Homework Answers
Option (C).
Trade is beneficial when terms of trade (TOT) lies between opportunity cost in both countries. So, acceptable TOT:
2 Chicken < 1 Fish < 4 Chicken, and equivalently,
(1/4) Fish < 1 Chicken < (1/2) Fish [0.25 Fish < 1 Chicken < 0.5 Fish]
So, option (C) lies outside this range.
Add Answer to:
Singsong: 1Fish=2Chicken
Harmony: 1Fish=4Chicken
36. Refer to the above information. Which one of the following would...
0.25 points9) Refer to the above table which shows the alternative outputs which can be produced...
0.25 points9) Refer to the above table which shows the
alternative outputs which can be produced in 2 different countries
with 1 year of labor. It can be concluded that Sweden has a(n)
A.) absolute advantage in both goods and a comparative advantage
only in autos.
B.) absolute advantage in both goods and a comparative advantage
only in computers.
C.) absolute advantage in both goods and a comparative advantage
in both goods.
D.) absolute advantage in both goods and a...
nswer the question(s) below based on the following diagram 14) Refer to the figure above. The quota shown in the di...
nswer the question(s) below based on the following diagram 14) Refer to the figure above. The quota shown in the diagram equals A) 500 units. B) 1000 units. C) 1200 units D) 200 units. 15) Refer to the figure above. The quota restricts trade by the same amount as a tariff of A) 550. B) $20. C) $30. D) Cannot answer without more information. 16) Refer to the figure above. Quota rents equal A) $5000 B) $10000 C) 56000 Dy$2000....
19. Refer to the information above to answer this question. Suppose that Lhanor is currently producing...
19. Refer to the information above to answer this question. Suppose that Lhanor is currently producing combination B. What is the opportunity cost of 1 more Kaldor? A) Approximately 1 Boulding. B) D) 42 Bouldings. Approximately 3 Bouldings. C) E) 54 Bouldings. 4 Bouldings. 20. Refer to the information above to answer this question. Suppose that Lhanor is currently producing combination B. What is the consequence of the production of Kaldors decreasing to 2? A) The output of Bouldings will...
Question 21 Refer to the information given on Question 19. Which one of the following sttemen...
Question 21
Refer to the information given on Question 19. Which one of the following sttemen 1. The SSE 26.7 2. MST= 6.775 3. MSE13.35 4. F= 1.939 5. The null hypothesis is probably false. QUESTION 21 If four samples (groups) each consisting of 10 observations are being compared with SS Treatments = 25.5 and SS Total = 204.6. Which one of the following statements is incorrect? 1. The number of category is 4. 2. The total N 10 3....
21. Refer to the above graph. It shows the marginal product of labor (MP) and the...
21. Refer to the above graph. It shows the marginal product of labor (MP) and the average product of labor (APL). At which point above does diminishing marginal returns set in? A. Point A B. Point B C. Point C D. Point D Assume that the only variable resource used to produce output is labor. Amount of Labor Total Product 6 1 16 2 24 3 30 4 34 36 22. Refer to the above table. The marginal product of...
How do you find the maximum value of P = 24x1 + 18x2? 9) Refer to...
How do you find the maximum value of P = 24x1 + 18x2?
9) Refer to the table of the six basic solutions to the e-system. X1 + 2x2 +91 = 14 3x1 + 4x2 + S2 = 36 X1 X2 S1 S2 (A) 0 0 14 36 (B) 07 08 (C) 0 9 -4 0 (D) 14 0 0 -6 (E) 12 0 0 (F) 8 3 0 0 1- Not feasible Which of the six basic solutions are...
Question 1 (6 points) Which of the following is true? A) David Ricardo proposed the theory...
Question 1 (6 points) Which of the following is true? A) David Ricardo proposed the theory of absolute advantage as the basis for trade. B) Absolute advantage is based on comparing the opportunity costs of trading partners. C) The Ricardian model assumes labor is perfectly mobile. D) Adam Smith proposed the theory of comparative advantage as the basis for trade in The Wealth of Nations Question 2 (6 points) Answer the question(s) below based on the information in the following...
Prlco of Corn (dollaro) Quantity (tons of com) Refer to the figure above. With no international...
Prlco of Corn (dollaro) Quantity (tons of com) Refer to the figure above. With no international trade, the domestic equilibrium price per ton of corn is A. P1. B. P3. C. between P1 and P2. OD. between P1 and P3. E. P2 Price La Quantity Refer to the above graph. The area of producer surplus would be shown by the area: A. bec. B. adc. OC. cac. OD. Odc.
Refer to the Figure. Which of the following statements is correct?
