Business, 09.05.2020 18:57 kayranicole1
The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization and trade the optimal product mix for China is alternative B and for the United States is alternative U.
China Production Possibilities
Product A B C D E F
Apparel 150,000 120,000 90,000 60,000 30,000 0
Chemicals (in tons) 0 30 60 90 120 150
U. S. Production Possibilities
Product R S T U V W
Apparel 50,000 40,000 30,000 20,0000 10,000 0
Chemicals (in tons) 0 20 40 60 80 100
c. What are the limits of the terms of trade?
units of apparel for 1 ton of chemicals and units of apparel for 2 tons of chemicals.
Suppose that the actual terms of trade are 1 unit of apparel for 1½ units of chemicals and that 20,000 units of apparel are exchanged for 30 units of chemicals. What are the gains from specialization and trade for each nation?
China has a gain of units of apparel.
The United States has a gain of tons of chemicals.
Answers: 2
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The following hypothetical production possibilities tables are for China and the United States. Assu...
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