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 44 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?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Comparative sizes of the Earth and the Moon Comparative sizes of the Earth and the Moon
Make your mitochondria proud! Make your mitochondria proud!
Children make a fast adjustment to a new culture, although, as with these Hmong children in ... Children make a fast adjustment to a new culture, although, as with these Hmong children in ...
The Nutrient Fact Panel on the food label can help consumers make smart nutrition choices The Nutrient Fact Panel on the food label can help consumers make smart nutrition choices
Project Management: Achieving Competitive Advantage, 5th Edition Project Management: Achieving Competitive Advantage, 5th Edition
Sagittal view of the olfaction (Sense of Smell) Sagittal view of the olfaction (Sense of Smell)
Video: Genetics of Cancer

For a complete list of videos, visit our video library