Homework Answers
"C"
As nation A is investing more in the investment goods there PPF will be shifting outward quickly as compared to other nations who are producing more consumption goods.
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Suppose Country A produces few consumption goods and many investment goods, whereas Country B produces few...
Exhibit 2-17 Production possibilities curve Consumption goods Capital goods In Exhibit 2-17, if countries A and...
Exhibit 2-17 Production possibilities curve Consumption goods Capital goods In Exhibit 2-17, if countries A and B currently have the same production possibilities curve (PPC) as given in the figure, but this year country A locates at point A on its PPC and country B locates at point B on its PPC, then country A: a. is more efficient than country B. b. is producing more capital goods than country B. O c. will grow at a faster rate than...
Two countries, Alpha and Beta, have identical production possibilities frontiers. Capital goods (per person) If Alpha...
Two countries, Alpha and Beta, have identical production possibilities frontiers. Capital goods (per person) If Alpha produces at point A and Beta produces at point B, then _ O A. Alpha's and Beta's economic growth rates will be the same O B. Beta's future consumption will be less than than Alpha's O C. Alpha consumes more than Beta today, but it will grow slower than Beta OD. Alpha's economic growth rate will exceed Beta's PPF Consumption goods (per person)
Two countries decide to specialize in producing certain goods to export to other countries, and in...
Two countries decide to specialize in producing certain goods to export to other countries, and in return they import different goods from these other countries. The advantage of these exports and imports is: the country will be able to consume at a point outside your production possibilities frontier the countries will be able to produce and consume at a point outside your production possibilities frontier. the country will be able to produce at a point outside your production possibilities frontier....
17. In the following graph showing indifference curves for country A (a) and for country B...
17. In the following graph showing indifference curves for country A (a) and for country B (b) in a situation where both countries have the same production possibilities frontier, in autarky, Px/Py in country A is Px/Py in country B, and, if trade begins, country A will export good good Y sood X a. less than; X b. less than; Y c. greater than; X d. greater than; Y 18. Given the following diagram showing a fixed-quantity production-possibilities frontier, a...
TEXT Alternative: Suppose you were in charge of establishing economic policy for a small island country...
TEXT Alternative:
Suppose you were in charge of establishing economic policy for a
small island country whose only industry is fishing. When people
aren't fishing, they're enjoying leisure time with their
families.
Which of the following policies would lead to greater economic
growth? Check all that apply.
Imposing a tax on fishing boats (a form of capital)
Lowering the income tax, assuming that it encourages people to
work longer hours
Subsidizing research and development into new fishing
technologies
Offering free...
Consider two countries, A and B. Each country produces only two goods with 1,000 production units:...
Consider two countries, A and B. Each country produces only two goods with 1,000 production units: Wine and Cheese. Country A can produce 400 bottles of wine or 200 pounds of cheese or any combination of two goods. At the same time, country B can produce 1200 bottles of wine or 300 pounds of cheese or any combination of two goods. Suppose that both countries maximize their utility when they consume wine and cheese in equal proportions. 1. a) Absolute...
2. Suppose we know the following about Countries 1 and 2: Country l's production function is...
2. Suppose we know the following about Countries 1 and 2: Country l's production function is yı = A (k)", Country 2's production function is y2 = A2(k)", where y = output per capita, k = kapital per capita, A = productivity factor, and A1 > 12. At steady state kz > ki, where kj, ki, are steady state kapital per capita of Countries 2 and 1, respectively. Given the above information, what can we conclude about Country 2's output...
Suppose a country, whose production and consumption of cell phones is large relative to the world...
Suppose a country, whose production and consumption of cell phones is large relative to the world market, has just entered the global market. If the country is a net-importer of cell phones, we would expect the world: Multiple Choice demand curve to shift more to the left than the world supply curve as a result. supply curve to shift more to the left than the world demand curve as a result. supply curve to shift more to the right than...
In 2008, the per capita consumption of soft drinks in Country A was reported to be...
In 2008, the per capita consumption of soft drinks in Country A was reported to be 18.51 gallons. Assume that the per capita consumption of soft drinks in Country A is approximately normally distributed, with a mean of 18.51 gallons and a standard deviation of 5 gallons. Complete parts (a) through (d) below. a. What is the probability that someone in Country A consumed more than 13 gallons of soft drinks in 2008? (Round to four decimal places as needed.)...
Exhibit 2-17 Production possibilities curve Consumption goods Capital goods In Exhibit 2-17, if countries A and B currently have the same production possibilities curve (PPC) as given in the figure, but this year country A locates at point A on its PPC and country B locates at point B on its PPC, then country A: a. is more efficient than country B. b. is producing more capital goods than country B. O c. will grow at a faster rate than...
Two countries, Alpha and Beta, have identical production possibilities frontiers. Capital goods (per person) If Alpha produces at point A and Beta produces at point B, then _ O A. Alpha's and Beta's economic growth rates will be the same O B. Beta's future consumption will be less than than Alpha's O C. Alpha consumes more than Beta today, but it will grow slower than Beta OD. Alpha's economic growth rate will exceed Beta's PPF Consumption goods (per person)
Two countries decide to specialize in producing certain goods to export to other countries, and in return they import different goods from these other countries. The advantage of these exports and imports is: the country will be able to consume at a point outside your production possibilities frontier the countries will be able to produce and consume at a point outside your production possibilities frontier. the country will be able to produce at a point outside your production possibilities frontier....
17. In the following graph showing indifference curves for country A (a) and for country B (b) in a situation where both countries have the same production possibilities frontier, in autarky, Px/Py in country A is Px/Py in country B, and, if trade begins, country A will export good good Y sood X a. less than; X b. less than; Y c. greater than; X d. greater than; Y 18. Given the following diagram showing a fixed-quantity production-possibilities frontier, a...
TEXT Alternative:
Suppose you were in charge of establishing economic policy for a
small island country whose only industry is fishing. When people
aren't fishing, they're enjoying leisure time with their
families.
Which of the following policies would lead to greater economic
growth? Check all that apply.
Imposing a tax on fishing boats (a form of capital)
Lowering the income tax, assuming that it encourages people to
work longer hours
Subsidizing research and development into new fishing
technologies
Offering free...
2. Suppose we know the following about Countries 1 and 2: Country l's production function is yı = A (k)", Country 2's production function is y2 = A2(k)", where y = output per capita, k = kapital per capita, A = productivity factor, and A1 > 12. At steady state kz > ki, where kj, ki, are steady state kapital per capita of Countries 2 and 1, respectively. Given the above information, what can we conclude about Country 2's output...
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