Assume that Jamaica and Norway can switch between producing coolers and producing radios at a constant...
Assume that Jamaica and Norway can switch between producing coolers and producing radios at a constant rate. The following table shows the number of coolers or number of radios each country can produce in one day.
|
Output Produced in One Day |
||
|
Coolers |
Radios |
|
|
Jamaica |
12 |
6 |
|
Norway |
24 |
3 |
- Suppose Jamaica decides to increase its production of radios by
12. What is the opportunity cost of this decision?
- 3 coolers
- 6 coolers
- 12 coolers
- 24 coolers
Homework Answers
Add Answer to:
Assume that Jamaica
and Norway can switch between producing coolers and producing
radios at a constant...
Trading Countries: Assume that Brazil and Chile can switch between producing beef and producing wheat at...
Trading Countries: Assume that Brazil 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 in one hour. Output produced in one hour bushels of wheat pounds of beef Brazil 12 10 Chile 20 Brazil should specialize in the production of nenher good and Chile should specialize in the production of both goods. both goods and Chile should specialize...
Assume that country A and country B can switch between producing wheat and producing beef at a constant rate.
Assume that country A and country B can switch between producing wheat and producing beef at a constant rate.Minutes Needed to Make 1Bushel of WheatPound of BeefCountry A20 min12 minCountry B15 min10 min1. What is Country A’s opportunity cost of producing one pound of beef?a.3/5 bushel of wheatb.6/5 bushels of wheatc.4/3 bushels of wheatd.5/3 bushels of wheat2. What is Country A’s opportunity cost of producing one bushel of wheat?a.3/5 pound of beefb.6/5 pounds of beefc.4/3 pounds of beefd.5/3 pounds of...
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 3-10 Assume that Japan and Korea can switch between producing cars and producing air rate....
Table 3-10 Assume that Japan and Korea can switch between producing cars and producing air rate. Quantity Produced in 2400 Hours Hours Needed to Make 1 Car Airplane 30 150 50 150 Airplane 16 Japan Korea Draw a production possibilities frontier for both Korea and Japan assuming 2400 production hours available. What is the opportunity cost of each country to produce each cost? What country has a comparative advantage in the production of cars? What country has a comparative advantage...
Assume that Hank and Mika can switch between producing baseballs and producing bats at a constant...
Assume that Hank and Mika can switch between producing baseballs and producing bats at a constant rate. Labor Hours Needed to Make 1 Quantity Produced in 36 Hours baseball bat baseballs bats Hank 2 6 18 6 Mika 2 4 18 9 Refer to Table 3-8. Mika has an absolute advantage in the production of a. bats and a comparative advantage in the production of baseballs. b. bats and a comparative advantage in the production of bats. c. neither good...
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...
Assume that Max and Min can switch between producing mittens and producing hats at a constant...
Assume that Max and Min can switch between producing mittens and producing hats at a constant rate. Labor Hours Needed to Make 1 Mittens Hats 16 Quantity Produced in 36 Hours Mittens 18 Hats 16 2 Max Min 2 14 18 9 15. Refer to Table 3-11. Which of the following points would be on Min's production possibilities frontier, based on a 36-hour production period? a. (3 mittens, 8 hats) b. (8 mittens, 5 hat) c. (10 mittens, 4 hats)...
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at...
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 Pork Tomatoes Farmer 6 3 4 8 Rancher 4 4 16 6 Refer to Table 3-23. Without trade, the farmer produced and consumed 2 pounds of pork and 4 pounds of tomatoes and the rancher produced and consumed 4 pounds of pork and 2 pounds of...
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
Trading Countries: Assume that Brazil 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 in one hour. Output produced in one hour bushels of wheat pounds of beef Brazil 12 10 Chile 20 Brazil should specialize in the production of nenher good and Chile should specialize in the production of both goods. both goods and Chile should specialize...
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 3-10 Assume that Japan and Korea can switch between producing cars and producing air rate. Quantity Produced in 2400 Hours Hours Needed to Make 1 Car Airplane 30 150 50 150 Airplane 16 Japan Korea Draw a production possibilities frontier for both Korea and Japan assuming 2400 production hours available. What is the opportunity cost of each country to produce each cost? What country has a comparative advantage in the production of cars? What country has a comparative advantage...
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...
Assume that Max and Min can switch between producing mittens and producing hats at a constant rate. Labor Hours Needed to Make 1 Mittens Hats 16 Quantity Produced in 36 Hours Mittens 18 Hats 16 2 Max Min 2 14 18 9 15. Refer to Table 3-11. Which of the following points would be on Min's production possibilities frontier, based on a 36-hour production period? a. (3 mittens, 8 hats) b. (8 mittens, 5 hat) c. (10 mittens, 4 hats)...
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 Pork Tomatoes Farmer 6 3 4 8 Rancher 4 4 16 6 Refer to Table 3-23. Without trade, the farmer produced and consumed 2 pounds of pork and 4 pounds of tomatoes and the rancher produced and consumed 4 pounds of pork and 2 pounds of...
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
Most questions answered within 3 hours.
-
24) An outbreak due to exposure of a group of persons to the
same harmful influence...
asked 4 minutes ago -
Show the calculation of (1) the expected grams of alum
(KAl(SO4)2 •12 H2O) formed from the...
asked 7 minutes ago -
*There are two different answers posted. Other students
were asked the same question. Which response is...
asked 49 minutes ago -
Data is collected on the relationship between time spent playing
video games and time spent with...
asked 33 minutes ago -
The following data shows the weekly amount spent on pet hair
care products for a sample...
asked 1 hour ago -
In 1986 an electrical power plant in Taylorsville, Georgia,
burned 8,376,726 tons of coal, a national...
asked 13 minutes ago -
If a fertilizer bad is labeled 10-30-10, what is the percent
phosphorus if they actually measured...
asked 16 minutes ago -
Torrance Refinery produces approximately 22.7 Million barrels of
gasoline per year. A California distributor sources its...
asked 23 minutes ago -
Butters and Bebe are having a conversation about money and the
best actresses of all time....
asked 26 minutes ago -
Why would it not make sense to study a cell in G0 such as a
human...
asked 35 minutes ago -
what was Uniroyal's motivation in lobbying the government to
create a tire-rating standard? Select one: a....
asked 42 minutes ago -
Pat's Place has sales of $613,700 and cost of goods sold of
$338,514. At the beginning...
asked 44 minutes ago