Homework Answers
Ans) the correct option is b) 6 units of cheese and 8 units of bread
Portugal can make = 24/4 = 6 cheese and 24/3 = 8 bread
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Table 3-5 Assume that England and Portugal can switch between producing cheese and producing bread at...
Table 3-8 Assume that England and Spain can switch between producing cheese and producing bread at...
Table 3-8 Assume that England and Spain can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed to Make 1 Unit of Number of Units Produced in 24 Hours Cheese Bread Cheese Bread 16 Refer to Table 3-8. We could use the information in the table to draw a production possibilities frontier for England and a second production possibilities frontier for Spain. If we were to do this, measuring cheese along the horizontal axis, then...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese and producing Labor Hours Number of Units Needed to Make Produced in 24 1 Unit of Hours Cheese Bread Cheese Bread England2 3 128 Spain 3 Which of the following statement is correct? England has the comparative advantage in Cheese Spain has the comparative advantage in Cheese England has the comparative advantage in both Cheese and Bread Spain has the comparative advantage in both...
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti...
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti Problem 4 Nomber ef ts Predeced le 40 1rs Lahor Hasrs Needed to Make 1Uof Bread Choe Cheese Broad Englnd Sp Figure 3: Assume that England and Spain can switch between producing cheese and pro- ducing bread at a constant rate Part A Identify which country has an absolute advantage and which country has a comparative Bread Spa Comp Enl Ab solu Cheese advantage...
Assume that Zimbabwe and Portugal can switch between producing toothbrushes and producing hairbrushes at a constant...
Assume that Zimbabwe and Portugal can switch between producing toothbrushes and producing hairbrushes at a constant rate. Machine Minutes Needed to Make 1 Toothbrush Hairbrush Zimbabwe 3 10 Portugal 5 efer to Table 3-6. Assume that Zimbabwe and Portugal each has 180 machine minutes available. If each country divides its time equally tween the production of toothbrushes and hairbrushes, then total production is D a. 48 toothbrushes and 24 hairbrushes. D b. 720 toothbrushes and 1440 hairbrushes. D c. 96...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pork Pounds Produced in 24 Hours Pork Tomatoes omatoe:s Farmer Rancher 4 4 9. Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Tomatoes Pork Farmer Rancher 4 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Tomatoes Pork Farmer Rancher 4 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
O QUESTION 8 Suppose Andrew and Julia can switch between producing bread and producing cake at...
O QUESTION 8 Suppose Andrew and Julia can switch between producing bread and producing cake at a constant rate. Minutes Needed to Make 1 Pound of cake Pound of Bread 20 24 Andrew Julia 12 20 What is Andrew's opportunity cost of producing one pound of cake? a. 5/6 pound of bread b. 3/5 pound of bread c. 6/5 pound of bread d. 5/3 pound of bread a OOOO С d QUESTION 9
Consider a two countries, Portugal and England, that produce two goods, wine and cheese, with only...
Consider a two countries, Portugal and England, that produce two goods, wine and cheese, with only one factor of production, Labor. In England, one unit of labor can produce 2 units of wine or 1 unit of cheese. In Portugal, one unit of labor can produce 3 units of wine or 1/2 of cheese. There are 100 units of labor in Portugal, and 100 in England. Countries share the same tastes, and there is perfect competition. 1) Fill in the...
Table 3-11 Assume that Max and Min can switch between producing mittens and producing hats at...
Table 3-11 Assume that Max and Min can switch between producing mittens and producing hats at a constant rate. Quantity Produced in 36 Hours Labor Hours Needed to Make 1 Hats Mittens Hats Mittens Max 18 Min Refer to Table 3-11. Which of the following points would not be on Max's production possibilities frontier, based on a 36-hour production period? a. (6 mittens, 4 hats) b. (2 mittens, 6 hats) C. (18 mittens, 0 hats) d. (12 mittens, 2 hats)
Table 3-8 Assume that England and Spain can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed to Make 1 Unit of Number of Units Produced in 24 Hours Cheese Bread Cheese Bread 16 Refer to Table 3-8. We could use the information in the table to draw a production possibilities frontier for England and a second production possibilities frontier for Spain. If we were to do this, measuring cheese along the horizontal axis, then...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese and producing Labor Hours Number of Units Needed to Make Produced in 24 1 Unit of Hours Cheese Bread Cheese Bread England2 3 128 Spain 3 Which of the following statement is correct? England has the comparative advantage in Cheese Spain has the comparative advantage in Cheese England has the comparative advantage in both Cheese and Bread Spain has the comparative advantage in both...
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti Problem 4 Nomber ef ts Predeced le 40 1rs Lahor Hasrs Needed to Make 1Uof Bread Choe Cheese Broad Englnd Sp Figure 3: Assume that England and Spain can switch between producing cheese and pro- ducing bread at a constant rate Part A Identify which country has an absolute advantage and which country has a comparative Bread Spa Comp Enl Ab solu Cheese advantage...
Assume that Zimbabwe and Portugal can switch between producing toothbrushes and producing hairbrushes at a constant rate. Machine Minutes Needed to Make 1 Toothbrush Hairbrush Zimbabwe 3 10 Portugal 5 efer to Table 3-6. Assume that Zimbabwe and Portugal each has 180 machine minutes available. If each country divides its time equally tween the production of toothbrushes and hairbrushes, then total production is D a. 48 toothbrushes and 24 hairbrushes. D b. 720 toothbrushes and 1440 hairbrushes. D c. 96...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pork Pounds Produced in 24 Hours Pork Tomatoes omatoe:s Farmer Rancher 4 4 9. Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Tomatoes Pork Farmer Rancher 4 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Tomatoes Pork Farmer Rancher 4 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
O QUESTION 8 Suppose Andrew and Julia can switch between producing bread and producing cake at a constant rate. Minutes Needed to Make 1 Pound of cake Pound of Bread 20 24 Andrew Julia 12 20 What is Andrew's opportunity cost of producing one pound of cake? a. 5/6 pound of bread b. 3/5 pound of bread c. 6/5 pound of bread d. 5/3 pound of bread a OOOO С d QUESTION 9
Table 3-11 Assume that Max and Min can switch between producing mittens and producing hats at a constant rate. Quantity Produced in 36 Hours Labor Hours Needed to Make 1 Hats Mittens Hats Mittens Max 18 Min Refer to Table 3-11. Which of the following points would not be on Max's production possibilities frontier, based on a 36-hour production period? a. (6 mittens, 4 hats) b. (2 mittens, 6 hats) C. (18 mittens, 0 hats) d. (12 mittens, 2 hats)
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