...
Cheese
(units) Bread
(units)
England 40 20
Spain 20 5
The table above shows how much each of two countries can produce in
40 hours. (For example, England can produce 40 units of cheese in
40 hours.) If England and Spain specialize and trade according to
their respective comparative advantage,
a. The opportunity cost of cheese production is higher in Spain
than in England. Incorrect
b. Spain will specialize in and export bread.
c. England will produce more bread than in the absence of
trade.
d. England will produce more cheese than in the absence of
trade.
e. consumers in both countries will be harmed.
Please Help asap!
Thank you!
Homework Answers
The opportunity cost of producing cheese in England will be 40/20 = 2 units of bread and in Spain it will be 20/5 = 4 units of bread So, England have a lower opportunity cost and hence a comparative advantage in the production of Cheese.
The correct statement is "B" Spain will specialize in the export of bread and England will produce and export cheese.
You have to answer the questions that I have typed out, the screenshots are just the...
You have to answer the questions that I have typed out, the
screenshots are just the data (disregard the questions on the
screenshot/worksheet)
Question 1 (10 points)
Refer to HW #7. Does either country have an absolute advantage
in the production of the two goods?
Question 1 options:
Spain has an absolute advantage in the production of both
goods.
England has an absolute advantage in the production of cheese
and Spain has an absolute advantage in the production of bread....
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti...
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti Problem 4 Nomber ef ts Predeced le 40 1rs Lahor Hasrs Needed to Make 1Uof Bread Choe Cheese Broad Englnd Sp Figure 3: Assume that England and Spain can switch between producing cheese and pro- ducing bread at a constant rate Part A Identify which country has an absolute advantage and which country has a comparative Bread Spa Comp Enl Ab solu Cheese advantage...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese and producing Labor Hours Number of Units Needed to Make Produced in 24 1 Unit of Hours Cheese Bread Cheese Bread England2 3 128 Spain 3 Which of the following statement is correct? England has the comparative advantage in Cheese Spain has the comparative advantage in Cheese England has the comparative advantage in both Cheese and Bread Spain has the comparative advantage in both...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plotof land. The...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot
of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to
plot Clancy's production possibilities...
Use the following scenario to answer the following questions: Natasha can produce either 5,000 pounds of...
Use the following scenario to answer the following questions: Natasha can produce either 5,000 pounds of cheese or 20 houses per year. Jameson can produce either 5,000 pounds of cheese or 10 houses per year. If this economy produces more than 20 houses per year, the opportunity cost of a house will ________ because ________. a increase; an input with a higher opportunity cost must be used b increase; all gains from trade have already been exploited c remain the...
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 ___________...
Consider a two countries, Portugal and England, that produce two goods, wine and cheese, with only...
Consider a two countries, Portugal and England, that produce two goods, wine and cheese, with only one factor of production, Labor. In England, one unit of labor can produce 2 units of wine or 1 unit of cheese. In Portugal, one unit of labor can produce 3 units of wine or 1/2 of cheese. There are 100 units of labor in Portugal, and 100 in England. Countries share the same tastes, and there is perfect competition. 1) Fill in the...
Suppose that Spain and Sweden both produce jeans and olives. Spain's opportunity cost of producing a...
Suppose that Spain and Sweden both produce jeans and olives. Spain's opportunity cost of producing a crate of olives is 4 pairs of jeans while Sweden's opportunity cost of producing a crate of olives is 8 pairs of jeans. By comparing the opportunity cost of producing olives in the two countries, you can tell that has a comparative advantage in the production of olives and has a comparative advantage in the production of jeans. Suppose that Spain and Sweden consider...
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....
Gains from Trade Portugal and Spain produce and consume two commodities, Wine (W) and Cheese (C)....
Gains from Trade Portugal and Spain produce and consume two commodities, Wine (W) and Cheese (C). Labor (L) is the only factor of production in both countries. Commodity and labor markets in the two countries are perfectly competitive. In Portugal, it takes 8 labor hours for the production of a bottle of W and 6 labor hours for the production of one kg of C. In Spain, it takes 10 labor hours for the production of a bottle of W...
You have to answer the questions that I have typed out, the
screenshots are just the data (disregard the questions on the
screenshot/worksheet)
Question 1 (10 points)
Refer to HW #7. Does either country have an absolute advantage
in the production of the two goods?
Question 1 options:
Spain has an absolute advantage in the production of both
goods.
England has an absolute advantage in the production of cheese
and Spain has an absolute advantage in the production of bread....
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti Problem 4 Nomber ef ts Predeced le 40 1rs Lahor Hasrs Needed to Make 1Uof Bread Choe Cheese Broad Englnd Sp Figure 3: Assume that England and Spain can switch between producing cheese and pro- ducing bread at a constant rate Part A Identify which country has an absolute advantage and which country has a comparative Bread Spa Comp Enl Ab solu Cheese advantage...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese and producing Labor Hours Number of Units Needed to Make Produced in 24 1 Unit of Hours Cheese Bread Cheese Bread England2 3 128 Spain 3 Which of the following statement is correct? England has the comparative advantage in Cheese Spain has the comparative advantage in Cheese England has the comparative advantage in both Cheese and Bread Spain has the comparative advantage in both...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot
of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to
plot Clancy's production possibilities...
Suppose that Spain and Sweden both produce jeans and olives. Spain's opportunity cost of producing a crate of olives is 4 pairs of jeans while Sweden's opportunity cost of producing a crate of olives is 8 pairs of jeans. By comparing the opportunity cost of producing olives in the two countries, you can tell that has a comparative advantage in the production of olives and has a comparative advantage in the production of jeans. Suppose that Spain and Sweden consider...
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