Exam 15: Foreign Trade
Exam 1: The Economic Problem72 Questions
Exam 2: Demand and Supply52 Questions
Exam 3: Elasticity44 Questions
Exam 4: Costs of Production59 Questions
Exam 5: Perfect Competition71 Questions
Exam 6: Monopoly and Imperfect Competition78 Questions
Exam 7: Economic Welfare and Income Distribution92 Questions
Exam 8: Measures of Economic Activity39 Questions
Exam 9: Inflation and Unemployment49 Questions
Exam 10: Economic Fluctuations104 Questions
Exam 11: Fiscal Policy52 Questions
Exam 12: Money61 Questions
Exam 13: Monetary Policy48 Questions
Exam 14: The Foreign Sector51 Questions
Exam 15: Foreign Trade63 Questions
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The following data outline production choices (A or B) in two nations, Landia and Scandia. Landia has a workforce of 12 and Scandia has a workforce of 10.
Output per worker in Landia Output per worker in Scandia Fish 8 0 Fish 16 0 Chips 0 40 Chips 0 48
-Assume that before specialization and trade,each nation devoted half of its workforce to each product.If these two nations now fully specialize in accordance with comparative advantage,the total gains from specialization would be:
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The following data outline production choices (A or B) in two nations, Latalia and Trombonia. Latalia has a workforce of 14 and Trombonia has a workforce of 10.
Output per worker in Latalia Output per worker in Trombonia A B A B Pork (tons) 4 0 Pork (tons) 8 0 Beans (tons) 0 20 Beans (tons) 0 24
-If these two nations specialize in accordance with the principle of comparative advantage:
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-Given the tariff,the quantities sold by foreign and domestic producers,respectively,would be:

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