Macroeconomics
Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
Question
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Chapter 21, Problem 1WNG

(a)

To determine

The good in which Country C has a comparative advantage.

(b)

To determine

The good in which Country I has a comparative advantage.

(c)

To determine

The favorable set of terms of trade.

(d)

To determine

The production and consumption of goods X and Y before and after specialization.

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Using the data in the accompanying table, answer the following questions: a. For which good does Canada have a comparative advantage?b. For which good does Italy have a comparative advantage? c. What might be a set of favorable terms of trade for the two countries?d. Prove that both countries would be better off in the specialization-trade case than in the no-specialization-no-trade case.
What is the concept of comparative advantage in international trade? A. A country's ability to produce all goods more efficiently than other countries B. A country's ability to produce a good at a lower opportunity cost than other countries C. A country's ability to produce goods using the most advanced technology D. A country's ability to produce goods at the lowest absolute cost
Which goods will a nation typically import? a. those goods in which the nation has an absolute advantage b.those goods in which the nation has a comparative advantage c. those goods in which other nations have an absolute advantage d. those goods in which other nations have a comparative advantage
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