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Chapter 20: Q.32 (page 495)

In Exercise 20.31, is there an 鈥渁sk鈥� where Venezuelans may say 鈥渘o thank you鈥� to trading with Canada?

Short Answer

Expert verified

The given information is below:

Now, after observing the above table, it may be said that true during which Canada asks for 500 or more oil barrels, for fewer than 1000 loads of lumber, Venezuela may say "no thank you" for the trading transaction with Canada.

Step by step solution

01

Concept Introduction

It is the table which describes the country, oil, lumbers.

02

Explanation of Solution

This is because as per above table the assembly of Canada of barrel and tons are within the ratio of 1: 2 which implies for producing but 1000 a lot of lumber, Canada should sacrifice the assembly of but 500 oil barrels.

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Most popular questions from this chapter

If trade increases world GDP by 1% per year,

what is the global impact of this increase over 10 years? How does this increase compare to the annual GDP of a country like Sri Lanka? Discuss. Hint: To answer this question, here are steps you may want to consider. Go to the World Development Indicators (online) published by

the World Bank. Find the current level of World GDP in constant international dollars. Also, find the GDP of Sri Lanka in constant international dollars. Once you have these two numbers, compute the amount of the additional increase in global incomes due to trade and compare that number to Sri Lanka鈥檚 GDP.

Brazil can produce 100pounds of beef or 10autos. In contrast, the United States can produce 40pounds of beef or 30autos. Which country has the absolute advantage in beef? Which country has the absolute advantage in producing autos? What is the opportunity cost of producing one pound of beef in Brazil? What is the opportunity cost of producing one pound of beef in the United States?

Under what conditions does comparative advantage lead to gains from trade?

Are differences in geography behind the

differences in absolute advantages?

You just got a job in Washington, D.C. You move

into an apartment with some acquaintances. All your roommates, however, are slackers and do not clean up after themselves. You, on the other hand, can clean faster than each of them. You determine that you are 70% faster at dishes and 10% faster with vacuuming. All of these tasks have to be done daily. Which jobs should you assign to your roommates to get the most free time overall? Assume you have the same number of hours to devote to cleaning. Now, since you are faster, you seem to get done quicker than your roommate. What sorts of problems may this create? Can you imagine a trade-related analogy to this problem?
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