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Which product will country A import?

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Wize University Microeconomics Textbook > Gains from Trade

Absolute & Comparative Advantage

3 Activities

Wize University Microeconomics Textbook > International Trade (Exports and Imports)

Importing Country

4 Activities

Which product will country A import?
More Absolute & Comparative Advantage Questions:
Practice Question
The small economy of Adelaide can grow 100 apples or produce 20 guns a day. The small economy of Borunisa can grow 60 apples or 30 guns a day.
a) Who has absolute advantage in growing apples?
b) Who has absolute advantage in growing guns?
Economic growth can occur for two economies if each economy
In England producing an engine takes 5,000 hours of labor and producing a shoe takes 2 hours of labor. In Holland producing an engine takes 20,000 hours of labor and producing a shoe takes 4 hours of labor. What will these countries trade?
If the opportunity cost in India of producing coal is 0.5 barrels of oil and in China the opportunity cost of producing coal is 0.3 barrels of oil then which of the following is true?
Cotton Cocoa Beans
Peru 2 4
Brazil 1 6
Practice Question: Comparative Advantage
Economic growth can occur for two economies if each economy:
The figure above shows the PPF for Starria, a nation that produces two goods, roses and orchids.
What is the opportunity cost of 80 dozen orchids?
Canada produces 30 hockey sticks or 5 gallons of milk every hour, while the U.S. produces 20 hockey sticks or 20 gallons of milk every hour.
Which of the following is true?
Absolute & comparative advantage
Canada produces 30 hockey sticks or 5 gallons of milk every hour, while the U.S. produces 20 hockey sticks or 20 gallons of milk every hour.
More Importing Country Questions:
The graph above is the domestic demand and supply curves for a good in an open-economy. What is the change in total surplus due to the tariff?
The graph above is the domestic demand and supply curves for a good in an open-economy. Suppose the government enforces a tariff on imports. What is the change in producer surplus due to the tariff?
The graph above is the domestic demand and supply curves for a good in an open-economy. What is the total surplus in the domestic economy?
The graph above is the domestic demand and supply curves for a good in an open-economy. What is the total surplus in the domestic economy when there is no government intervention (no trade restriction)?
When a country raises its tariffs on imported goods, it leads to:
When a country places a tariff on goods it imports from other countries, it will increase:
The difference between putting a quota on imports and putting a tariff on imports is that a tariff increases:
Practice: World Trade
When Fiji opens itself to world trade in milkshakes, the domestic price of milkshakes falls. Which of the following is true?
USA trades internationally and imports wine at a price ___________ than the price of wine in the domestic market before they began trading internationally. USA exports steel at a price ___________ than the price in the domestic market before they began trading internationally.
Which of the following statements is true?
The graph above is the domestic demand and supply curves for a good in an open-economy. Suppose the government enforces a tariff on imports. What is the consumer surplus in the domestic economy with the tariff?
Practice Question: Global Market
Suppose that world price of bread is $2 per loaf, Canada does not trade internationally, and the equilibrium price of bread in Canada is $4 per loaf.
Practice Question: Open Economy
The graph above is the domestic demand and supply curves for a good in an open-economy. What is the total surplus in the domestic economy when there is no government intervention (no trade restriction)?