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International economics theory and policy Review Questions with Verified Answers Latest Update (Graded A+) $7.99
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International economics theory and policy Review Questions with Verified Answers Latest Update (Graded A+)
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International economics theory and policy Review Questions with Verified Answers Latest Update (Graded A+) Gravity Model - Answers A model of comparative advantage that describes the level of interaction between two places, based on the size of their populations and their distance from each other....

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  • November 14, 2024
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  • 2024/2025
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International economics theory and policy Review Questions with Verified Answers Latest Update
(Graded A+)

Gravity Model - Answers A model of comparative advantage that describes the level of interaction
between two places, based on the size of their populations and their distance from each other.

Gross Domestic Product (GDP) - Answers A measurement of the total goods and services produced
within a country.

developing countries - Answers countries with less productive economies and a lower quality of life

service offshoring (service outsourcing) - Answers practice of hiring foreign workers or contracting with
an international third party service provider to run service based functions of a particular industry

opportunity cost - Answers Cost of the next best alternative use of money, time, or resources when one
choice is made rather than another

Ricardian Model - Answers explains how the level of a country's technology affects the wages paid to
labor, such that countries with better technologies have higher wages

production possibilities curve - Answers A curve that describes the maximum amount of one good that
can be produced for every possible level of production of the other good.

Production Possibilities Frontier (PPF) - Answers a diagram that shows the productively efficient
combinations of two products that an economy can produce given the resources it has available

absolute advantage - Answers the ability to produce more of a given product using a given amount of
resources

partial equilibrium analysis - Answers the analysis of a single market in isolation, ignoring any feedbacks
that may come from induced changes in other markets

general equilibrium analysis - Answers the analysis of all the economy's markets simultaneously,
recognizing the interactions among the various markets

relative demand - Answers The ratio of the demand for one good to the demand for another

relative demand curve - Answers The quantity demanded of one good divided by the quantity
demanded of another good; how many units are demanded of a good for each unit demanded of
another good

relative supply curve - Answers the quantity supplied of one good divided by the quantity supplied of
another good; how many units are supplied of a good for each unit supplied of another good

gains from trade - Answers the extra output that trading partners obtain through specialization of
production and exchange of goods and services

, Relative wages - Answers the wages of the domestic country relative to the wages in the foreign country

pauper labor argument - Answers Foreign competition is unfair and hurts other countries when it is
based on low wages

Specialization - Answers the concentration of the productive efforts of individuals and firms on a limited
number of activities

derived demand - Answers Business demand that ultimately comes from (derives from) the demand for
consumer goods.

nontraded goods - Answers goods that are neither imported nor exported, for reasons like high
transportation costs. Domestic produced and consumed products.

unit labor requirement - Answers indicates the constant number of hours of labor required to produce
one unit of output

Mobile Factors - Answers Factors of production that can move between sectors. I.e., labor

specific factors - Answers Factors of production that are unable to move into or out of an industry or
sector.

production function - Answers the relationship between quantity of inputs used to make a good and the
quantity of output of that good

Marginal product of labor - Answers the increase in the amount of output from an additional unit of
labor

diminishing returns - Answers stage where output increases at a decreasing rate as more units of
variable input are added

budget constraint - Answers all possible consumption combinations of goods that someone can afford,
given the prices of goods, when all income is spent; the boundary of the opportunity set

labor mobility - Answers the ability and willingness of workers to relocate in markets where wages are
higher

U.S. Trade Adjustment Assistance program - Answers Provides extended unemployment coverage for an
additional year and tuition reimbursement to workers who are displaced by Plant closure due to import
competition or an overseas relocation to a country receiving preferential access to the United States

wage convergence - Answers As the wages of migrant and local workers converge, and the labor market
barriers are gradually eliminated, more adequate and integrated labor mobility across regions is
expected to bring about a reduction of regional wage differentials.

marginal product - Answers extra output due to the addition of one more unit of input

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