12. Use the production possibility curve (PPC) to answer the question. If Zambia is currently on PPC1, then point------will be an efficient use of resources, while point-----will be unattainable. Production possibility Curve for Zambia 2000 PPCL 1800 1050 55 65 85 Honey a) Е, В b) С, D c) A, F d) D, C Milk

12. Use the production possibility curve (PPC) to answer the question. If Zambia is currently on PPC1, then point------will be an efficient use of resources, while point-----will be unattainable. Production possibility Curve for Zambia 2000 PPCL 1800 1050 55 65 85 Honey a) Е, В b) С, D c) A, F d) D, C Milk

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a. Wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England b. Wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England c. Cloth costs 1 man-hours/yard and win costs 1 man-hours/bottle in Portugal d. Wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal
Consider the following Ricardian model with 2 countries and 2 goods. The table below provides information on the size of countries' labor force and their productivity in producing each good. India China 60 Labor Supply 350 workers workers Juice 3 workers 7 workers Tea 2 workers 5 workers Suppose Indian workers become three times more productive in producing juice. Does the pattern of trade change? Why and why not? Edit View Insert Format Tools Table 12pt v Paragraph v B I
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5. Comparative and absolute advantage Carlos and Deborah are farmers. Each one owns a 12-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. Carlos Deborah Corn (Bushels per acre) 20 28 Rye (Bushels per acre) 4 7 On the following graph, use the blue line (circle symbol) to plot Carlos's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Deborah's PPF.
6
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