Figure 21 8 128 figure 21 8 has four sets of

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Chapter 20 / Exercise 17
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FIGURE 21-8128. Figure 21-8 has four sets of production possibility curves for two hypothetical countries. In which case will there be no advantage to trade between the two countries?D,A a.1b.2c.3d.4PUZZLE ANSWER: COMPARATIVE ADVANTAGE AND COMPETITION FROM “CHEAP FOREIGN LABOR”
129. The effect of opening trade between countries is
SUPPLY, DEMAND, AND PRICING IN WORLD TRADE130. The world price of a commodity will settle at the level where
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Exploring Macroeconomics
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Chapter 20 / Exercise 17
Exploring Macroeconomics
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Chapter/International Trade and Comparative Advantage 123TABLE 21-4QuantityQuantityQuantityQuantityPrice perDemandedSuppliedDemandedSuppliedTVin United Statesin United StatesJapanJapan(dollars)             (thousands)               10010010100 25200 8520 85300 7030 70400 6040 60500 5050 50600 4060 40100700 3070 30110800 2080 20120131. Table 21-4 presents the demand and supply schedules for television sets in Japan and the United States. If there is no trade between these countries, what are the equilibrium price and quantity in the United States?  (thousands)           (thousands)           (thousands)   50 70 80 90
132. Table 21-4 presents the demand and supply schedules for television sets in Japan and the United States. If there is no trade between these countries, what are the equilibrium price and quantity in Japan?a.P = $100, Q = 100b.P = $200, Q = 85D,Ic.P = $300, Q = 70d.P = $400, Q = 60
133. Table 21-4 presents the demand and supply schedules for television sets in Japan and the United States. If Japan and the United States trade with each other, what will be the equilibrium price in the world market for television sets?
134. Table 21-4 presents the demand and supply schedules for television sets in Japan and the United States. If Japan and the United States trade with each other, which country will export television sets and how many?D,I
124 Chapter/International Trade and Comparative Advantage

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