In which developed countries (other than the US) does the price tag not usually show the final price to be paid?

1. Why are prices different in different countries?
2. Why oil prices differ from country to country?
3. How are prices set?
4. What happens if the cost difference is the same in two countries?
5. Which country has the most expensive gasoline?
6. Which country has cheapest fuel?
7. Who controls the price of oil?
8. How much oil is left in the world?
9. What happens in a market when the price is set too high?
10. Who determines market price?
11. Who determines price?
12. In which situation does one country have an absolute advantage over another country?
13. Does all country has an equal benefit on international trade?
14. Why would a nation choose not to produce everything its citizens want?

Why are prices different in different countries?

One of the major factors that affects the prices of goods is the difference in taxes and import duties across countries. ... Many products are cheaper in Japan thanks to lower import taxes and better wholesale prices. Even local taxes make a big difference.

Why oil prices differ from country to country?

The differences in prices across the countries are due to various taxes and subsidies imposed by the government on petrol and other products. All countries have access to the same petroleum prices, but they impose different taxes and as a result petrol prices differ from country to country.

How are prices set?

There are many, many factors that go into setting prices. ... Supply and demand interact with two other factors: quantity and price. Quantity is how much of the good or service ends up in the market. Price means what is charged for the product or service given supply, demand, and quantity in the market.

What happens if the cost difference is the same in two countries?

If the cost different between two countries are equal or if opportunity cost are same between two different countries then there would be nothing to gain from gaining expertise, the countries are alike and there is no advantage from producing the good overseas rather than at home.

Which country has the most expensive gasoline?

Photo : Atle Brunvoll. The Bloomberg Gasoline Price Ranking sorts 61 countries by average price and by “pain at the pump” — the portion of an average day's wages needed to buy a gallon of fuel. Norway stacks up the top of the list with 9,26 USD per gallon.

Which country has cheapest fuel?

Venezuela is the world's cheapest country to buy petrol, where amazingly it costs just 2 pence (GBP) a litre. This is because it's home to some of the biggest oil reserves in the world.

Who controls the price of oil?

Crude oil prices are determined by global supply and demand. Economic growth is one of the biggest factors affecting petroleum product—and therefore crude oil—demand. Growing economies increase demand for energy in general and especially for transporting goods and materials from producers to consumers.

How much oil is left in the world?

There are 1.65 trillion barrels of proven oil reserves in the world as of 2016. The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).

What happens in a market when the price is set too high?

If the price is too high, the supply will be greater than demand, and producers will be stuck with the excess. Conversely, as the price of a good goes down, consumers demand more of it and less supply enters the market.

Who determines market price?

It comes down to the supply and demand in relation to the volume of shares being bought and sold. 4 It's the investors, or partial owners, buying and selling among themselves that determine the current market value of a trade.

Who determines price?

The price of a product is determined by the law of supply and demand. Consumers have a desire to acquire a product, and producers manufacture a supply to meet this demand. The equilibrium market price of a good is the price at which quantity supplied equals quantity demanded.

In which situation does one country have an absolute advantage over another country?

A country is said to have an absolute advantage over another country in the production of a good or ser- vice if it can produce that good or service (the ''out- put'') using fewer real resources (like capital or labor, the ''inputs''). Equivalently, using the same inputs, the country can produce more output.

Does all country has an equal benefit on international trade?

In international trade, no country can have a comparative advantage in the production of all goods or services. ... While a country cannot have a comparative advantage in all goods and services, it can have an absolute advantage in producing all goods.

Why would a nation choose not to produce everything its citizens want?

why would a nation choose not to produce everything it's citizens want? Since the dollars less it would be more expensive which can lead to the laws and customers and exports cost less. ... People in Britain might not want to buy from the US or have exports because for them I would be more expensive.