Homework Answers
The economy on its LRAS curve . Point D,
because it is on the institutional PPF, it represent that economy is in long run equilibrium. And Unemployment rate is equal to natural unemployment rate.
The econmy in a recessionary gap Point C,
it is below institutional PPF and represent recessionary gap, where the economy produces less than natural real GDP. Unemployment rate > Natural unemployment rate
The Economy in an inflationary gap . Point B.
Beyond institutional PPF, producing more than natural real GDP.
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Insttéonal PPF Physical PpE GooD x Complete the falioning tabie by identifng which point is reppresentative...
Let us consider a country of 100 people. Each person can produce 5 units of Good...
Let us consider a country of 100 people. Each person can produce 5 units of Good X or 10 units of Good Y a. b. C. d, e. Draw the PPF of the country, with Good X on x-axis and Good Y on y-axis. Write out the function of the PPF. What is the slope of the PPF? What does the slope of the PPF mean? if the market prices are PX-Py-1, at which point will the economy produce? (hard)...
Which of the following is true of the attached diagram? Good Y GIC PPF - Good...
Which of the following is true of the attached diagram? Good Y GIC PPF - Good X o a. It shows autarky equilibrium of a country under constant opportunity cost in production b. It shows free trade equilibrium of a country under constant opportunity cost in production c. It shows autarky equilibrium of a country under increasing opportunity cost in production d. It shows autarky equilibrium of a country under decreasing opportunity cost in production
9. Suppose that an economy is currently producing at a point inside its PPF. We know...
9. Suppose that an economy is currently producing at a point inside its PPF. We know that: a. The economy is producing beyond its capacity, so inflation will occur b. The economy is not using all of its available resources c. The economy is producing an efficient combination of goods d. There will be a large opportunity cost if the economy tries to increase production of any good _____ 10. Production possibility frontiers are usually shown as bowed outward. This...
(1 point) Suppose that you have two consumption choices: good X, and good Y. An indifference...
(1 point) Suppose that you have two consumption choices: good X, and good Y. An indifference curve is the set of consumption choices with a CONSTANT utility. For example if consuming 10X and 6Y gives me the same utility as consuming 11X and 5Y, then these are both points on the same indifference curve. An indifference map is the set of all indifference curves with EVERY given utility. Consider the indifference map given by: U = XY, where U is...
Which country exports good X, which country imports good X? Explain Mark is the relative price...
Which country exports good X, which country imports good X?
Explain
Mark is the relative price line for country A and country B in
the graph before trade.
At Autarky (pre-trade), which point represents production point
for country A? Which point represent consumption point for country
A?
At Autarky (pre-trade), which point represents production point
for country B? Which point represent consumption point for country
B?
With free trade, which point represents production point for
country A? Which point represent...
In the graph above, income is $80. One point on the demand curve for good X...
In the graph above, income is $80. One point on the demand curve
for good X is price of good X = $40 and quantity of good X =
_______ units of good X (enter a whole
number).
Good Y U2 BC BC2 0 1 2 3 4 5 6 7 8 Good X
7. Working with Numbers and Graphs Q9 The following table summarizes the combinations of goods X...
7. Working with Numbers and Graphs Q9 The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina David X Y X Y 150 0 200 0 75 37.5 100 10 0 75 0 20 would specialize in the If each person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good X. (Hint: Calculate the opportunity...
Consider two points on the production possibilities frontier point X, at which there are 100 cars...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
The following table summarizes the combinations of goods X and Y that two individuals, Tina and...
The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina X Y 1000 50 5 0 10 David XY 1500 75 37.5 0 75 fesch person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good Y, and would specialize in the production of good X. (Hint: Calculate the opportunity cost of producing X and Y...
Chapter 2 Homework 1. Points that lie outside (or beyond) the PPF are attainable. ainable. efficient....
Chapter 2 Homework 1. Points that lie outside (or beyond) the PPF are attainable. ainable. efficient. D. ineflficient 2. Which of the following statements is true? less of some other good. to produce goods. another possibilities frontier (PPF). A. In a world of efficiently used scarce B. The law of increasing opportunity costs assumes that all people have the same ability C. Efficiency implies that it is impossible to get more of one good without getting less of D. Even...
Let us consider a country of 100 people. Each person can produce 5 units of Good X or 10 units of Good Y a. b. C. d, e. Draw the PPF of the country, with Good X on x-axis and Good Y on y-axis. Write out the function of the PPF. What is the slope of the PPF? What does the slope of the PPF mean? if the market prices are PX-Py-1, at which point will the economy produce? (hard)...
Which of the following is true of the attached diagram? Good Y GIC PPF - Good X o a. It shows autarky equilibrium of a country under constant opportunity cost in production b. It shows free trade equilibrium of a country under constant opportunity cost in production c. It shows autarky equilibrium of a country under increasing opportunity cost in production d. It shows autarky equilibrium of a country under decreasing opportunity cost in production
(1 point) Suppose that you have two consumption choices: good X, and good Y. An indifference curve is the set of consumption choices with a CONSTANT utility. For example if consuming 10X and 6Y gives me the same utility as consuming 11X and 5Y, then these are both points on the same indifference curve. An indifference map is the set of all indifference curves with EVERY given utility. Consider the indifference map given by: U = XY, where U is...
Which country exports good X, which country imports good X?
Explain
Mark is the relative price line for country A and country B in
the graph before trade.
At Autarky (pre-trade), which point represents production point
for country A? Which point represent consumption point for country
A?
At Autarky (pre-trade), which point represents production point
for country B? Which point represent consumption point for country
B?
With free trade, which point represents production point for
country A? Which point represent...
In the graph above, income is $80. One point on the demand curve
for good X is price of good X = $40 and quantity of good X =
_______ units of good X (enter a whole
number).
Good Y U2 BC BC2 0 1 2 3 4 5 6 7 8 Good X
7. Working with Numbers and Graphs Q9 The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina David X Y X Y 150 0 200 0 75 37.5 100 10 0 75 0 20 would specialize in the If each person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good X. (Hint: Calculate the opportunity...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina X Y 1000 50 5 0 10 David XY 1500 75 37.5 0 75 fesch person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good Y, and would specialize in the production of good X. (Hint: Calculate the opportunity cost of producing X and Y...
Chapter 2 Homework 1. Points that lie outside (or beyond) the PPF are attainable. ainable. efficient. D. ineflficient 2. Which of the following statements is true? less of some other good. to produce goods. another possibilities frontier (PPF). A. In a world of efficiently used scarce B. The law of increasing opportunity costs assumes that all people have the same ability C. Efficiency implies that it is impossible to get more of one good without getting less of D. Even...
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