Suppose that United States produces 10,000,000 barrels of oil and 1,000 bushels of wheat each week. Suppose that Pakistan produces 9753 barrels of oil and 9753 bushels of wheat each week. 1. In autarky, what is the largest amount of wheat United States can consume every week? Number bushels 2. What does the term autarky refer to? a) The process of negotiating terms of trade between two countries. b) A major argument against globalization. c) countries Government policies meant to reduce international trade. d) A situation where one country does not engage in trade with other
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This Post Has 10 Comments
1. 1000 bushels of wheat.
2. A situation where one country does not engage in trade with other.
Autarky simply refers to an economy that's self sufficient and doesn't depend on other economies and doesn't trade with them.
1. The largest amount of wheat that the United States can consume every week will be 1000 bushels of wheat. This is because in autarky, nations won't engage in trading so whatever quantity of whameat that's produced will be consumed.
2. Autarky situation where one country does not engage in trade with other. Therefore, the correct option is D.
1. 1,000 bushels of wheat
2. d) A situation where one country does not engage in trade with other
1 & 2. Autarky refers to a situation where a country does not engage in trade with other countries but rather relies on its own production capacities to feed the consumption in the country.
Autarkies in the current world are not a thing because countries trade with each other. Even North Korea trades with Russia, China and others.
In an Autarky situation therefore, the United States would only be able to consume the wheat that it produces itself which according to the question is 1,000 bushels of wheat.
D) Brazil has an absolute advantage in sugarcane and the United States has an absolute advantage in crude oil.
According to international trade theory, countries must specialize in the production of goods in which they have a comparative advantage over other countries. For example, if Brazil has an absolute advantage over the US in sugarcane production, it means that the country has greater sugarcane production efficiency. In turn, if the US has an absolute advantage over Brazil in oil production, it also means that the US has greater oil production efficiency. Thus, each of the countries must produce the good in which they have the absolute advantage to export it, and must import the other type of good. In this case, the US would be better off exporting oil and importing sugarcane from Brazil, and vice versa.
The price of oil rose dramatically.
Siii The price of oil rose dramatically.
It clearly states that Saudi Arabia produces lumber in 60 and oil in 5 worker hours, it means that it beats all the other countries by a mile. Hope this helps, Have a nice day, and a Merry Christmas
Texas 1.85 million barrels every year.
The answer is B.
C) The United States had a larger oil supply than any other major Allied country.
just took the test.