What is meant by complete specialization? By incomplete specialization? Why do both nations gain from trade in
Question:
What is meant by complete specialization? By incomplete specialization? Why do both nations gain from trade in the first instance but only the small nation in the second?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (15 reviews)
Complete specialization means that if there are two trading countries then each country specializes ...View the full answer
Answered By
Aqib Parvej
I am teaching since my graduation time so I have teaching experience of about 5 years and in these years I learn to teach in the best and interesting way .
4.80+
20+ Reviews
41+ Question Solved
Related Book For
Question Posted:
Students also viewed these Micro Economics questions
-
Why is there incomplete specialization in production (even in a smaller nation) with increasing opportunity costs? How are the results under increasing costs different from the fixed-costs case?
-
What is meant by terms of trade? How is it determined?
-
What is meant by equity financing? What is meant by debt financing?
-
Codominance observable effect on the phenotype of a heter neither allele is recessive-both alleles are dominant. 6. Which of the genotypes results in a blood type that provides clear evidence of...
-
Charge is uniformly distributed around a ring of radius R = 2.40cm, and the resulting electric field magnitude E is measured along the ring's central axis (perpendicular to the plane of the ring).At...
-
An army division in Iraq has five troop encampments in the desert, and the division leaders want to determine the best location for a supply depot to serve the camps. The (x, y) coordinates (in...
-
Cesska Co. has zero units of beginning work in process. During the period 12,000 units were completed, and there were 600 units of ending work in process one-fifth complete as to conversion cost and...
-
Let A be an event that a persons primary method of transportation to and from work is an automobile and B be an event that a persons primary method of transportation to and from work is a bus....
-
It costs Oriole Company $12 of variable and $5 of fixed costs to produce one bathroom scale which normally sells for $35. A foreign wholesaler offers to purchase 2100 scales at $15 each. Oriole...
-
9.14. Is there significant difference in speed between the two servers in Example 9.21 on p. 263? (a) Use the confidence interval in Example 9.21 to conduct a two-sided test at the 5% level of...
-
What are the basic questions that we seek to answer in this chapter? In what way is the model presented in this chapter an abstraction or a simplification of the real world? Can the model be...
-
How is the combined supply curve of both nations for each of the traded commodities determined? How is the equilibrium-relative commodity price determined with trade?
-
The International Fisher Effect you observe that the inflation rate in the United States is 3.7 percent per year and that T-bills currently yield 4.3 percent annually. What do you estimate the...
-
You plan to save $6,000 per year for the next 10 years. You'll earn 5%. How much will you have after ten years? Instead of using the annuity formula, I want you to calculate the future value of each...
-
Using any of the following terms help fill out the boxes: Doa Marina The Great Dying The Columbian Exchange Cartaz* Trading Post Empire* Lateen Sail and Astrolabe* Encomienda and Repartimiento...
-
Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 5* $92,000 6% 120 days b. February 15* 18,000...
-
Sodium bicarbonate is also called baking soda. Its chemicalformula is NaHCO 3 . What is the formula mass of sodiumbicarbonate? Your answer should have four significant figures.
-
Abigail would like to endow a chair at MIT for $382,980 per year (i.e., this position will pay the annual salary of $382,980 forever.). At 5.2% interest, how much does Abigail need to donate?
-
Describe four levels of a manufacturing cost hierarchy.
-
Suppose that a flow network G = (V, E) violates the assumption that the network contains a path s t for all vertices V. Let u be a vertex for which there is no path s u t. Show that there must...
-
During the negotiations for NAFTA (North American Free Trade Agreement among the United States, Canada, and Mexico) in the early 1990s, opponents argued that the United States would lose many jobs to...
-
On another set of axes, sketch three community indifference curves, making the top two curves cross each other. (a) Why have you drawn community indifference curves downward, or negatively, sloped?...
-
On one set of axes, sketch a community indifference curve tangent to the fairly flat section of a concave production frontier. On a second set of axes, sketch another (different) community...
-
ity Mode] - Word (Product Activation Failed) cI AaBbCcD AaBbC AaBbCcDd AaBbCcL AaBbCcL AaBbCcL mal Subtitle Title 1 No Spac... Table Pa... Subtle Em... Emphasis Styles UKAF3073 CORPORATE REPORTING...
-
Speedy Auto Repairs uses a job-order costing system. The company's direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists of the mechanics' hourly...
-
Venice InLine, Incorporated, was founded by Russ Perez to produce a specialized in-line skate he had designed for doing aerial tricks. Up to this point, Russ has financed the company with his own...
Study smarter with the SolutionInn App