Homework Answers
(a) Country Y
(b) country X; Country Y
(c) Country x; food; country Y; computers
(d) food
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Consider the PPFs in the illustration below: Country Y COMPUTERS Country X 1 2 3 4...
8. Consider the PPFs in the illustration below: 70 60 50 40 Country Y COMPUTERS COMPUTERS...
8. Consider the PPFs in the illustration below: 70 60 50 40 Country Y COMPUTERS COMPUTERS 30 Country X 20 10 0 0 1 2 3 4 7 8 9 10 11 5 6 FOOD a. Which country enjoys absolute advantage? b. Country enjoys comparative advantage in the production of Food and Country enjoys comparative advantage in the production of Computers. c. Following the Heckscher Ohlin theorem, Country should specialize in the production of Food and Country in the production...
Trade Theories, a Historical Approach Free trade refers to a situation where a government does not...
Trade Theories, a Historical Approach Free trade refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country, or what they can produce and sell to another country. The economic arguments surrounding the benefits and costs of free trade in goods and services are not abstract academic ones. International trade theory has shaped the economic policy of many nations for the past 50 years. The textbook reviews...
Question 4: Consider two countries A & B with the following PPF's for production of cookies...
Question 4: Consider two countries A & B with the following PPF's for production of cookies (C) and milk (M): Country A: C-100-5M Country B: C-20-0.5M Part A: In two separate graphs with C on the Y-axis and M on the X-axis, graph both PPFs. Part B: Determine which country has an absolute advantage in milk production. Part C: Determine which country has a comparative advantage in milk production. Part D: If the countries decide to trade, which good will...
QUESTION 9 When a country's imports is greater than its exports, the country is experiencing a...
QUESTION 9 When a country's imports is greater than its exports, the country is experiencing a Ca. trade balance cb. trade residual c. trade deficit d. trade surplus QUESTION 10 The slop of the production possilbilities frontier is equal to a. The marginal cost of the good measured on the horizontal axis b. The marginal cost of the good measured on the vertical axis c. The opportunity cost of the good measured on the horizontal axis d. The opportunity cost...
1. Suppose country A can produce 30 units of Corn per time period (if it specializes...
1. Suppose country A can produce 30 units of Corn per time period (if it specializes in Corn). Country A can produce 4 outfits per time period (if it specializes in outfits). If country B specializes in Corn, it can produce 40 units per time period. If country B specialized in Outfits, it can produce 3 outfits per time period. A has a comparative advantage in Corn. B has a comparative advantage in Outfits. neither country has a comparative advantage....
Country X Country Y WATCHES WATCHES 10 10 RADIOS 20 RADIOS 3. Using equal amounts of...
Country X Country Y WATCHES WATCHES 10 10 RADIOS 20 RADIOS 3. Using equal amounts of labor hours, Country X and Country Y can each produce the number of watches and radios shown in the production possibilities curves above. Based on the information, which of the following is true? (A) Country X has an absolute advantage in the production of both watches and radios and a comparative advantage in the production of watches. (B) Country Y has an absolute advantage...
Food Food A (Y) X 200 Y-200 X-6667 Y=100 dles Oil(x) United States United States Canada...
Food Food A (Y) X 200 Y-200 X-6667 Y=100 dles Oil(x) United States United States Canada S. The production possibility frontiers of two counties are represented on the graphs above. The production possibility frontiers are represented as straight lines. Let Good X be units of oil and Good Y be units of food. The United States is currently producing and consuming the goods combination represented by Point A. Canada is currently producing and consuming the goods combination represented by Point...
Consider two individuals, Bill and Steve. Both can make cars and computers. Their production levels are...
Consider two individuals, Bill and Steve. Both can make cars and computers. Their production levels are outlined below: In one hour of time Bill can make: 7 Cars -or- 35 Computers. In one hour of time Steve can make: 4 Cars -or- 12 Computers. 1. What is Bill's opportunity cost of making one (1) Car? What is Steve's opportunity cost of making one (1) Car? 2. What is Bill's opportunity cost of making one (1) Computer? What is Steve's opportunity...
1-Home produces 2 goods X and Y . Home country has two factors of production, Labor...
1-Home produces 2 goods X and Y . Home country has two factors of production, Labor and Capital. All consumers at Home have preferences over two goods that can be represented by the utility function U(X,) =XY . The factor requirements per unit of output of the two goods are also fixed and they are shown in the following table: Good X Good Y Labour 1/3 2/3 Capital 2/3 1/3 Home country has 360 units of Labour and 600 units...
Question 10 2 pts Question 11 1 pts The figure below shows the production possibilities frontiers...
Question 10 2 pts Question 11 1 pts The figure below shows the production possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities that each country could produce if they specialized entirely in one good or the other. According to this graph, the opportunity cost of producing a ton of wheat is... The figure below shows the production-possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities...
8. Consider the PPFs in the illustration below: 70 60 50 40 Country Y COMPUTERS COMPUTERS 30 Country X 20 10 0 0 1 2 3 4 7 8 9 10 11 5 6 FOOD a. Which country enjoys absolute advantage? b. Country enjoys comparative advantage in the production of Food and Country enjoys comparative advantage in the production of Computers. c. Following the Heckscher Ohlin theorem, Country should specialize in the production of Food and Country in the production...
Question 4: Consider two countries A & B with the following PPF's for production of cookies (C) and milk (M): Country A: C-100-5M Country B: C-20-0.5M Part A: In two separate graphs with C on the Y-axis and M on the X-axis, graph both PPFs. Part B: Determine which country has an absolute advantage in milk production. Part C: Determine which country has a comparative advantage in milk production. Part D: If the countries decide to trade, which good will...
QUESTION 9 When a country's imports is greater than its exports, the country is experiencing a Ca. trade balance cb. trade residual c. trade deficit d. trade surplus QUESTION 10 The slop of the production possilbilities frontier is equal to a. The marginal cost of the good measured on the horizontal axis b. The marginal cost of the good measured on the vertical axis c. The opportunity cost of the good measured on the horizontal axis d. The opportunity cost...
Country X Country Y WATCHES WATCHES 10 10 RADIOS 20 RADIOS 3. Using equal amounts of labor hours, Country X and Country Y can each produce the number of watches and radios shown in the production possibilities curves above. Based on the information, which of the following is true? (A) Country X has an absolute advantage in the production of both watches and radios and a comparative advantage in the production of watches. (B) Country Y has an absolute advantage...
Food Food A (Y) X 200 Y-200 X-6667 Y=100 dles Oil(x) United States United States Canada S. The production possibility frontiers of two counties are represented on the graphs above. The production possibility frontiers are represented as straight lines. Let Good X be units of oil and Good Y be units of food. The United States is currently producing and consuming the goods combination represented by Point A. Canada is currently producing and consuming the goods combination represented by Point...
Question 10 2 pts Question 11 1 pts The figure below shows the production possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities that each country could produce if they specialized entirely in one good or the other. According to this graph, the opportunity cost of producing a ton of wheat is... The figure below shows the production-possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities...
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