Homework Answers
opportunity cost= what one sacrifice/ what one gain
=25 tons of chickan /50 tons of wheat
=1/2 tons of chickan
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a. 4. With the same amount of resources, Country A can produce 25 tons of chicken...
4. With the same amount of resources, Country A can produce 25 tons of chicken or...
4. With the same amount of resources, Country A can produce 25 tons of chicken or 50 tons of wheat. What is Country A's opportunity cost of producing 1 ton of wheat? a. 2 tons of chicken b. 25 tons of wheat 25 tons of chicken d. 1 ton of chicken C.
12. Country A's opportunity cost of producing 1 ton of corn is 5 tons of wheat...
12. Country A's opportunity cost of producing 1 ton of corn is 5 tons of wheat , while Country B's opportunity cost of producing 1 ton of corn is 1/3 of a ton of wheat. Which of the following statements is true? a. Country A should specialize in producing corn, while Country B should specialize in producing b. Country B should specialize in producing corn, while Country A should specialize in producing C. There will be no gains from trade...
1. With given resources and technology, a country can produce either 100 million cars or 50...
1. With given resources and technology, a country can produce either 100 million cars or 50 million tons of paper. What is the opportunity cost of producing one ton of paper? a.) 500,000 cars b.) 100 million cars c.) 2 million cars d.) None 2. With its given resources and technology, an economy can produce either 100 units of good Y or 50 units of good X. For each of the following combinations of goods indicate whether the combination is...
U.S. and Mexico both produce vehicles and tons of plastic, which are sold for the same...
U.S. and Mexico both produce vehicles and tons of plastic, which are sold for the same price in both countries. Suppose that with one unit of labor and one unit of capital, the U.S. can produce either 20 vehicles or 45 tons of plastic and Mexico can produce either 10 vehicles or 17 tons of plastic. What is the opportunity cost of producing one ton of plastic (in terms of vehicles) for Mexico? Provide your answer as a number rounded...
Practice Problem Canada and the US both produce wheat and lumber. Assuming Canada and the US...
Practice Problem Canada and the US both produce wheat and lumber. Assuming Canada and the US are using the same amount of capital and labor, the table below shows what each country is capable of producing on its own wheat lumber (tons) Country (bushels) Canada 40 100 United States 60 30 Who has the absolute advantage in producing wheat? In producing lumber? 1 2. What is Canada's opportunity cost of producing 1 bushel of wheat? What is the United States'?...
The U.S. and Canada both produce aircraft engines and tons of chemicals, which are sold for...
The U.S. and Canada both produce aircraft engines and tons of chemicals, which are sold for the same price in both countries. Suppose that with one unit of labor and one unit of capital, the U.S. can produce either 22 engines or 38 tons of chemicals and Canada can produce either 14 engines or 32 tons of chemicals. What is the opportunity cost of producing one ton of chemicals (in terms of engines) for the U.S.? Provide your answer as...
Country A has 100 workers and Country B has 100 workers. Every worker in Country A...
Country A has 100 workers and Country B has 100 workers. Every worker in Country A can produce 6 tons of wheat per year, or can produce 12 tons of corn per year. Every worker in Country B can produce 2 tons of wheat per year, or can produce 10 tons of corn per year. Suppose initially the countries do not trade and Country A has 50 workers producing corn and 50 producing wheat. Country B has 30 workers producing...
3. American and Japanese workers can each produce 4 cars a year. An American worker can...
3. American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. a. Graph the production possibilities frontier of the American and Japanese economies. b. For the US, what is the opportunity cost of a car? Of grain? For Japan, what is the opportunity cost...
If the fictitious country of Islandia puts all of its production resources into fish, it can...
If the fictitious country of Islandia puts all of its production resources into fish, it can produce 35 units of fish. If it puts all of its production resources into coconuts, it can produce 70 units of coconuts. If the fictitious country of Mountania puts all of its production resources into fish, it can produce 30 units of fish. If it puts all of its production resources into coconuts, it can produce 80 units of coconuts. Assume that both countries...
4. With the same amount of resources, Country A can produce 25 tons of chicken or 50 tons of wheat. What is Country A's opportunity cost of producing 1 ton of wheat? a. 2 tons of chicken b. 25 tons of wheat 25 tons of chicken d. 1 ton of chicken C.
12. Country A's opportunity cost of producing 1 ton of corn is 5 tons of wheat , while Country B's opportunity cost of producing 1 ton of corn is 1/3 of a ton of wheat. Which of the following statements is true? a. Country A should specialize in producing corn, while Country B should specialize in producing b. Country B should specialize in producing corn, while Country A should specialize in producing C. There will be no gains from trade...
U.S. and Mexico both produce vehicles and tons of plastic, which are sold for the same price in both countries. Suppose that with one unit of labor and one unit of capital, the U.S. can produce either 20 vehicles or 45 tons of plastic and Mexico can produce either 10 vehicles or 17 tons of plastic. What is the opportunity cost of producing one ton of plastic (in terms of vehicles) for Mexico? Provide your answer as a number rounded...
Practice Problem Canada and the US both produce wheat and lumber. Assuming Canada and the US are using the same amount of capital and labor, the table below shows what each country is capable of producing on its own wheat lumber (tons) Country (bushels) Canada 40 100 United States 60 30 Who has the absolute advantage in producing wheat? In producing lumber? 1 2. What is Canada's opportunity cost of producing 1 bushel of wheat? What is the United States'?...
The U.S. and Canada both produce aircraft engines and tons of chemicals, which are sold for the same price in both countries. Suppose that with one unit of labor and one unit of capital, the U.S. can produce either 22 engines or 38 tons of chemicals and Canada can produce either 14 engines or 32 tons of chemicals. What is the opportunity cost of producing one ton of chemicals (in terms of engines) for the U.S.? Provide your answer as...
If the fictitious country of Islandia puts all of its production resources into fish, it can produce 35 units of fish. If it puts all of its production resources into coconuts, it can produce 70 units of coconuts. If the fictitious country of Mountania puts all of its production resources into fish, it can produce 30 units of fish. If it puts all of its production resources into coconuts, it can produce 80 units of coconuts. Assume that both countries...
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