Examlex
Table 9-11
Output per hour Production and Production
of work Consumption without Trade with Trade
Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 9-11 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade.
-Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many hats will Denmark gain compared to the "without trade" numbers?
Public Good
An item or service delivered at no cost to all individuals in a society, facilitated by either public authorities or a charitable organization or person.
Rival in Consumption
A characteristic of a good where its consumption by one person reduces its availability for another person.
Substitutes
Goods or services that can replace each other in use or consumption, where an increase in the price of one leads to an increase in demand for the other.
Nonrival in Consumption
Nonrival in Consumption describes a good where one individual's consumption does not reduce availability to others, such as a public broadcast.
Q8: The demand curve for a luxury good
Q20: Refer to Figure 9-1.Under autarky,the consumer surplus
Q44: Which of the following does not explain
Q109: Corporations are legally owned by their board
Q133: Refer to Figure 10-3.Best friends Laurel and
Q177: If a corporate bond with a face
Q178: Which type of businesses earns the majority
Q230: Avner is maximizing total utility by buying
Q260: Assume that China has a comparative advantage
Q280: Which of the following is not a