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- Who gains and who loses from trade?With reference to Table 2 below, indicate in what commodity the U.S. and the Philippines have a comparative advantage? Table 2 COMMODITY U.S. Philippines Wheat (bushels/man-hour) 7 1 Rice (sacks/man-hour) 4 3According to the theory of comparative advantage, a country goods in which it has a comparative advantage. exports imports Oexports and imports does not trade Question 10 10 the 10
- (a) With the help of a graph, explain how the quantities of exports and imports of a country canbe determined in a two-country and two-goods world. (b) Explain with the help of a graph theeffect of an increase in the relative price of the exported good of a country on its welfare.1._______ The total value of a nation’s exports minus thetotal value of its imports over some period of time.2._______ The ability to produce a specific product moreefficiently than any other nation.3._______ Selling and shipping raw materials or products toother nations.4._______ The ability to produce a specific product moreefficiently than any other product.5._______ All business activities that involve exchangesacross national boundaries.6._______ The total flow of money into a country minus thetotal flow of money out of that country over thesame period of time.7._______ A tax levied on a particular foreign product entering a country.8._______ A complete halt to trading with a particular nationor in a particular product.9._______ An international barter transaction.10. _______ An internationally supported bank that providesloans to developing countries to help them grow.a. countertradeb. foreign exchange controlc. multilateral development bank (MDB)d. absolute advantagee. import…Cashews (pounds) 150 Neither country Indonesia Pakistan Pakistan 240 Cotton (bolts) Cashews (pounds) Cotton (bolts) The figure above shows the production possibilities frontiers for Pakistan and Indonesia. Each country produces two goods, cotton and cashews. Which country has a comparative advantage in the production of cashews? 120 They have equal productive abilities. Indonesia 320
- Time it takes to produce one car | Time (hours) it takes to produce one Laptop (hours) Canada 2,000 4 China 3,200 8 Which good will China export and which good will Canada export? O Canada will export cars and China will export laptops. O Canada will export laptops and China will export cars. O China will export laptops and cars. Canada will export neither goods. O Canada will export laptops and cars. China will export neither goods.QUESTION 17 Cashews (pounds) 150 Pakistan Cashews (pounds) 240 120 Indonesia Cotton (bolts) Refer to Figure 2-7. Which country has a comparative advantage in the production of cashews? ONeither country OPakistan OThey have equal productive capabilities. OIndonesia 320 Cotton (bolts)WHAT WILL HAPPEN IF A COUNTRY DOESNT HAVE ENOUGH PRODUCTION BUT MORE EXPORTING THINGS IN OTHER COUNTRIES
- Output Per Unit of Labor Input England 20 2 Portugal 24 Cloth Wine 12 A. Portugal has a comparative advantage in the production of cloth and wine B. England has a comparative advantage in the production of cloth and wine C. Portugal has a comparative advantage in cloth and England has a comparative advantage in wine D. England has a comparative advantage in cloth and Portugal has a comparative advantage in wine E. England has an absolute advantage in the production of cloth and wineSuppose you examine the bilateral trade flows between Northern Ireland and the Republic of Ireland, England, Scotland and Wales. Which bilateral trade flows do you expect to be larger? Select one: O a. Between Northern Ireland and Wales Ob. Between Northern Ireland and the Republic of Ireland c. Between Northern Ireland and England Od. Between Northern Ireland and ScotlandQuestion: Describe comparative advantage in international trade and its benefits for countries.Don't use chatgpt please provide valuable answer otherwise be ready for disupvote