21. Assume for Namibia that the opportunity cost of each hut is 200 bowls. Which of these pairs of points com be on Namibia's production possibilities frontier? a. (200 huts, 40,000 bowls) and (150 huts, 30,000 bowls) b. (200 huts, 30,000 bowls) and (150 huts, 35,000 bowls) e. (300 huts, 60,000 bowls) and (200 huts, 80,000 bowls) d. (300 huts, 50,000 bowl) and (200 huts, 60,000 bowls) 22. If an externality is present in a market, economic efficiency a. government intervention. b. fewer market participants. c. a decrease in foreign competition. d. weaker property rights. may be enhanced by Table 4-7 Price $10 $8 $6 $4 $2 Quantity Demanded 10 20 30 40 Quantity Supplied 60 45 30 15 50

21. Assume for Namibia that the opportunity cost of each hut is 200 bowls. Which of these pairs of points com be on Namibia's production possibilities frontier? a. (200 huts, 40,000 bowls) and (150 huts, 30,000 bowls) b. (200 huts, 30,000 bowls) and (150 huts, 35,000 bowls) e. (300 huts, 60,000 bowls) and (200 huts, 80,000 bowls) d. (300 huts, 50,000 bowl) and (200 huts, 60,000 bowls) 22. If an externality is present in a market, economic efficiency a. government intervention. b. fewer market participants. c. a decrease in foreign competition. d. weaker property rights. may be enhanced by Table 4-7 Price $10 $8 $6 $4 $2 Quantity Demanded 10 20 30 40 Quantity Supplied 60 45 30 15 50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

What is the relative price (opportunity cost) of cloth in England, before trade begins? a. 1/2 yard of cloth b. 2 man-hours/bottle c. 1 bottle of wine d. 2 bottles of wine e. 3 bottles of wine
4
Please help show the work
Section II Diagrams and 1. Draw a PPC diagram, show one unattainable and one inefficient production combination of a firm that produces volleyball and basketball can choose. [3 marks] thto non do W. Dloz prow
Production Data Country of Joem - Production Possibilities Corn (tons) Sugar (tons) 01 2 3 4 8 6 4 2 0 Country of Annia - Production Possibilities Corn (tons) Sugar (tons) 0 1 2 3 4 16 12 8 4 0 Preferred Bundle without trade Joem Annia Corn (tons) 2 2 Sugar (tons) 4 8 SCENARIO: You work for a consulting firm that advises countries on trade policy. The countries of Joem and Annia both produce corn and sugar. You have been asked to analyze the opportunity costs and comparative advantages to recommend an efficient trading relationship. Consider the production data provided. Prepare a brief report that: 1. Calculate and compare the opportunity costs of producing 1 unit of corn and 1 unit of sugar in each country. Which country has the lower opportunity cost for each good? 2. Determine which good each country has a comparative advantage in producing sugar and which one has a comparative advantage in producing corn. Explain your analysis. 3. Recommend a trading relationship that allows the…
Perry's Production Possibilities Frontier 20 18 16 14 12 10 8 6 4 2 poems 12 3 4 5 6 + 7 8 H> novels I poems 20 18+ 16 14 12 10 8 6 4 2 1 2 Jordan's Production Possibilities Frontier + 3 4 + + 5 6 7 8 novels Refer to Figure 3-4. Perry has a comparative advantage in the production of novels and Jordan has a comparative advantage in the production of poems. poems and Jordan has a comparative advantage in the production of novels. novels and Jordan has a comparative advantage in the production of neither good. neither good and Jordan has a comparative advantage in the production of novels.
Figure 1 CASHEWS (Pounds) 400 360 320 + 280 240 Peru's PPF 200 160 120 A O 80 40 15 hour Refer to Figure 3-2. If the production possibilities frontier shown is for 32 hours of production, then how long does it take Peru to make one pound of cashews? hour 1 2 3 hours 7.5 hours 3 4 5 6 7 8 PEANUTS (Pounds) 9 10
Suppose that opportunity costs are constant in both France and Italy. In France, maximum feasible hourly production levels are either 3 units of wheat or 5 units of wine. In Italy, maximum feasible hourly production levels are either 4 units of wheat or 10 units of wine. It is correct to state that A. Italy has a comparative advantage in producing wine. B. France has a comparative advantage in producing both wheat and wine. C. Italy has a comparative advantage in producing both wheat and wine. D. France has a comparative advantage in producing wine.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Figure 2.2. Canadian Trade Possibilities Televisions 16 12 8 4 0 Canada's Transformation Schedule Televisions 8 12 International Terms of Trade Refrigerators Televisions and refrigerators Neither televisions nor refrigerators с 16 20 B 24 Figure 2.2 shows a straight-line production possibilities curve with televisions on the vertical axis and refrigerators on the horizontal axis for Canada. The intercept on the vertical axis equals 16 and on the horizontal axis equals 24. Point A shows a point where an indifference curve is tangent to the production possibilities curve where televisions on the vertical axis equal 8 and refrigerators on the horizontal axis equal 12. A downward sloping straight line representing the international terms of trade starts at a point where refrigerators equal 24; an indifference curve is tangent to this line at a point where televisions equal 12 and refrigerators equal 16. Referring to Figure 2.2, Canada has a comparative advantage in: Refrigerators
B) Comparative Advantage 1. Country A has 100 workers and Country B has 100 workers. Every worker in Country A can produce 6 tons of wheat per year, or can produce 12 tons of corn per year. Every worker in Country B can produce 2 tons of wheat per year, or can produce 10 tons of corn per year. a. Which country has an absolute advantage in wheat? b. Which country has an absolute advantage in corn? c. Which country has a comparative advantage in wheat? d. Which country has a comparative advantage in corn? Suppose initially the countries do not trade and Country A has 50 workers producing corn and 50 producing wheat. Country B has 30 workers producing corn and 70 producing wheat. Fill out the following table: Country A Country B Corn Produced Wheat Produced Now the two countries trade with one another. e. What good does Country A specialize in? f. What good does Country B specialize in? If these countries have all workers produce the product that their country has a comparative advantage…
5. Look at the following table, which gives the unit labour requirement in an imaginary two-good, two-country world: USA 2 50 Cars Aircraft Germany 3 60 In this scenario, Germany has a comparative advantage in car production.