Imagine there are two countries: A and B. These countries have the same amount of resources and both produce two goods, pens and scissors. If country A dedicates all of it's resources to pens, it can produce 1000 pens. If country A dedicates all of it's resources to scissors, it can produce 3000 scissors. If country B dedicates all of it's resources to pens, it can produce 500 pens. If country B dedicates all of it's resources to scissors, it can produce 1000 scissors. Now try a different trade ratio.

Required:
Which country would accept and/or not accept a trade of 200 pens for 500 scissors (i.e. the trade would benefit them)?

Answer:

The American statesman Benjamin Franklin (1706–1790) once wrote: “No nation was ever ruined by trade.” Many economists would express their attitudes toward international trade in an even more positive manner. The evidence that international trade confers overall benefits on economies is pretty strong. Trade has accompanied economic growth in the United States and around the world. Many of the national economies that have shown the most rapid growth in the last few decades—for example, Japan, South Korea, China, and India—have done so by dramatically orienting their economies toward international trade. There is no modern example of a country that has shut itself off from world trade and yet prospered. To understand the benefits of trade, or why we trade in the first place, we need to understand the concepts of comparative and absolute advantage.

In 1817, David Ricardo, a businessman, economist, and member of the British Parliament, wrote a treatise called On the Principles of Political Economy and Taxation. In this treatise, Ricardo argued that specialization and free trade benefit all trading partners, even those that may be relatively inefficient. To see what he meant, we must be able to distinguish between absolute and comparative advantage.

A country has an absolute advantage in producing a good over another country if it uses fewer resources to produce that good. Absolute advantage can be the result of a country’s natural endowment. For example, extracting oil in Saudi Arabia is pretty much just a matter of “drilling a hole.” Producing oil in other countries can require considerable exploration and costly technologies for drilling and extraction—if indeed they have any oil at all. The United States has some of the richest farmland in the world, making it easier to grow corn and wheat than in many other countries. Guatemala and Colombia have climates especially suited for growing coffee. Chile and Zambia have some of the world’s richest copper mines. As some have argued, “geography is destiny.” Chile will provide copper and Guatemala will produce coffee, and they will trade. When each country has a product others need and it can be produced with fewer resources in one country over another, then it is easy to imagine all parties benefitting from trade. However, thinking about trade just in terms of geography and absolute advantage is incomplete. Trade really occurs because of comparative advantage.

Explanation:

The country that should accept trade  200 pens for 500 scissors is Country B.

A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries. If the country does not have a comparative advantage inthe production of a good, that goos should be imported.

Opportunity cost in producing 1 scissors:

For country A = 1000 / 3000 = 1/3

For country B = 500 /1000 = 1/2

To learn more about comparative advantage, please check: https://brainly.com/question/25812820

True or False:
when determining the price elasticity ratio for a good, one should include the direction of change (ie. -5% is different than 5%).

What tab do I use to get to the table of contents on a word document?

the equipment and structures available to produce goods and services are called

In macroeconomics, _____________________ denotes the relationship between the total quantity of goods and services and the price level for output.

on friday, elsbeth deposited her pay check for $872.56. what was the account’s final total? -$866.84 $878.28 $895.03 $903.10

activity #1 picture identification as to what type of business

direction identify the following pictures below whether it is a
Service
Merchandising
Manufacturing or a
Hybrid type of business​

Sue worked 48 hours this week. Her rate of pay is $13.75 per hour. What is her gross pay?

painting expenses is debit or credit​

Kendrick is highly knowledgeable about new developments in computer technology, since he reads everything he can find about the subject. Typically, being the first to try out new computer parts and models, he would be classified ________ in terms of the diffusion of innovation curve.

Leo Co. uses the allowance method to account for bad debts. At the end of the year, Leo Co.'s accounts receivable balance is $25,000; allowance for doubtful accounts balance of $100 (credit); and sales of $500,000. Based on history, Leo estimates that bad debts will be 2% of accounts receivable. The entry to record estimated bad debts will include a debit to Bad Debts Expense in the amount of:

an economist would explain reece’s decision to be – because she – the prepaid cost, and made her decision based on the marginal benefit and cost of going. in economics these prepaid costs would be referred to as – costs, which are unrecoverable.

how was each monopoly situation successfully eliminated?

What is a C corporation?

What is institutional advertising focused on promoting?
____________________
A. A company
B. The Internet
C. A service
D. A good

based on normal market reaction, the market price of stock will:

One characteristic of the United States Foreign Corrupt Practices Act is that it: ____________

a. applies to only international transactions that occur within the territorial borders of the United States.
b. is an attempt to support U.S. businesses by exporting U.S. values that indirectly aid business.
c. clearly stipulates terminology and behavior that is illegal on the part of U.S.
d. businesses and foreign business operating in the United States.
e. includes uncertainties such as terminology, definitions, accounting standards, and behavior standards.

On May 28, 2021, Mary purchased and placed in service a new $60,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal use in 2021. In 2022, the usage changed to 40% for business, 30% for production of income, and 30% for personal use. Mary did not elect immediate expensing under § 179. She did not claim any available additional first-year depreciation. Compute Mary's cost recovery deduction for 2021 and 2022 and any cost recovery recapture for 2022.

suppose the market for apples is perfectly competitive. the first graph depicts the supply and demand curves for the market for apples. the second graph represents an individual apple grower. graph the demand curve the individual grower faces by placing the endpoints of the firm demand curve in the correct locations.

Gordon is over 65 what is his adjusted gross income

3. How do the ultra rich use charitable giving to make sure they pay less taxes?

When determining asset allocation and diversification, you should mostly
consider
A. rate of return
B. portfolio size
C. real estate holdings
D. similar investments

Can someone pls help me write a cover letter for a resume

IF YOU CAN HELP ME, I WILL GIVE U BRAINLIEST!!!! HIGHEST POSSIBLE AMOUNT OF POINTS BECAUSE I'M SO STUCK!!!!!
If you could just explain it for me, I would be so grateful!!

Step 1: Read the Scenario
Because of the great work you’ve been doing for your department at running shoe company Runner Rush, your vice president has elected you to join an innovative cross-departmental team in your organization. The company is looking to launch a new shoe that enhances any runner’s speed. Management wants this new team to create an idea within a month. All the members of the team are alleviated of some of their regular job duties in order to join several meetings a week to brainstorm and design the new product.
Step 2: Develop a Month Plan
You have been appointed as the team leader. Develop a month plan that you will present to your teammates at the initial meeting. Focus on developing a strong team dynamic, setting goals, expectations, deadlines, and other elements that will lead the team to success. Make sure that your plan is easy to follow and clearly outlines all the required information.

what is an example of an activity that would be considered a management function for an sec audit client?

Select the correct answer.
Which technique helps you become more resourceful?
A.
looking at current trends
B.
looking for perfect solutions
C.
thinking like a child
D.
thinking more logically

old Spanish-type houses in have huge high-pitched roo​

1. How does preserving the environment benefit business?

why are externalities considered a cause of market failure?

Suppose you are in your first year as a marriage and family counselor and find clients ask you questions about your professionalism and experience. What would be a suggested next step to demonstrate professionalism?

A. receive additional certification
B. give recommendations to clients
C. give resume to clients
D. put license on the wall

Investors are often presented with risky investment opportunities. While high risk is typically avoided by
savvy investors, which of the following would the ideal risky investment offer? (1 point)
O higher returns and higher liquidity than other investments
O higher returns and lower liquidity than other investments
O
o
O
lower returns and lower liquidity than other investments
O lower returns and higher liquidity than other investments