Correct answer: (a)
Reason: When total hours are 120 with each country,
A can produce either 120/5 = 24 M or 120/7 = 17.14N
B can produce either 120/10 = 12 M or 120/8 = 15 N
This means, in order to follow comparative advantage, country will produce when
24M + 15N > 12 M + 17.14 N
This makes option (a) correct
A5 hrs. B 10 hrs. 7 hrs. 8 hrs. With the above production matrix, individuals A...
Individual A has an absolute advantage over individual B in the production of goods M and N. See the production matrix at the end of this question. The relevant substitution ratios for the production of good N are: M=5/7N and M=10/8N. Individual A should produce good M. Why? Production Matrix M IN A5 hrs. 7 hrs. B 10 hrs. 8 hrs. a.) Individual A may produce either good Mor N because no colbarative advantage exists. It does not matter whether...
11. 8. Consider the following pay-off matrix for social and solitary Solitary Social individuals. Social individuals clump with any other individual Solitary 69 around, regardless of whether the other individual is social or not. Social 57 The numbers represent the payoff to the focal individual who is defined by the row label. What strategy would a rational player adopt? a. Social b. A rational player should choose to be social only some of the time. C. A rational player should...
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MULTIPLE CHOICE. Choose the one alternative that best completes the completes the statement or answers the question. 1) According to Adam Smith, the wealth of a nation lay in: A) the treasury of the King. B) the number of colonies that the nation controlled. C) gold and silver. D) the achievement of an abundance of the necessities of life. 2) "In a tribe of hunters or shepherds a particular person makes bows and arrows with more readiness and...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot
of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to
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Question 7 Suppose the legislature of Youngland voted to impose a protective tariff on microprocessor chips. Which of the following would be true in the short run? There will be a decrease in microprocessor chip production in Youngland. There will be a decrease in supply of microprocessor chips in Youngland. There will be an increase in microprocessor chip production by foreign nations. I only. II only. III only. I and III only. II and III only. Question 13(Multiple Choice Worth...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
macoroeconomics
1. Society as a whole faces opportunity costs because a. there is not enough money to go around b. politicians are greedy c. resources are scarce d. our needs are unlimited 2. Mary decides to spend 3 hours working overtime rather than watching a video with her friends. She earns $9 an hour. Her opportunity cost of working is: a. the enjoyment she would have received had she watched the video with friends. b. $27 she earns working c....
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l T-Mobile Wi-Fi 12:38 PM 69% くBack Homework 1.pdfa で Name and Dot Number Multiple Choice Questions 1. Which of the following is not considered an economic resource? A. Real estate B. A personal relationship C. Cash D. These are all examples of a resource. 2. Which of the following economic decisions would most likely be studied by a macroeconomist? A. Domino's Pizza decides to provide quantity discounts in order to increase revenue B....
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From the pages 571-587 attached below.
1a) Suppose a population of guppies was infected with a
parasite. In that population a mutation results in a parasite
resistant genotype that spreads through the population through
natural selection. A subsequent mutation in the parasite results in
a genotype that is unaffected by the newly evolved resistant guppy
genotype. What is the name of the hypothesis that explains this
host parasite “arms race”.?
1b) What is this name...