This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Why does it make sense for economies to specialize according to comparative advantage and trade? ... (Read 45 times)

abern

  • Hero Member
  • *****
  • Posts: 533
on: Jun 29, 2018
Why does it make sense for economies to specialize according to comparative advantage and trade?
 
  What will be an ideal response?

Question 2

Unions support minimum wage laws because an increase in the minimum wage
 
  A) increases the supply of union labor.
  B) decreases the supply of union labor.
  C) increases the demand for union labor.
  D) decreases the demand for union labor.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Zebsrer

  • Sr. Member
  • ****
  • Posts: 284
Reply #1 on: Jun 29, 2018
Answer to Question 1

A person has a comparative advantage in an activity that they can perform at a lower opportunity cost than other people. By participating in the activity in which they have a comparative advantage, less is given up. Because resources are scarce, more can be produced with available resources when less is given up. And, by trading people can consume more than just what they produce.

Answer to Question 2

C


abern

  • Hero Member
  • *****
  • Posts: 533
Reply #2 on: Jun 29, 2018
Thank you :)


Zebsrer

  • Sr. Member
  • ****
  • Posts: 284
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

The U.S. Preventive Services Task Force recommends that all women age 65 years of age or older should be screened with bone densitometry.

The use of bacteria to make human insulin The use of bacteria to make human insulin
The frontal sinus, an airfilled space just behind the brow, is a unique size and shape in each of us The frontal sinus, an airfilled space just behind the brow, is a unique size and shape in each of us
Chapter 6 Comparative Gov pg. 1 quiz Chapter 6 Comparative Gov pg. 1 quiz
Post-Communist Economies Post-Communist Economies
Fingertip kneading along the paraspinal muscles from shoulders to buttocks. Check to make sure all ... Fingertip kneading along the paraspinal muscles from shoulders to buttocks. Check to make sure all ...
Growth in Closed Economies Growth in Closed Economies
Video: Integumentary Anatomy

For a complete list of videos, visit our video library