4: Equilibrium: How Supply and Demand Determine Prices Surpluses and Shortages Equilibrium Price Equilibrium Quantity How does an outward shift in the demand curve affect equilibrium price and quantity? How does an inward shift in the demand curve affect equilibrium price and quantity?…

Use the following table to answer   a)According to the opportunity cost associated with specialization of each product, if both countries decide to trade with each other (no protectionism), which product will England specialize? b)According to the opportunity cost associated with specialization of each product, if both countries decide to trade with each other (no protectionism), which product will Portugal specialize?   c)Please calculate the opportunity cost of specializing in one single production (fill in the opportunity cost of each cell below).

Assume that there are two countries, Country A, which earns $5,000 per capita GDP, and Country B, which earns $50,000 per capita GDP. Using Country A and Country B and two products that you choose, thoroughly and clearly explain an example of how these countries can gain from trade pursuant to the doctrine of Comparative Advantage.

Suppose there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For Iowa the opportunity cost of producing 1 bushel of wheat is 3 bushels of corn. For Nebraska the opportunity cost of producing 1 bushel of corn is 3 bushels of wheat. At present, Iowa produces 20 million bushels of wheat and 120 million bushels of corn, while Nebraska produces 20 million bushels of corn and 120 million bushels of wheat.   a. If each state specialized in their respective comparative advantage:   Iowa would produce  million bushels of corn and  million bushels of wheat.   Nebraska would produce  million bushels of wheat and  million bushels of corn.     Now assume Nebraska trades 120 million bushels of wheat for 120 million bushels of corn. With specialization and this trade, Nebraska will end up with  million bushels of corn and  million bushels of wheat, while Iowa will end up with   million bushels of corn and   million bushels of wheat.   b.…