Changes In Supply And Demand On The Market Equilibrium

Changes In Supply And Demand On The Market Equilibrium

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Instructions

Equilibrium Is at The Intersection of Demand and Supply Curve

Absolute and Comparative Advantage

Use the table below to answer the questions concerning absolute and comparative advantages.

Lumber

Automobiles

United States

8

8

Canada

4

2

1.Which country has an absolute advantage in producing lumber?

2.Which country has an absolute advantage in producing automobiles?

3.Which country has a comparative advantage, if any, in producing lumber?

4.Which country has a comparative advantage, if any, in producing automobiles?

5.Should the U.S. trade with Canada? If so, what should be imported and what should be exported?

6.Should Canada trade with the U.S.? If so, what should be imported and what should be exported?

POST

Effects of Free Trade and Restrictions

Use the graph below to answer the following questions:

The graph above shows the demand and supply of wrenches for the country of Spain.

1.If trade is avoided, Spain consumes _____ wrenches at a price of _____ per wrench.

2.With free trade, for a world price of $4 per wrench, Spain is producing _____wrenches.

3.With free trade, for a world price of $4 per wrench, Spain is consuming _______ wrenches.

4.With free trade, for a world price of $4 per wrench, Spain is importing _________wrenches.

5.If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain produces ____________ and imports __________wrenches.

6.If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, how much tariff revenue will the Spain’s government collect? _____

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Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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