Homework Answers
Columbia opportunity cost of producing soybeans = 12/6 = 2 and of coffee = 6/12 = 0.5
Whereas Chile's opportunity cost of producing soybeans = 16/12 = 1.3 and of coffee = 12/16 = 0.75
Chile has a comparative advantage in producing soybeans and Columbia has a comparative advantage in producing coffee
option(D)
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- False We good will be the inverse of the opportunity.com QUESTION 8 Figure 3-25 Chile's...
Question 7 Figure 1 Not yet answered Points out of 1.00 Perry's Production Possibilities Frontier Jordan's...
Question 7 Figure 1 Not yet answered Points out of 1.00 Perry's Production Possibilities Frontier Jordan's Production Possibilities Frontier Flag question + 5 + 6 + 7 + + + ww Refer to Figure 1. Perry should specialize in the production of Select one: a novel b. poems. c. both goods d. neither good.
QUESTION 9 When a country's imports is greater than its exports, the country is experiencing a...
QUESTION 9 When a country's imports is greater than its exports, the country is experiencing a Ca. trade balance cb. trade residual c. trade deficit d. trade surplus QUESTION 10 The slop of the production possilbilities frontier is equal to a. The marginal cost of the good measured on the horizontal axis b. The marginal cost of the good measured on the vertical axis c. The opportunity cost of the good measured on the horizontal axis d. The opportunity cost...
When a country specializes in the production of a good, this means that it can produce this good at a lower opportunity cost than its trading partner
4. Specialization and tradeWhen a country specializes in the production of a good, this
means that it can produce this good at a lower opportunity cost
than its trading partner. Because of this comparative advantage,
both countries benefit when they specialize and trade with each
other.The following graphs show the production possibilities frontiers
(PPFs) for Maldonia and Lamponia. Both countries produce potatoes
and coffee, each initially (i.e., before specialization and trade)
producing 18 million pounds of potatoes and 9 million...
Figure 3-3 Bob's Production Possibilities Frontier Enid's Production Possibilities Frontier 300 00G Aoo 109 0 200...
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Question Completion Status: Moving to another question will save this response Question 25 points Assume that...
Question Completion Status: Moving to another question will save this response Question 25 points Assume that Braril and Chile can switch between producing beef and producing wheat at a constant rate. The following table shows the pounds of beef or the bushels of wheat each country can produce hour. Output produced in one hour bushels of wheat pounds of beef Brazil 12 10 Chile 20 12 Which of the following prices would both Brazil and Chile gain from trade with...
When a country has a comparative advantage in the production of a good, it means that...
When a country has a comparative advantage in the production of
a good, it means that it can produce this good at a lower
opportunity cost than its trading partner. Then the country will
specialize in the production of this good and trade it for other
goods.
The following graphs show the production possibilities frontiers
(PPFs) for Freedonia and Sylvania. Both countries produce grain and
coffee, each initially (i.e., before specialization and trade)
producing 12 million pounds of grain and...
24. Refer to Table 3-2. Suppose that both countries fully specialize in the good in which...
24.
Refer to Table 3-2.
Suppose that both countries fully specialize in the good in
which they have a
comparative advantage. Both countries have 1,000 hours of labor
to devote to production. What is an
example of a mutually beneficial trade?
a.
Spain gives 50 bottles of olives to Italy in exchange for 50
bottles of wine.
b.
Spain gives 50 bottles of olives to Italy in exchange for 150
bottles of wine.
c.
Spain gives 50 bottles of wine...
QUESTION 1 A macroeconomist- as opposed to a microeconomist -might study O 1. the effect of...
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a) True b) False Note: This whole problem is just one question but consists of many...
a) True
b) False
Note: This whole problem is just one question but consists of
many parts. I would highly, extremely appreciate it if someone
could solve this whole thing for me, this is tricky.
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Figure 3-9 Uzbekistan's Production Possibilities Frontier Azerbaijan's Production Possbuitiles Fromtier 5 10 15 20 23 30...
Figure 3-9 Uzbekistan's Production Possibilities Frontier Azerbaijan's Production Possbuitiles Fromtier 5 10 15 20 23 30 35 40 45 5r 5 10 15 2 25 3 3540 30 8. Refer to Figure 3-9 a) If Uzbekistan and Azerbaijian each divides its time equally between making bolts and making nails, then total production is bolts andnails b) Label these points on the graph for each country as point A e) If Uzbekistan and Azerbaijan switch from each country dividing its time...
