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Question 53 BOS A beggar-thy-neighbor policy is The imposition of import barriers for the purpose of curbing inflation
Question 53 BOS A beggar-thy-neighbor policy is The imposition of import barriers for the purpose of curbing inflation. The imposition of trade barriers to increase domestic employment. The imposition of trade barriers for the purpose of expanding exports. An attempt by a poor country to get more foreign aid and assistance.
Question 54 05 deos U.S. 8 OUTPUT OF TOMATOES Mexico 7 9 OUTPUT OF MACHINERY Figure 35.3 Refer to Figure 35.3 for the production possibilities curves for the United Slates and Mexico. These two curves indicate that The United States should specialize in the production of both goods because it has an absolute advantage in the production of both. The United States should specialize in the production of machinery Mexico should specialize in the production of tomatoes. Mexico should specialize in the production of machinery
Question 55 Don 35 00 Documents and Exams signment e Ready Videos Calendar PRIVATE GOODS FP FP FP PUBLIC GOODS Figure 34.1 Refer to Figure 34.1. Suppose the production possibilities curvo PP 2 represents the U.S. economy and point represents the combination of goods and servious currently being produced welfare discourages people from seeking work, the most likely result of linating welfare in the United States would be A movement from point to a point on PP2. A shift from PP2 to PP1 A shift from PP2 to PP3 No change from PP2 or point.
Question 56 Which of the following is not an example of in-kind income? Food stamps Unemployment benefits. Housing assistance. Subsidized school lunches.
Expert Solution
Answer 53
Part (C)
A beggar thy neighbor policy is
The imposition of trade barriers for the purpose of expanding exports
Reason: The main idea behind this policy is to worse off the economic condition of neighbouring countries or trading partners. The trick is to devalue domestic currency so that the domestic goods appear to be cheaper while cutting down on imports from other countries. Thi sleads to an increase in domestic exposrts while curbing imports from trading partners.
Answer 54
Part (A)
The United States should specialise in the production of both the goods because it has an absolute advantage in teh production of both the goods.
Reason: The PPC curve of United States is on the external end for both machinery and tomatoes as compared to Mexico. In other words, given teh resources and technology, the United States can produce greater quantity of both the goods as compared to Mexico. Thus, it should specialize in both teh goods due to its absolute advantage.
Answer 55
Part (A)
A movement from Point C to a point on PP2
Reason: When welfare will be eliminated and this will lead to people seeking more work, unemployment will come down and it will lead to more production of goods and services. Hence point C will first more to PP2. And if there is a simultaneous increase in production in the US economy, it will lead to an ourward shift in the PP curve of United States.
Answer 56
Part (B)
Unemploment Benefits
Reason: Food stamps, housing assistance and school lunches are all examples of in kind compensation however unemployment benefits means a compensation given to the unemployed for not getting any option to work anywhere. Hence, this compensation is not an inkind compensation but a direct payment.
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