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Alex17521 [72]
3 years ago
11

Problems and Applications Q9 Indicate whether each of the following statements is true or false. Statement True False 1. Two cou

ntries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods. 2. Certain very talented people have a comparative advantage in everything they do. 3. If a certain trade is good for one person, it can't be good for the other one. 4. If a certain trade is good for one person, it is always good for the other one. 5. If trade is good for a country, it must be good for everyone in the country.
Business
1 answer:
Alinara [238K]3 years ago
6 0

Answer:

1. Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods. TRUE.

A country can have absolute advantage in the production of a good but that does not mean that they have comparative advantage. If they do not then they can still gain from trade by trading the good they have a comparative advantage in for the good they do not have a comparative advantage in.

2. Certain very talented people have a comparative advantage in everything they do. FALSE.

It is simply impossible to assume that someone can have a comparative advantage in everything because we are built differently.

3. If a certain trade is good for one person, it can't be good for the other one. FALSE.

The main purpose of trade is for it to be mutually beneficial to both parties so it is not true that a trade that is good for one person is not good for another.

4. If a certain trade is good for one person, it is always good for the other one.  FALSE.

Sometimes however, it is quite possible that trade is not always good for both party as one party could benefit from trade while the other does not.

5. If trade is good for a country, it must be good for everyone in the country. FALSE.

A trade being good for a country does not mean that it is good for all its citizens. For instance, if a country buys cars for a cheaper price from abroad, the car makers in the country will not benefit because they will see reduced sales for their domestically made cars.

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In the country of Economica, the total labor force consists of 15,000 workers. 750 of these workers are unemployed, and thus the
wel

Answer:

At the end of the year, the labor force will consist of 15,555 workers

The unemployment rate will be 7.71%

Explanation:

In order to calculate the labor force we would have to make the following calculation:

labor force=labour force - workers will lose their jobs +workers will return to the labor force - workers voluntary leave their jobs + new workers entered

labor force= 15,000 - 300 + 255 - 150 + 750

labor force=15,555

At the end of the year, the labor force will consist of 15,555 workers

In order to calculate the unemployment rate we would have to make the following calculation:

unemployment rate=Unemployed labour force/labor force

Unemployed labour force=new workers entered+workers will lose their jobs+workers voluntary leave their jobs

Unemployed labour force=750 + 300 + 150

Unemployed labour force=1,200

Therefore, unemployment rate=1,200/15,555

unemployment rate= 7.71%

The unemployment rate will be 7.71%

3 0
3 years ago
Whose responsibility is it to identify credit report errors?
lesya692 [45]
The credit bureaus<span> and the company reporting your pay history, </span>the information furnisher are two bodies responsible for the information in your credit report. The account information from the credit bureau can only be as accurate as the information it is provided by the information furnisher.
6 0
4 years ago
Tyrone is reviewing customer response forms and learns that while some people like the company's new outerwear designs, the majo
Vsevolod [243]

Answer:

Feedback

Explanation:

Feedback is the response you get from the customers.

4 0
3 years ago
In 2002, the annual price of oil was $24.36. As of late July 2006, the annual price of oil was $62.07. The percentage increase i
juin [17]

Answer:

b. oil prices increased faster than real GDP, but real GDP still grew at a healthy pace.

Explanation:

In this example, we compare the annual price of oil and the annual increase in GDP. When we look at the two, we can see that oil prices increased faster than real GDP. Nevertheless, we can also see that GDP still grew at a healthy pace.

GDP refers to Gross Domestic Product. This concept describes the monetary value of all good and services produced within a country's borders in a certain time period. GDP does not describe all the specific economic conditions of a country. However, it is still a useful measure for politicians and researchers in order to estimate the relative health of a country's economy.

5 0
4 years ago
Use each of the key terms to complete the following sentences.
Degger [83]

Answer:

1. Negative reinforcement.

2. Social learning.

3. Behavior modification.

4. Extinction.

5. Classical conditioning.

Explanation:

Operant conditioning can be defined as an associative learning process which involves reinforcing the strength of a behavior. Thus, the outcome depends on the response in operant conditioning.

A reinforcement of a desired behavior involves the process of strengthening a positive behavior being exhibited by an individual through the use of stimulus.

Behavior modification is a therapeutic process that is focused on changing any undesirable negative behavior in an individual through the use of positive or negative consequence and biofeedback.

Behavior modification is typically based on operant conditioning principles, through negative or positive reinforcement, undesirable behaviors developed by an individual are mainly replaced with more desirable ones.

1. Negative reinforcement: every time the new machine is turned on it beeps loudly until the operator runs a full safety check on it. After the safety check is complete, the beeping stops.

2. Social learning: after watching a coworker get in trouble for deviating from the call center script while handling a customer, you decide to always say exactly what the company wants you to when speaking with customers.

3. Behavior modification: one of your subordinates is very inconsiderate and often leaves his empty coffee cups around the office when he is done rather than throwing them out. You start paying attention to when he throws out his trash and comment on how much this is appreciated and keeps the office looking nice.

4. Extinction: your colleague likes to tell inappropriate jokes before meetings and this makes you and the rest of your team uncomfortable. You and your teammates start ignoring the comments instead of smiling politely when the jokes are told to help eliminate the behavior.

5. Classical conditioning: Every time the HR representative comes to work dressed in a suit, layoff notices seem to be distributed. You and your colleagues start worrying whenever you see the HR representative dressed up for work.

Classical conditioning can be defined as a learning process which involves repeatedly pairing two stimuli: conditioned stimulus and unconditioned stimulus. In classical conditioning, a response which is at first brought forth by the second stimulus is later brought forth by the first stimulus alone.

Basically, it is a process through which a living organism learns to associate stimuli and as a result anticipating events.

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3 years ago
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