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Question 6 (2 points) United States France Cologne Perfume Perfume 120 80 40 0 0 10...
Question 11 (3 points) Use these graphs to answer the following questions: Cologne Cologne Cologne A...
Question 11 (3 points) Use these graphs to answer the following questions: Cologne Cologne Cologne A В. C. Perfume Perfume Perfume [3 points) 11. Illustrate how the PPF of the US will change as a result of these countries choosing to trade based on their comparative advantages: Graph C 25 Graph B Graph A Question 12 (3 points) Use these graphs to answer the following question: Cologne Cologne Cologne A B. Perfume Perfume Perfume 13 points 12. Illustrate how the...
Question 4 Figure 2-16 120 110+ A 100 C 90 D 80 70 60 50 40...
Question 4 Figure 2-16 120 110+ A 100 C 90 D 80 70 60 50 40 30 20 10 10 20 30 40 60 60 70 80 90 100 Widgets Refer to Figure 2-16. The opportunity cost of obtaining approximately 20 additional gadgets by moving from point B to point C is O 0 widgets. 10 widgets. 20 widgets none of the above; the economy cannot move from pointB to point C.
Figure 10 1 Price 200 180 160 + 140 + 120 100+ 80 60 40 20...
Figure 10 1 Price 200 180 160 + 140 + 120 100+ 80 60 40 20 20 40 60 80 100 120 140 160 Duantity Refer to Figure 10. If the equilibrium price is $60, what is the producer surplus? a. $600 b. $1,200 C. $2,400 d. $4,800 Refer to Figure 10. If the equilibrium price rises from $60 to $120, what is the additional producer surplus to initial producers in the market? a. $1,200 b. $2,400 c. $3,600 d....
Good Y 80 50 B 40 20 0 2 4 6 8 10 Good X Figure...
Good Y 80 50 B 40 20 0 2 4 6 8 10 Good X Figure 2.1.2 5) Refer to the production possibilities frontier in Figure 2.1.2. At point A, the opportunity cost of producing 3 more units of X A) is 30 units of Y. B) is 10 units of Y. C) is 3 units of X D) is 20 units of Y. E) cannot be determined from the diagram.
Problems: 50 points 1. (10 points) Labor Inputs 100 120 Wheat Clothing Country United States Brazil...
Problems: 50 points 1. (10 points) Labor Inputs 100 120 Wheat Clothing Country United States Brazil Answer the following: a. Who has the absolute advantage in which good? b. What is the opportunity cost of wheat in the US? in Brazil? c. What is the opportunity cost of clothing in the US? in Brazil? d. Who has the comparative advantage in which good? e. What are the limits of the post-trade relative price of wheat? Suppose the actual post-trade relative...
Use the following to answer questions 9-10 120 100 40 20 40 0 80 100 120...
Use the following to answer questions 9-10 120 100 40 20 40 0 80 100 120 Income (billions 9. The above figure suggests that A) consumption would be $60 billion even if income were zero B) saving is zero at the $120 billion income level C) as income increases, consumption decreases as a peroentage of income D) as income increases, consumption decreases absolutely 10. Refer to the above figure. If the relevant saving schedule were constructed A) saving would be...
Instructions: For the following questions, use the diagram of production possibilities for the United States a....
Instructions: For the following questions, use the diagram of production possibilities for the United States a. Which point, A or B, best represents the combination of present and future goods in the United States? (Click to select) b. W ook int hich production possibilities curve best represents future growth in the United States? (Click to select) Instructions: For the following questions, use the diagram of production possibilities in China. c. Which point, A or B, best represents the combination of...
Question 9 (1 point) Suppose that Spain and France both produce ships and grapes, which are...
Question 9 (1 point) Suppose that Spain and France both produce ships and grapes, which are sold for the same price in both countries. The table below shows the combinations of the two goods that each country can produce in one year using the same amounts of capital and labor. What is the opportunity cost of producing one ton of grapes (in terms of ships) for France? Provide your answer as a number rounded to two decimal places. Do not...
Question 9 (1 point) Suppose that Spain and France both produce ships and grapes, which are...
Question 9 (1 point) Suppose that Spain and France both produce ships and grapes, which are sold for the same price in both countries. The table below shows the combinations of the two goods that each country can produce in one year using the same amounts of capital and labor. What is the opportunity cost of producing one ton of grapes (in terms of ships) for France? Provide your answer as a number rounded to two decimal places. Do not...
Figure 2-6 &Fan 360 280+ 240 200 160 120 80 40 30 Go 9o 120 150...
