Exam (elaborations)
Exam (elaborations) ECS3702 - International Trade (ECS3702) ASSIGNMENT 1 SEMESTER 2 YEAR 2022
- Institution
- University Of South Africa (Unisa)
Exam (elaborations) ECS3702 - International Trade (ECS3702)
[Show more]
Content preview
ECS3702ASSIGNMENT 1
1.)
The figure below shows production frontiers for Kyrgyzstan and Turkmenistan with
increasing costs. Use the figure to answer the next question
Which of the following statements is correct with respect to Kyrgyzstan?
a.
Kyrgyzstan must give up more and more of shoes for each additional batch of 15 crops
that it produces
b.
Kyrgyzstan must give up more and more of crops for each additional batch of 15 shoes
that it produces
c.
Kyrgyzstan must give up more and more of shoes for each additional batch of 15crops
that it consumes
,d.
Kyrgyzstan must give up more and more of crops for each additional batch of 15 shoes
that it consumes
2)
Use the hypothetical information in the table below to answer the question that follows
Output per hour Kyrgyzstan Turkmenistan
Shoes 8 3
Crops 3 8
Which of the following statements is correct regarding Kyrgyzstan?
a.
Kyrgyzstan has comparative advantage in producing crops as the opportunity cost is
lower than in Turkmenistan, and comparative disadvantage in producing shoes
b.
Kyrgyzstan has comparative advantage in producing shoes as the opportunity cost is
lower than in Turkmenistan, and has comparative disadvantage than in producing crops
c.
Kyrgyzstan has comparative disadvantage in producing shoes and crops as the
opportunity cost is lower for both products than in Turkmenistan
d.
Kyrgyzstan has comparative advantage in producing shoes and crops as the opportunity
cost is lower for both products than in Turkmenistan
,3.)
The figure below shows production frontiers for Kyrgyzstan and Turkmenistan with
increasing costs. Use the figure to answer the question that follows
Why is there a difference in the production frontiers of Kyrgyzstan and Turkmenistan in
the figure above?
a.
The difference is because the two countries have different factor endowments at their
disposal and/or use different technologies in production
b.
The difference is because the two countries have similar factor endowments at their
disposal and/or use different technologies in production
c.
The difference is because the two countries have different tastes and preferences
d.
The difference is because the two countries have different indifference curves
, 4.)
Use the hypothetical information in the table below to answer the question that follows
Output per hour Kyrgyzstan Turkmenistan
Shoes 8 3
Crops 3 8
Which of the following statements is correct regarding Turkmenistan?
a.
Turkmenistan has comparative advantage in producing crops as the opportunity cost is
lower than in Kyrgyzstan and comparative disadvantage in producing shoes
b.
Turkmenistan has comparative advantage in producing shoes as the opportunity cost is
lower than in Kyrgyzstan and a comparative disadvantage in producing crops
c.
Turkmenistan has comparative disadvantage in producing shoes and crops as the
opportunity cost is lower for both products in Kyrgyzstan
d.
Turkmenistan has comparative advantage in producing shoes and crops as the
opportunity cost is lower for both products than in Kyrgyzstan
5.)
Use the figure below to the question that follows
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tralphmasiwa52. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R199,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71498 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now
