Total acreage Rice grown on 1 acre Wheat grown on 1 acre United States 500,000 a
ID: 1179470 • Letter: T
Question
Total acreage
Rice grown on 1 acre
Wheat grown on 1 acre
United States
500,000 acres
100 lbs.
500 lbs.
Vietnam
100,000 acres
1000 lbs.
100 lbs.
Suppose that the U.S. and Vietnam do not specialize according to comparative advantage and exchange but, instead, choose to be self sufficient. Further, they devote 1/2 the acreage in each country to rice and wheat production and each country consume everything they produce domestically. Fill in the appropriate cells in the table on the next page.
Next, suppose that the U.S. and Vietnam fully specialize according to comparative advantage. Fill in the appropriate column in the table showing what happens to the collective production of rice and wheat after specialization.
How much rice will the US produce before specialization according to comparative advantage?
The Outcome Without Trade
The Outcome With Trade
The Gains From Trade
What they Produce and Consume if they do not specialize according to comparative advantage.
What They Produce if they fully specialize according to comparative advantage.
What They Trade
What They Consume
The Increase in Consumption
USA
Point A
Point A*
A to A*
Vietnam
Point B
Point B*
B to B*
Total acreage
Rice grown on 1 acre
Wheat grown on 1 acre
United States
500,000 acres
100 lbs.
500 lbs.
Vietnam
100,000 acres
1000 lbs.
100 lbs.
Explanation / Answer
trade amount is not given in the question.
kindly update the data so that i can provide you the complete data.
POINT A Question 6 Rice Produced 25000000 lbs Question 7. Wheat Produced. 125000000 lbs POINT B Question 8. Rice Produced 50000000 lbs Question 9. Wheat produced. 5000000 lbs