- 15.1: Define:a. exportsb. importsc. balance of traded. absolute advantage...
- 15.2: Suppose the UnitedStates can produce either90 apples and 20 oranges...
- 15.3: Suppose Japan can produceeither 100 cars and30 television sets or 8...
- 15.4: What does it mean to saythat country A has acomparative advantagein...
- 15.5: Jones is an attorney, andSmith is a gardener.Jones, however, is bet...
- 15.6: How would you go aboutcomputing the opportunitycost (in dollars) of...
- 15.7: ______ refers to an increase in the value of onecurrency relative t...
- 15.8: If one dollar buys two pesos, it is called the______ between dollar...
- 15.9: ______ refers to a decrease in the value of onecurrency relative to...
- 15.10: A ______ is a country with a low per capitaGDP.
- 15.11: The birthrate minus the death rate equals the______.
Solutions for Chapter 15: International Trade
Full solutions for Economics New Ways of Thinking | 1st Edition
the idea that taxes should be levied on a person according to how well that person can shoulder the burden
the subfield of economics that integrates the insights of psychology
a government regulation specifying a minimum amount of bank capital
diminishing marginal product
the property whereby the marginal product of an input declines as the quantity of the input increases
a strategy that is best for a player in a game regardless of the strategies chosen by the other players
input costs that do not require an outlay of money by the firm
something that induces a person to act
the regular pattern of income variation over a person’s life
a small incremental adjustment to a plan of action
marginal product of labor
the increase in the amount of output from an additional unit of labor
marginal rate of substitution
the rate at which a consumer is willing to trade one good for another
marginal tax rate
the amount that taxes increase from an additional dollar of income
a group of buyers and sellers of a particular good or service
an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
the business practice of selling the same good at different prices to different customers
goods that are neither excludable nor rival in consumption
the path of a variable whose changes are impossible to predict
a cost that has already been committed and cannot be recovered
the value of a nation’s exports minus the value of its imports; also called net exports
a worker association that bargains with employers over wages, benefits, and working conditions