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Consider this statement: It takes more than 110 yen to buy 1 U.S. dollar and more than 1.2 dollars to buy 1 British pound. These values show that the United States ...

Question

Consider this statement: It takes more than 110 yen to buy 1 U.S. dollar and more than 1.2 dollars to buy 1 British pound. These values show that the United States must be a much wealthier country than Japan and that the United Kingdom must be wealthier than the United States. Do you agree with this reasoning? Briefly explain.

Consider this statement: It takes more than 110 yen to buy 1 U.S. dollar and more than 1.2 dollars to buy 1 British pound. These values show that the United States must be a much wealthier country than Japan and that the United Kingdom must be wealthier than the United States. Do you agree with this reasoning? Briefly explain.



Answers

Japan generally runs a significant trade surplus. Do you think this is most related to high foreign
demand for Japanese goods, low Japanese demand for foreign goods, a high Japanese saving rate
relative to Japanese investment, or structural barriers against imports into Japan? Explain your answer.

When it comes to international trade, we know that it tends to make both countries involved in the trade better off. And so even though most countries right now tend to import very large quantities of goods and services, they're still able to enjoy a high standard of living. And the reason for that is because regardless of the fact that they're importing large quantities, they're still also likely to be exporting large quantities of goods and services as well. And this comes down to this idea of specialization. So what this is saying is that these countries should export those goods which they can specialize in, and they specialize in those goods, which they have the comparative advantage. So if countries are able to produce and export those goods which they are specialist in because of their comparative advantage, will be able to produce and export very large quantities that will allow them to have a high standard of living. But it only does that because they're also going to then be importing those goods, which they don't have the comparative advantage in. So what this does is it allows the consumers within the country to not only consume the goods which that which their country has a comparative advantage in, but also those goods which they don't, and they're able to consume more of both of those goods because of this international trade that's going on. So we export what we're good at, we have that specialization in and we import what were less good at those things that other countries can specialize in. This allows us to lower prices, we have greater variety to choose from. And overall we end up seeing a higher standard of living.

His international trade more important to the U. S. Compared to other nations. Now, it is no surprise that the United States is one of the world's leading nations. In terms of trading, however, there's that scene that trading is more important to the U. S and other nations. Well, imports account for 16% of GDP. Of the U. S. GDP exports account for 13% of the GDP, which means that all together trading accounts for less than 1/5 off the U. S. GDP. This here it's a lot lower in other cases or other industrialized economies such as the United Kingdom, Germany, France. So all I know this statement you this question would be answered with no international trade is not more important to the U. S. And it is to other industrialized economies in which trading accounts for more, uh, or a higher percentage off the GDP

This look about Japan's Reliance international trade, even though Japan is sort of known as being very heavily involved, international trading and doing very much a lot of ex corde in importing. When it comes to reliance on international trade, it is not very much so. Your pets here off GDP That depends on trading is less than other industrialized economies. Some of those examples are Germany and the U. K. Their fear of trading to GDP is very much similar to that of the U. S. So all I know we can say that Japan relies heavily on international trade because again, it doesn't seem to make up a big chunk of

State line up this question say a lower price in the market always increases economic efficiency in the market basis. For this statement, it's not correct. So we have two cases. 2% in the first case. Is the market achieve a lower market price itself? So basically well, prize and call me too and only held a supply curve and living man Kurt and we know that given supply demand curve, we retrieve efficiency in this market by the cold in price, and you request the star and equal quantity used that right. At this point, the market of shoes, the cauldron and the market is efficient. So if there's some like, um, other factors influences markets, so let's think about there'll be some supply increase. Supporting course will see the supply curve shifters and light. And if the supply in Chris New Cross points off the supply, current demand care. You see this price P price and quality in Cuba crime, and in this case it's a market achieved a cool room itself. Um, between your price peace people ride and cue pie markets do efficient. So, basically previously, the market choose efficient itself at peace star Hugh star and because some, like supply increase monkey that shoots they pulled from a new equipment, you crying and coupons? Well, some days, few points, they're efficient. But if there's some other case, they sound that The Christ Request is not shoot by the mock itself, but by some, like intervention off the government loss in Kabbalah job hell of the man Kirk Supply curve and an anchor and the market. The cold comprises three star and market the cova calling to his Q star. But now you see a lower price. So this kind of lower price is sad by the Parliament. This it is p price. The price o the people is a price so sacked by the government that ISS, the prize of the market, cannot be higher than Pete crime. But the quivering price of the market he stars higher than be prime. So basically the highest possible price in this market will be Clark. Right? So if this is sat by the market, we see some loss of market efficiency because at this price, the quantum Timander is actually very high. So this point quality manager sake you'd be here is very high because lower the price of the higher the home demanded off the consumer. But the quanta supplies is pretty low because lower the price of the less the seven like disappoint the markets. But because this is the only one to supply cues s in this market. So they're only like commenting the market is only few. Yes, that is a case. You could see that you're some loss off the total surplus in this market. So this will be the total sum plus in the market saying told no surplus in the market, there will be eight triangle loss off the photo. Simplest, compare lis efficient one. So in this case, it's The Christ, of course, is a chewed by government information. Then we will see that the market efficiency is lower. It's Lord. So basically a semen is not collect.


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