Homework Answers
Q. Brazil should specialize in the production of:-
Ans. Beef and Chile should specialize in the production of wheat.
Since the opportunity cost of beef is lower for Brazil as compared to Chile, it should produce beef.
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Trading Countries: Assume that Brazil and Chile can switch between producing beef and producing wheat at...
Question Completion Status: Moving to another question will save this response Question 25 points Assume that...
Question Completion Status: Moving to another question will save this response Question 25 points Assume that Braril 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 hour. Output produced in one hour bushels of wheat pounds of beef Brazil 12 10 Chile 20 12 Which of the following prices would both Brazil and Chile gain from trade with...
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...
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at...
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Pound of Beef Brad 10 12 Theresa 6 10 Refer to Table 3-20. Brad has a comparative advantage in the production of wheat and Theresa has a comparative advantage in the production of beef. beef and Theresa has a comparative advantage in the production of wheat. both goods and Theresa...
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at...
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Brad Theresa 10 6 Pound of Beef 12 10 Refer to Table 3-20. Brad has an absolute advantage in the production of A) wheat and Theresa has an absolute advantage in the production of beef. B) beef and Theresa has an absolute advantage in the production of wheat. C) both goods and Theresa...
Situation: Brazil and Chile can produce cloth and wheat. In Chile, the labor requirement for a...
Situation: Brazil and Chile can produce cloth and wheat. In Chile, the labor requirement for a yard of cloth is 6 hours while the requirement for a bushel of wheat is 9 hours. In Brazil, the requirement for a yard of cloth is 6 hours while that for a bushel of wheat is 10 hours. Question: Is it possible for the wheat-exporting country to charge 12 bushels/yard for its wheat? Explain briefly.
Situation: Brazil and Chile can produce cloth and wheat. In Chile, the labor requirement for a...
Situation: Brazil and Chile can produce cloth and wheat. In Chile, the labor requirement for a yard of cloth is 6 hours while the requirement for a bushel of wheat is 9 hours. In Brazil, the requirement for a yard of cloth is 6 hours while that for a bushel of wheat is 10 hours. Question: Which country has absolute advantage in wheat? In cloth?
Question 19 A country decides to specialize in wheat production. They now export wheat and import...
Question 19 A country decides to specialize in wheat production. They now export wheat and import shirts. Which groups of people in this country benefit from trade? PICK all that are correct. A) wheat consumers B) wheat producers C) shirt consumers D) shirt producers Question 20 When countries specialize in producing certain goods and then freely exchange those goods for other goods with different countries, what is the advantage? A) Each country can consume at a point outside their production...
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...
Consider two neighboring Island countries, Charisma and Flatstan. Each has 72,000 labor hours available per week...
Consider two neighboring Island countries, Charisma and Flatstan. Each has 72,000 labor hours available per week that it can use to produce jeans, wheat, or a combination of both. The following table shows the amount of labor hours required to produce 1 pair of jeans or 1 bushel of wheat. Wheat (Labor hours per bushel) Country Charisma Jeans (Labor hours per pair) 80 24 16 Flatstan 12 has an absolute advantage in the production of jeans, and has an absolute...
Consider two neighboring island countries, Botoga and Fiatstan. Each has 72,000 labor hours available per week...
Consider two neighboring island countries, Botoga and Fiatstan. Each has 72,000 labor hours available per week that it can use to produce jeans, wheat, or a combination of both. The following table shows the amount of labor hours required to produce 1 pair of jeans or 1 bushel of wheat. Country Jeans Wheat (Labor hours per pair) (Labor hours per bushel) Botoga 80 16 Fiatstan 24 12 _____________ (Botoga/Fiatstan) has an absolute advantage in the production of jeans, and ___________...
Question Completion Status: Moving to another question will save this response Question 25 points Assume that Braril 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 hour. Output produced in one hour bushels of wheat pounds of beef Brazil 12 10 Chile 20 12 Which of the following prices would both Brazil and Chile gain from trade with...
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Brad Theresa 10 6 Pound of Beef 12 10 Refer to Table 3-20. Brad has an absolute advantage in the production of A) wheat and Theresa has an absolute advantage in the production of beef. B) beef and Theresa has an absolute advantage in the production of wheat. C) both goods and Theresa...
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...
Consider two neighboring Island countries, Charisma and Flatstan. Each has 72,000 labor hours available per week that it can use to produce jeans, wheat, or a combination of both. The following table shows the amount of labor hours required to produce 1 pair of jeans or 1 bushel of wheat. Wheat (Labor hours per bushel) Country Charisma Jeans (Labor hours per pair) 80 24 16 Flatstan 12 has an absolute advantage in the production of jeans, and has an absolute...
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