If you wish to skip the lesson and simply apply progress to ten:48. I spend the primary have of the video explaining methods to determine which nation has an absolute merit, calculate alternative value, determine which nation has a comparative merit, and discover a phrases of business that each international locations would spontaneously comply with. The second one part of the video is an supplementary apply questions the place I briefly progress over the solutions. I additionally added the solutions under if you’re in a rush. Thanks for looking at, please subscribe.
Supplementary More than one Selection Questions
Unit 1 Abstract Video (comprises fast and grimy trick)
ANSWERS
Condition #1 (5:30)
The United States can form 20 planes or 2 cruise ships
France can form 12 planes or 2 cruise ships
-The United States has an ABSOLUTE ADVANTAGE in planes
-Neither has an ABSOLUTE ADVANTAGE in cruise ships
-For america, 1 aircraft prices 1/10 cruise send and 1 send prices 10 planes
-For France, 1 aircraft prices 1/6 cruise send and 1 send prices 6 planes
-US has COMPARATIVE ADVANTAGE in planes
-France has COMPARATIVE ADVANTAGE in cruise ships
-Phrases of business: 1 Cruise Send for 7 Planes
Condition #2 (11:12)
Korea can form 3 vehicles or 9 bikes
Germany can form 4 vehicles or 8 bikes
-Germany has an ABSOLUTE ADVANTAGE in vehicles
-Korea has an ABSOLUTE ADVANTAGE in bikes
-For Korea, 1 automotive prices 3 bikes and 1 bike prices 1/3 automotive
-For Germany, 1 automotive prices 2 bikes and 1 bike prices 1/2 automotive
-Germany has COMPARATIVE ADVANTAGE in vehicles
-Korea has COMPARATIVE ADVANTAGE in bikes
-Phrases of business: 1 Automobile for two.5 Bikes
Condition #3 (13:22)
Japan can form 4 computers or 12 telephones
Brazil can form 1 computers or 5 telephones
-Japan has an ABSOLUTE ADVANTAGE in computers
-Japan has an ABSOLUTE ADVANTAGE in telephones
-For Japan, 1 computer prices 3 telephones and 1 telephone prices 1/3 computer
-For Brazil, 1 computer prices 5 telephones and 1 telephone prices 1/5 computer
-Japan has COMPARATIVE ADVANTAGE in computers
-Brazil has COMPARATIVE ADVANTAGE in telephones
-Phrases of business: 1 Computer for 4 Telephones
Condition #4 (16:08)
Cuba takes 4hrs to build a TV and 12hrs to build salsa
Mexico takes 1hr to build a TV and 5hrs to build salsa
-Mexico has an ABSOLUTE ADVANTAGE in TVs
-Mexico has an ABSOLUTE ADVANTAGE in Salsa
-For Cuba, 1 TV prices 1/3 salsa and 1 salsa prices 3 TVs
-For Mexico, 1 TV prices 1/5 salsa and 1 salsa prices 5 TVs
-Mexico has COMPARATIVE ADVANTAGE in TVs
-Cuba has COMPARATIVE ADVANTAGE in salsa
-Phrases of business: 1 salsa for two.5 TVs
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Hey, is this type of video helpful? I'm sorry that it is so long, but you can skip ahead to 10:48 if you just want to practice.
Hey Jacob, I noticed that for determining the terms of trade, there would be a rule of thumb that the term range is between the highest and the lowest opportunity cost of producing a certain product. Is this correct? 😵💫
The video was very useful, and I hope I get favorable grades in my exam. Thank you.
dudeeee. at 12:30 you said 5 and i stopped and re done my calculations and spent an hour rewatching video and reading book bcz before I got 2 to 3 but then I gave up and continued watching and fck u said the same and. u wasted my time :(((
You helped sooooo much , explaining it this way. Being able to pause and giving us more than one practice question!c Thank you!
Where is a good place to get practice questions for the kids?
Making half a motorcycle seems like a waste
This helped so much i was struggling lol
I really appreciate the way you've explained the concepts. My class is an online class because of the hours I work, so as a result I miss the opportunity of live lectures which can be really beneficial. This is a great alternative to that. Thank you so much for taking time out of your life to do these videos and create these review plans. I am so grateful.
Thankyou Mr jacob
Have In exam in few hours, thanks for this sir love from Pakistan ❤
Jacob, I did the cost/gain analysis for #2 and #3, but the fractions and whole numbers were flip compared to your answers… how is it that the others were correct?
sir, pls something is not adding up about the last example between japan and brazil, i think 2 phones is the answer because while will go for 1 laptop for 4 phones when they can produce it with 3 phones, pls just curious. will be glad if you can respond
Thank you so much Sir!!
Me driving my 2.5 motorcycles to the AP exam
i hope it would've discussed graphs, but very helpful, thanx!
I'm still trying to understand at 9:30 why France is fine if 1 ship cost 20 planes since 1 ship cost 6 planes for them and that France would go for the deal and that 1 ship cost 10 planes on the US doesn't help in the terms of trade
you the goat ong
Lifesaver for my upcoming unit test, thank you so much! 🙏🏻🙏🏻🙏🏻
I got the concept very well thanks Jacob
You make our 58 mins video from the teachers, less than 20 mins. Thank you so much! Everything makes sense now for my long exam
jacob clifford the goat
Question, are the real terms of trade affected by fluctuations in the exchange rate of the country's comparative currencies?
This will save your grade!!!!!!!!!
It's hard to comprehend some things in an online, no communication economics class. Thank you for helping me understand!
Jacob, you are my hero! You can't imagine how grateful I am for your videos. You've helped me a lot in micro and macro. THANK YOU <3
I was so stressed about how I was going to answer these questions on my midterm bc I was a little lost on this topic but this video gave me so much confidence bc I understood everything so well!! From the bottom of my heart, thank you so much for your work, I will now watch your other videos as I continue to study
I love you Jacob Clifford, you've restored my faith in humanity. You've proved that it's never the subject that is too hard, it's just the teacher.
10:41 this doesnt make sense for Usa because they are producing each 1 cruise ship 10 planes but you said 1 cruise ship for 7 planes Does it make sense for usa ? can you inform me
i heard lollipops lol..
Very helpful thank you.