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Assuming constant costs in the neighborhood of their current

Paper help Economics Assuming constant costs in the neighborhood of their current

Economics

Assuming constant costs in the neighborhood of their current

Assuming constant costs in the neighborhood of their current levels of production, the exhibit shows… Show more Assuming constant costs in the neighborhood of their current levels of production, the exhibit shows the number of units of machinery each country would have to forgo in order to produce the additional petroleum indicated. A terms-of-trade equation that could emerge as a result of trade between the two countries is: 1M = 2P. 1M = 4P. 1M = 6P. 1M = 8P. If the opportunity cost is 2X = 1Y for country A and 1X = 3Y for country B, then a possible terms of trade is: 1X = 1/3Y. 1X = 1/4Y. 1X = 1/5Y. 1/2X = 1Y. Opportunities created by trade: induce a greater degree of specialization. are evidenced by higher opportunity costs of production. are a result of absolute advantage. are few and far between. Most nations all over the world have raised trade barriers over the past decade. True False Question 16 The most likely effects of tariffs and/or quotas is to _______ prices and to _______ consumption of the protected goods in the importing country. raise; raise raise; lower lower; raise lower; lower • Show less

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