Figure 2-6 &Fan 360 280+ 240 200 160 120 80 40 30 Go 9o 120 150 180 210 240 270 300 330 itiows 38. Refer to Figure 2-6. If this economy devotes all of its resources to the production of blankets will produce a. 0 blankets and 360 pillows. b. 200 blankets and 240 pillows. c. 320 blankets and 120 pillows. d. 360 blankets and 0 pillows. 9. Refer to Figure 2-6. If this economy moves from point F to...
Question 11 (3 points) Use these graphs to answer the following questions: Cologne Cologne Cologne A В. C. Perfume Perfume Perfume [3 points) 11. Illustrate how the PPF of the US will change as a result of these countries choosing to trade based on their comparative advantages: Graph C 25 Graph B Graph A Question 12 (3 points) Use these graphs to answer the following question: Cologne Cologne Cologne A B. Perfume Perfume Perfume 13 points 12. Illustrate how the...
Question 4 Figure 2-16 120 110+ A 100 C 90 D 80 70 60 50 40 30 20 10 10 20 30 40 60 60 70 80 90 100 Widgets Refer to Figure 2-16. The opportunity cost of obtaining approximately 20 additional gadgets by moving from point B to point C is O 0 widgets. 10 widgets. 20 widgets none of the above; the economy cannot move from pointB to point C.
Figure 10 1 Price 200 180 160 + 140 + 120 100+ 80 60 40 20 20 40 60 80 100 120 140 160 Duantity Refer to Figure 10. If the equilibrium price is $60, what is the producer surplus? a. $600 b. $1,200 C. $2,400 d. $4,800 Refer to Figure 10. If the equilibrium price rises from $60 to $120, what is the additional producer surplus to initial producers in the market? a. $1,200 b. $2,400 c. $3,600 d....
Good Y 80 50 B 40 20 0 2 4 6 8 10 Good X Figure 2.1.2 5) Refer to the production possibilities frontier in Figure 2.1.2. At point A, the opportunity cost of producing 3 more units of X A) is 30 units of Y. B) is 10 units of Y. C) is 3 units of X D) is 20 units of Y. E) cannot be determined from the diagram.
Problems: 50 points 1. (10 points) Labor Inputs 100 120 Wheat Clothing Country United States Brazil Answer the following: a. Who has the absolute advantage in which good? b. What is the opportunity cost of wheat in the US? in Brazil? c. What is the opportunity cost of clothing in the US? in Brazil? d. Who has the comparative advantage in which good? e. What are the limits of the post-trade relative price of wheat? Suppose the actual post-trade relative...
Use the following to answer questions 9-10 120 100 40 20 40 0 80 100 120 Income (billions 9. The above figure suggests that A) consumption would be $60 billion even if income were zero B) saving is zero at the $120 billion income level C) as income increases, consumption decreases as a peroentage of income D) as income increases, consumption decreases absolutely 10. Refer to the above figure. If the relevant saving schedule were constructed A) saving would be...
Instructions: For the following questions, use the diagram of production possibilities for the United States a. Which point, A or B, best represents the combination of present and future goods in the United States? (Click to select) b. W ook int hich production possibilities curve best represents future growth in the United States? (Click to select) Instructions: For the following questions, use the diagram of production possibilities in China. c. Which point, A or B, best represents the combination of...
Question 9 (1 point) Suppose that Spain and France both produce ships and grapes, which are sold for the same price in both countries. The table below shows the combinations of the two goods that each country can produce in one year using the same amounts of capital and labor. What is the opportunity cost of producing one ton of grapes (in terms of ships) for France? Provide your answer as a number rounded to two decimal places. Do not...
Question 9 (1 point) Suppose that Spain and France both produce ships and grapes, which are sold for the same price in both countries. The table below shows the combinations of the two goods that each country can produce in one year using the same amounts of capital and labor. What is the opportunity cost of producing one ton of grapes (in terms of ships) for France? Provide your answer as a number rounded to two decimal places. Do not...
Figure 2-6 &Fan 360 280+ 240 200 160 120 80 40 30 Go 9o 120 150 180 210 240 270 300 330 itiows 38. Refer to Figure 2-6. If this economy devotes all of its resources to the production of blankets will produce a. 0 blankets and 360 pillows. b. 200 blankets and 240 pillows. c. 320 blankets and 120 pillows. d. 360 blankets and 0 pillows. 9. Refer to Figure 2-6. If this economy moves from point F to...
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