1 answer

Y. We know that in antiquity because no one in any other China exported silk because...

Question:

y. We know that in antiquity because no one in any other China exported silk because no one in duet. From this information we
y. We know that in antiquity because no one in any other China exported silk because no one in duet. From this information we know that e advantage in silk. country knew how to produce this pro A) China had a comparative advantage B) China had an absolute advant C) no comparative advantage co China exported sill for political reasons eve advantage. E) China was unable to profit the world. The two country, multi-product mode model in that, in the former age, but not a comparative advantage in silk could exist because the technology was not din s not diffused. ons even though it had no comparative use it was unknown in the rest of ore to profit by expertine silk because it was unkno 20 duet model differs from the two-country, two-pro A) the relative wape ratio will determine the pattern of trade by which country). attern of trade ( which good is exported & determined entirely by labor re especially high for Widgets in the two- B) which country will export which product is determined entire productivity data. C) full specialization is likely to hold in equilibrium. D) none of the goods are potentially nontraded. E) domestic relative prices are not relevant. - Assume that transportation costs are especially high for Widgets in country, two-product Ricardian model, and Country A enjoys a compare advantage in Widgets, then A) country B must also enjoy a comparative advantage in Widgets. B) country B may end up exporting Widgets. U country A may switch to having a comparative advantage in the other we D) country A will still export Widgets. E) trade may be impossible between the two countries. . Which of the following is most likely to be an untraded good in a Ricardian two country, multi-good model? A) steel. B) textiles. C) haircuts. D) petroleum. E) telemarketer services.

Answers

19) (A) China had a comparative advantage in silk.

Comparative advantage is the ability to carry out an economic activity, such as manufacturing a product, more efficiently than others. China knew how to produce silk whereas others didn’t. So China clearly had an advantage compared to others. Thus the correct option is:

20) (A) the relative wage ratio will determine the pattern of trade (which good is exported by which country).

In two-country multi product model the relative wage ratio determines the pattern of trade whereas it doesn’t in two-country two product model. Thus, the correct option is:

Kindly upvote and please post the other questions separately.

Thanks and good luck :)

.

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