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Author Question: Ireland and Japan are assumed to produce only wool and steel, to have full employment and complete ... (Read 54 times)

vowens

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on: Oct 12, 2022

Question 1

If, over a period of a year, a country's import price index rises from 100 to 120 and its export price index rises from 100 to 110, its index for the terms of trade has
◦ risen from 100 to 110.
◦ fallen to 91.67.
◦ risen from 100 to 120.
◦ risen to 109.09.
◦ fallen from 110 to 100.

Question 2

Ireland and Japan are assumed to produce only wool and steel, to have full employment and complete mobility of resources between industries. Their production possibilities boundaries before trade are drawn in solid lines. It is assumed that the two countries have the same amount of resources. Their consumption possibilities after trade are shown by the dotted lines. The outputs of wool and steel are given in physical units.



FIGURE 19-1

Refer to Figure 19-1. At the "terms of trade" shown by the dotted lines,


◦ only Japan can benefit from trade.
◦ consumers will press for tariffs.
◦ resources will be permanently unemployed in Japan.
◦ resources will be permanently unemployed in Ireland.
◦ both countries can experience gains from trade.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by vowens on Oct 12, 2022

fdsajkl

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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vowens

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

cpetit11

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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