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2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car1 Ton of Grain United States Japan Use the blue line (circle symbol) to graph the production possibilities frontier for the American economy. Then use the green line (triangle symbol) graph the production possibilities frontier forthe Japanese economy. 500

Use the blue line (circle symbol) to graph the production possibilities frontier for the American economy. Then use the green line (triangle s graph the production possibilities frontier for the Japanese economy. ymbol) to 500 450 U.S 400 350 Japan 300 3 250 200 150 100 50 o 100 200 300 400 500 600 700 800 900 1000 Grain (Millions of tons) 1:25 P

Complete the following table by determining the opportunity cost of a car and of a ton of grain for both the United States and Japan. Opportunity Cost of 1 Car 1 Ton of Grain (In terms of tons of grain given up) (In terms of cars given up) United States Japan Given this information, has an absolute advantage in producing cars, and 5/9 1 4/5 9 has an absolute advantage in producing grain. Also, has arative advantage in producing cars, and has a comparative advantage in producing grain. Assume that without trade, halif of each countrys workers produce cars and half produce grain. Complete the following table with the quantities of cars produced and consumed in each country if there is no trade. Tons of Grain Produced and Consumed (Millions) Cars Produced and Consumed (Millions) United States Japan

gainona State UniverGitHub Given this information, has an absolute advantage in producing cars, and has an absolute advantage in producing grain. Also, producing grain. has a comparative advantage in producing cars, and has a comparative advantage in Assume that without trade, half of each countrys workers produce cars and half produce grair Complete the following table with the quantities of cars produced and consumed in each country if there is no trade. Tons of Grain Produced and Consumed (Millions) Cars Produced and Consumed (Millions) United States Japan True or False: Both countries would be better off if they produced the good in which they have a comparative advantage and then traded 400 million tons of grain for 200 million cars. True False

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