Refer to the Figure. Which of the following statements is correct? A Aprice floor set at $9 would result in a surplus B A price floor set at $6 would be binding, but a price floor set at $8 would not be binding C Aprice ceiling set at $9 would result in a surplus. D Aprice ceiling set at $10 would be binding, but a price ceiling set at $6 would not be bindingRefer to the Figure. How is the burden of the tax...
Use the information below to answer the following two questions: Harmony, Inc. makes and sells humidifiers....
Use the information below to answer the following two questions: Harmony, Inc. makes and sells humidifiers. They never hold inventories. Last year, its net operating income (NOI) was $38,000. The following additional information is available about last year: 1,600 units Units Sold Unit Selling Price Product Cost per Unit (under GAAP) Fixed Manufacturing Overhead Variable Selling and Administrative Cost per Unit Fixed Selling and Administrative Cost 11,200 6 Assuming the same cost structure, approximately how many units would the company...
0.25 points9) Refer to the above table which shows the
alternative outputs which can be produced in 2 different countries
with 1 year of labor. It can be concluded that Sweden has a(n)
A.) absolute advantage in both goods and a comparative advantage
only in autos.
B.) absolute advantage in both goods and a comparative advantage
only in computers.
C.) absolute advantage in both goods and a comparative advantage
in both goods.
D.) absolute advantage in both goods and a...
nswer the question(s) below based on the following diagram 14) Refer to the figure above. The quota shown in the diagram equals A) 500 units. B) 1000 units. C) 1200 units D) 200 units. 15) Refer to the figure above. The quota restricts trade by the same amount as a tariff of A) 550. B) $20. C) $30. D) Cannot answer without more information. 16) Refer to the figure above. Quota rents equal A) $5000 B) $10000 C) 56000 Dy$2000....
19. Refer to the information above to answer this question. Suppose that Lhanor is currently producing combination B. What is the opportunity cost of 1 more Kaldor? A) Approximately 1 Boulding. B) D) 42 Bouldings. Approximately 3 Bouldings. C) E) 54 Bouldings. 4 Bouldings. 20. Refer to the information above to answer this question. Suppose that Lhanor is currently producing combination B. What is the consequence of the production of Kaldors decreasing to 2? A) The output of Bouldings will...
Question 21
Refer to the information given on Question 19. Which one of the following sttemen 1. The SSE 26.7 2. MST= 6.775 3. MSE13.35 4. F= 1.939 5. The null hypothesis is probably false. QUESTION 21 If four samples (groups) each consisting of 10 observations are being compared with SS Treatments = 25.5 and SS Total = 204.6. Which one of the following statements is incorrect? 1. The number of category is 4. 2. The total N 10 3....
21. Refer to the above graph. It shows the marginal product of labor (MP) and the average product of labor (APL). At which point above does diminishing marginal returns set in? A. Point A B. Point B C. Point C D. Point D Assume that the only variable resource used to produce output is labor. Amount of Labor Total Product 6 1 16 2 24 3 30 4 34 36 22. Refer to the above table. The marginal product of...
How do you find the maximum value of P = 24x1 + 18x2?
9) Refer to the table of the six basic solutions to the e-system. X1 + 2x2 +91 = 14 3x1 + 4x2 + S2 = 36 X1 X2 S1 S2 (A) 0 0 14 36 (B) 07 08 (C) 0 9 -4 0 (D) 14 0 0 -6 (E) 12 0 0 (F) 8 3 0 0 1- Not feasible Which of the six basic solutions are...
Question 1 (6 points) Which of the following is true? A) David Ricardo proposed the theory of absolute advantage as the basis for trade. B) Absolute advantage is based on comparing the opportunity costs of trading partners. C) The Ricardian model assumes labor is perfectly mobile. D) Adam Smith proposed the theory of comparative advantage as the basis for trade in The Wealth of Nations Question 2 (6 points) Answer the question(s) below based on the information in the following...
Prlco of Corn (dollaro) Quantity (tons of com) Refer to the figure above. With no international trade, the domestic equilibrium price per ton of corn is A. P1. B. P3. C. between P1 and P2. OD. between P1 and P3. E. P2 Price La Quantity Refer to the above graph. The area of producer surplus would be shown by the area: A. bec. B. adc. OC. cac. OD. Odc.
Use the information below to answer the following two questions: Harmony, Inc. makes and sells humidifiers. They never hold inventories. Last year, its net operating income (NOI) was $38,000. The following additional information is available about last year: 1,600 units Units Sold Unit Selling Price Product Cost per Unit (under GAAP) Fixed Manufacturing Overhead Variable Selling and Administrative Cost per Unit Fixed Selling and Administrative Cost 11,200 6 Assuming the same cost structure, approximately how many units would the company...
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