Homework Answers
The correct answer is: b)
Reason: This is an equilibrium condition that the marginal benefit from an additional output (here planes and cars) must be equal for both the parties of trade at equilibrium.
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Question 17 1 pts Individuals and countries will continue to trade airplanes for cars until the...
Individuals and countries will continue to trade airplanes for cars until each country acquires as many...
Individuals and countries will continue to trade airplanes for cars until each country acquires as many airplanes and cars as they can. the additional benefit from the last traded car will equal the additional benefit from the last plane. the value of each additional airplane and car is equal for both countries or individuals.
Question 14 1 pts Countries or individuals will keep trading computers for phones until O the...
Question 14 1 pts Countries or individuals will keep trading computers for phones until O the additional benefit from the last traded phone will equal the additional benefit from the last computer. each country acquires as many computers and phones as they can. O the value of each additional phone and computer is equal for both countries or individuals
S. (8) The following are the Production possibility frontiers of the U.S. and Germany The U.S...
S. (8) The following are the Production possibility frontiers of the U.S. and Germany The U.S Airplanes Cars Airplanes Germany Cars 10 10 a. Draw the PPF for two countries with airplanes on the vertical axis lane (in terms of cars) in the U.S.? (For this, What is the opportunity cost of each additional airp first think about how many cars they should give up to get 2 additional airplanes. And then, divide that number by 2 to see how...
Table 3-10 Assume that Japan and Korea can switch between producing cars and producing air rate....
Table 3-10 Assume that Japan and Korea can switch between producing cars and producing air rate. Quantity Produced in 2400 Hours Hours Needed to Make 1 Car Airplane 30 150 50 150 Airplane 16 Japan Korea Draw a production possibilities frontier for both Korea and Japan assuming 2400 production hours available. What is the opportunity cost of each country to produce each cost? What country has a comparative advantage in the production of cars? What country has a comparative advantage...
Question 12 State the Heckscher-Ohlin Theorem. Suppose there are two countries, USA and Germany. USA is...
Question 12 State the Heckscher-Ohlin Theorem. Suppose there are two countries, USA and Germany. USA is regarded as the home country and Germany is the foreign country. USA has 100 units of labor available and Germany has 80 units of labor. Both countries can produce only two goods, airplanes and cars. The output per hour of labor in the production of airplanes in the USA is 12, while in car production the output per hour of labor is 6. In...
need help with d and e 1. Comparative Advantage (1.5 marks) Analyze the following two countries....
need help with d and e
1. Comparative Advantage (1.5 marks) Analyze the following two countries. In one day in Germany, it takes 24 workers to produce an airplane and 6 workers to produce a boat. In one day in France, it takes 8 workers to produce an airplane and 4 workers to produce a boat. Both countries have 48 workers available each day. Draw the PPF of each country for one day's worth of production. Use a separate graph...
The countries of Utopia and Dystopia can each produce two goods: wine and cars. If Utopia...
The countries of Utopia and Dystopia can each produce two goods: wine and cars. If Utopia produces only wine, it can produce 80 barrels per year; if it produces only cars, it can produce 40 cars per year. If Dystopia produces only wine, it can produce 60 barrels per year; if it produces only cars, it can produce 90 cars per year. Suppose the two countries decided to trade with each other. If each country wants to take maximum advantage...
10) Suppose the US and Mexico both can produce cars and beer. The following chart shows...
10) Suppose the US and Mexico both can produce cars and beer. The following chart shows what 100 workers can produce in one day in each country. Country Car Production-100 Beer Production (truckload)- 100 or workers workers United States 300 or 1200 Mexico 200 1000 or For this question, assume they can use the same workers to produce any amount in between the two and the opportunity cost is constant straight PPF a) Use the info in the table to...
Airlines in other countries buy airplanes from Boeing because Question 7 Not yet answered Points out...
Airlines in other countries buy airplanes from Boeing because Question 7 Not yet answered Points out of 100 Remove flag Select one: A. Boeing's prices are less than what the airlines would pay for planes built in their own country B.trade treaties require such purchases. C. these nations must buy something from the United States. D. it is illegal to produce airplanes in many other countries. E. None of the above answers is correct. Question 29 Not yet answered When...
Comparative Advantage and International Trade Portfolio The production possibilities curves above show all the possible combinations...
Comparative Advantage and International Trade
Portfolio
The production possibilities curves above show all the
possible combinations of helicopters and scooters that two towns,
Millerville and Jamestown, can create using equal amounts of
resources.
Explain which country has the absolute advantage in the
production of helicopters.
Using the concept of opportunity cost that you learned
in this lesson, explain which country has the comparative advantage
in the production of scooters. You may include a table for your
explanation. (Hint: Is this...
Question 14 1 pts Countries or individuals will keep trading computers for phones until O the additional benefit from the last traded phone will equal the additional benefit from the last computer. each country acquires as many computers and phones as they can. O the value of each additional phone and computer is equal for both countries or individuals
S. (8) The following are the Production possibility frontiers of the U.S. and Germany The U.S Airplanes Cars Airplanes Germany Cars 10 10 a. Draw the PPF for two countries with airplanes on the vertical axis lane (in terms of cars) in the U.S.? (For this, What is the opportunity cost of each additional airp first think about how many cars they should give up to get 2 additional airplanes. And then, divide that number by 2 to see how...
Table 3-10 Assume that Japan and Korea can switch between producing cars and producing air rate. Quantity Produced in 2400 Hours Hours Needed to Make 1 Car Airplane 30 150 50 150 Airplane 16 Japan Korea Draw a production possibilities frontier for both Korea and Japan assuming 2400 production hours available. What is the opportunity cost of each country to produce each cost? What country has a comparative advantage in the production of cars? What country has a comparative advantage...
need help with d and e
1. Comparative Advantage (1.5 marks) Analyze the following two countries. In one day in Germany, it takes 24 workers to produce an airplane and 6 workers to produce a boat. In one day in France, it takes 8 workers to produce an airplane and 4 workers to produce a boat. Both countries have 48 workers available each day. Draw the PPF of each country for one day's worth of production. Use a separate graph...
10) Suppose the US and Mexico both can produce cars and beer. The following chart shows what 100 workers can produce in one day in each country. Country Car Production-100 Beer Production (truckload)- 100 or workers workers United States 300 or 1200 Mexico 200 1000 or For this question, assume they can use the same workers to produce any amount in between the two and the opportunity cost is constant straight PPF a) Use the info in the table to...
Airlines in other countries buy airplanes from Boeing because Question 7 Not yet answered Points out of 100 Remove flag Select one: A. Boeing's prices are less than what the airlines would pay for planes built in their own country B.trade treaties require such purchases. C. these nations must buy something from the United States. D. it is illegal to produce airplanes in many other countries. E. None of the above answers is correct. Question 29 Not yet answered When...
Comparative Advantage and International Trade
Portfolio
The production possibilities curves above show all the
possible combinations of helicopters and scooters that two towns,
Millerville and Jamestown, can create using equal amounts of
resources.
Explain which country has the absolute advantage in the
production of helicopters.
Using the concept of opportunity cost that you learned
in this lesson, explain which country has the comparative advantage
in the production of scooters. You may include a table for your
explanation. (Hint: Is this...
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