Question

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 that each country could produce if they specialized entirely in one good or the other. According to the graph, who has a comparative advantage in producing wheat? PPFs for Countries X and Y PPFs for Countries X and Y 8 tons of wheat tons of wheat tons of rice 1/2 a ton of rice for Country X and 1/4 a ton of rice for Country Y. 200 400 tons of rice The answer cannot be determined from the information provided. 2/3 a ton of rice for Country X and 4/3 a ton of rice for Country Y. Neither country X nor country Y The answer cannot be determined from the information provided. 2 tons of rice for Country X and 4 tons of rice for Country Y. the same for both Country X and Y. 3/2 a ton of rice for Country X and 3/4 a ton of rice for Country Y. Country X Country Y Both country X and country Y Question 13 1 pts Question 12 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 it they specialized entirely in one good or the other. According to this graph, which good should country Y specialize in? 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 the graph, if both countries specialize in producing the good in which they have a comparative advantage, together they will produce... PPFs for Countries X and Y PPFs for Countries X and Y tons of wheat tons of wheat 200 tons of rice 200 tons of rice Neither wheat nor rice 300 tons of wheat and 600 tons of rice. Rice 300 tons of wheat and 200 tons of rice. The answer cannot be determined from the information provided. 300 tons of wheat and 400 tons of rice. Both wheat and rice 600 tons of wheat and 400 tons of rice. Wheat The answer cannot be determined from the information provided.

Answer 1

10) third option is correct. For X, either 300 tons of wheat or 200 tons of rice can be produced. Opportunity cost of producing 1 ton of wheat is 200/300 or 2/3 tons of rice. For Y, this is 400 / 300 or 4/3 tons of rice

11) country X. Because the opportunity cost of producing 1 ton of wheat is lower in country X, it should have a comparative advantage in its production

12) Rice. The opportunity cost of producing 1 ton of rice is 3/2 tons of wheat in country X and 3/4 tons of wheat in country Y. Since the opportunity cost is lower in country Y, Y should specialise and produce rice.

13) third option is correct.