Question 7 Figure 1 Not yet answered Points out of 1.00 Perry's Production Possibilities Frontier Jordan's Production Possibilities Frontier Flag question + 5 + 6 + 7 + + + ww Refer to Figure 1. Perry should specialize in the production of Select one: a novel b. poems. c. both goods d. neither good.
QUESTION 9 When a country's imports is greater than its exports, the country is experiencing a Ca. trade balance cb. trade residual c. trade deficit d. trade surplus QUESTION 10 The slop of the production possilbilities frontier is equal to a. The marginal cost of the good measured on the horizontal axis b. The marginal cost of the good measured on the vertical axis c. The opportunity cost of the good measured on the horizontal axis d. The opportunity cost...
4. Specialization and tradeWhen a country specializes in the production of a good, this
means that it can produce this good at a lower opportunity cost
than its trading partner. Because of this comparative advantage,
both countries benefit when they specialize and trade with each
other.The following graphs show the production possibilities frontiers
(PPFs) for Maldonia and Lamponia. Both countries produce potatoes
and coffee, each initially (i.e., before specialization and trade)
producing 18 million pounds of potatoes and 9 million...
Figure 3-3 Bob's Production Possibilities Frontier Enid's Production Possibilities Frontier 300 00G Aoo 109 0 200 350 300 350 400 a 8 Refer to Figure 33 a) Bob's opportunity cost of one burrito is 1 33 tacos and Enid's opportunity cost of one burrito is b) If Bob and Enid each divide their time equally between the production of tacos and burritos, then total production is 2 50 burrios and 400 ac c) If Bob and Enid decide to completely...
Question Completion Status: Moving to another question will save this response Question 25 points Assume that Braril and Chile can switch between producing beef and producing wheat at a constant rate. The following table shows the pounds of beef or the bushels of wheat each country can produce hour. Output produced in one hour bushels of wheat pounds of beef Brazil 12 10 Chile 20 12 Which of the following prices would both Brazil and Chile gain from trade with...
When a country has a comparative advantage in the production of
a good, it means that it can produce this good at a lower
opportunity cost than its trading partner. Then the country will
specialize in the production of this good and trade it for other
goods.
The following graphs show the production possibilities frontiers
(PPFs) for Freedonia and Sylvania. Both countries produce grain and
coffee, each initially (i.e., before specialization and trade)
producing 12 million pounds of grain and...
24.
Refer to Table 3-2.
Suppose that both countries fully specialize in the good in
which they have a
comparative advantage. Both countries have 1,000 hours of labor
to devote to production. What is an
example of a mutually beneficial trade?
a.
Spain gives 50 bottles of olives to Italy in exchange for 50
bottles of wine.
b.
Spain gives 50 bottles of olives to Italy in exchange for 150
bottles of wine.
c.
Spain gives 50 bottles of wine...
QUESTION 1 A macroeconomist- as opposed to a microeconomist -might study O 1. the effect of an increasing inflation rate on national living standards O 2 the effect on U.S. steel producers of an import quota imposed on foreign steel O 3.the effect of an increase in the price of imported coffee beans on the U.S. coffee industry O 4. the effect of agricultural price support programs on the cotton industry QUESTION 2 If an economy is producing efficiently, then...
a) True
b) False
Note: This whole problem is just one question but consists of
many parts. I would highly, extremely appreciate it if someone
could solve this whole thing for me, this is tricky.
9. Working with Numbers and Graphs Q9 The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina David 250 02000 125 62.5 100 10 0 125 0 20 If each person specializes in...
Figure 3-9 Uzbekistan's Production Possibilities Frontier Azerbaijan's Production Possbuitiles Fromtier 5 10 15 20 23 30 35 40 45 5r 5 10 15 2 25 3 3540 30 8. Refer to Figure 3-9 a) If Uzbekistan and Azerbaijian each divides its time equally between making bolts and making nails, then total production is bolts andnails b) Label these points on the graph for each country as point A e) If Uzbekistan and Azerbaijan switch from each country dividing its time...
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