Specialization and trade - Study guides, Class notes & Summaries

Test Bank for Economics 4th Edition by Paul Krugman 1. A simplified representation that is used to study a real situation is called a(n): A) model. B) production possibility frontier. C) assumption. D) trade-off. 2. The models that economists construct: A) usually make simplifying assumptions. B) often rely on physical constructs, such as those used by architects. C) rarely use mathematical equations or graphs. D) attempt to replicate the real world. 3. When building a mod...

Rights Correct Answer-Powers, privileges, or interests derived from law, nature or tradition Statutory Rights Correct Answer-Rights based on laws or statutes passed by federal, state or local governments Responsibilities Correct Answer-Obligations to perform certain tasks and duties Contractual Rights Correct Answer-Rights based on a specific contract between an employer and an employee 5 Types of Employment Contracts Correct Answer-Employment, Non-Compete, Intellectual Property, Imp...

TAMU ECON 203 Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A+ What are 3 gains from society when countries decide to specialize? -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. True What are 2 gains when two countries engage in specialization and trade? -total production increases -new points reached on the PPF that were originally unattainable ...

WGU D080 Managing in a Global Business Environment A company is considering establishing a subsidiary in a new host country and wishes to prepare its expatriates to adapt to the local environment. How should this company prepare its expatriates? Negotiation Operational training Repatriation Cultural Training Cultural training What happens to consumer surplus when tariffs and quotas are discontinued? They increase Which type of tariff is put in place to specifically ensure tha...

What is globalization? correct answers When international integration arises from the interchange of world views, products, ideas and cultures. What business opportunities are presented by globalization? correct answers Trade, transactions, capital, and investment movements. The migration and movement of people and the dissemination of knowledge. What are the economic effects of globalization? correct answers International movement of goods, capital, services and technology and information...

AFST 201 EXAM 1 LATEST 2024 100% CORRECT Egypt Nile River Valley Mesopotamia Tigris and Euphrates Rivers Indus Valley Indus River Caral-Supe Peru River Valley China Yellow River Why civilizations developed? -Challenge and response -Material forces (food surpluses) created specialization of labor and social classes -Management of water resources -Non-material forces (Religion = unity & purpose) geography of Egypt Nile River flows from central Africa to the Nile Delta -flooding predicatable ...

ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS GRADED A+ What are 3 gains from society when countries decide to specialize? -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. True What are 2 gains when two countries engage in specialization and trade? -total production increases -new points reached on the PPF that were originally unattainable What are the 4 characteristics of competitive ...

What are 3 gains from society when countries decide to specialize? CORRECT ANSWER -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. CORRECT ANSWER True What are 2 gains when two countries engage in specialization and trade? CORRECT ANSWER -total production increases -new points reached on the PPF that were originally unattainable What are the 4 characteristics of competitive markets...

WGU D080 Managing in a Global Business Environment 2023/2024 with complete solution Questions What is globalization? The key element of globalization is interdependence and interconnectedness among companies and countries around the globe. Globalism is characterized by an increasing number of worldwide connections, rapid and discontinuous change, an increasing number of diverse participants, and growing complexity. What are the economic, political, and cultural effects of globalization? ...

AREC 202 Midterm – Kroll Questions and Answers 100% Solved What is economics, and what does it have to do with your life? The study of how people make choices under conditions of scarcity What is the difference between microeconomics and macroeconomics? Macro: the study of national economies and policies the government uses to improve performance. Micro: the study of choice under scarcity and its implications for behaviors of prices/quantities for an individual market. What are...