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 47 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?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Did you know?

Vital signs (blood pressure, temperature, pulse rate, respiration rate) should be taken before any drug administration. Patients should be informed not to use tobacco or caffeine at least 30 minutes before their appointment.

Did you know?

The top five reasons that children stay home from school are as follows: colds, stomach flu (gastroenteritis), ear infection (otitis media), pink eye (conjunctivitis), and sore throat.

Comparative profiles of the lion and tiger. Comparative profiles of the lion and tiger.
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
Atlantic Slave Trade, 1451–1870 Atlantic Slave Trade, 1451–1870
Make your mitochondria proud! Make your mitochondria proud!
The Sense of Kinesthesis The Sense of Kinesthesis
Controlling access to water in order to gain political and strategic advantage in Gaza Controlling access to water in order to gain political and strategic advantage in Gaza
Video: Complement Proteins Animation

For a complete list of videos, visit our video library