3228Consumption After Trade24PPF2016128A448121620242832POTATOES (Millions of pounds)The following graph shows the same PPF for Sylvania as before, as well as its initial consumption at point A.As you did for Freedonia, place a black point (+ symbol) on the following graph to indicate Sylvania's consumption after trade.Sylvania3228Consumption After Trade24201612PPFA4481224POTATOES (Millions of pounds)True or False: Without engaging in international trade, Freedonia and Sylvania would not have been able to consume at the after-trade consumptionbundles. (Hint: Base this question on the answers you previously entered on this page.)TrueO FalseTEA (Millions of pounds)TEA (Millions of pounds) When a country specializes in the production of a good, this means that it can produce this good at a lower opportunity cost than its trading partner.Because of this comparative advantage, both countries benefit when they specialize and trade with each other.The following graphs show the production possibilities frontiers (PPFS) for Freedonia and Sylvania. Both countries produce potatoes and tea, eachinitially (i.e., before specialization and trade) producing 12 million pounds of potatoes and 6 million pounds of tea, as indicated by the grey starsmarked with the letter A.FreedoniaSylvania3232282824PPF24202016161212PPF88444812162024283248121620242832POTATOES (Millions of pounds)POTATOES (Millions of pounds)Freedonia has a comparative advantage in the production ofwhile Sylvania has a comparative advantage in theproduction ofSuppose that Freedonia and Sylvania specialize in the production of the goods in which each has acomparative advantage. After specialization, the two countries can produce a total ofmillion pounds of tea andmillion pounds ofpotatoes.Suppose that Freedonia and Sylvania agree to trade. Each country focuses its resources on producing only the good in which it has a comparativeadvantage. The countries decide to exchange 12 million pounds of potatoes for 12 million pounds of tea. This ratio of goods is known as the terms oftrade between Freedonia and Sylvania.The following graph shows the same PPF for Freedonia as before, as well as its initial consumption at point A. Place a black point (+ symbol) on thegraph to indicate Freedonia's consumption after trade.Note: Dashed drop lines will automatically extend to both axes.FreedoniaTEA (Millions of pounds)TEA (Millions of pounds)

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Description: 3228Consumption After Trade24PPF2016128A448121620242832POTATOES (Millions of pounds)The following graph shows the same PPF for Sylvania as before, as well as its initial consumption at point A.As you did for Freedonia, place a black point (+ symbol)

Freedonia has a comparative advantage in the production of tea while Sylvania has the comparative…

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32 28 Consumption After Trade 24 PPF 20 16 12 8 4 8 12 16 20 24 28 32 POTATOES (Millions of pounds) e following graph shows the same PPF for Sylvania as before, as well as its initial consumption at point A. s you did for Freedonia, place a black point (+ symbol) on the following graph to indicate Sylvania's consumption after trade. Sylvania 32 28 Consumption After Trade 24 20 16 12 PPF 4 4 8 12 16 20 24 28 32 POTATOES (Millions of pounds) ue or False: Without engaging in international trade, Freedonia and Sylvania would not have been able to consume at the after-trad indles. (Hint: Base this question on the answers you previously entered on this page.) O True O False

32 28 Consumption After Trade 24 PPF 20 16 12 8 4 8 12 16 20 24 28 32 POTATOES (Millions of pounds) e following graph shows the same PPF for Sylvania as before, as well as its initial consumption at point A. s you did for Freedonia, place a black point (+ symbol) on the following graph to indicate Sylvania's consumption after trade. Sylvania 32 28 Consumption After Trade 24 20 16 12 PPF 4 4 8 12 16 20 24 28 32 POTATOES (Millions of pounds) ue or False: Without engaging in international trade, Freedonia and Sylvania would not have been able to consume at the after-trad indles. (Hint: Base this question on the answers you previously entered on this page.) O True O False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose Japan and Great Britain produce only cell phones and digital music players. Assume that each country uses only labor to produce each good, and that the cell phones and digital music players made in Japan and Great Britain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor: Output per Hour of Labor Cell Phones Japan Great Britain 23 2 Digital Music Players 16 7 Suppose that Japan and Great Britain do not trade with each other. Each has 100 hours of labor with which to produce cell phones and digital music players, and the countries are currently producing amounts of each good shown in the table below: Japan Great Britain Consumption with 100 Hours of Labor Cell Phones 2,070 160 Digital Music Players 160 140 Assume now that each country specializes in producing that good in which it has a comparative advantage. Further, assume for simplicity that one cell phone can be traded for one digital music player. If Japan trades…
For this question, only consider Korea and the United States. If the United States is better at producing agricultural goods and technological goods, then_ It would be impossible for the United States to benefit from trade with Korea since the United States have an absolute advantage in the production of both good A. B. It would be impossible for the United States to have an absolute advantage over another country in the production of both products. C. The United States should specialize in the production of technological goods if Korea has a comparative advantage in the production of agricultural goods. The United States should specialize in the product in which it has an absolute advantage. O D.
When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFS) for Candonia and Sylvania. Both countries produce grain and tea, each initially (i.e., before specialization and trade) producing 12 million pounds of grain and 6 million pounds of tea, as indicated by the grey stars marked with the letter A. TEA (Millions of pounds) grain. 32 28 24 20 16 12 PPF 4 Candonia A 8 12 16 20 24 GRAIN (Millions of pounds) 28 32 ? TEA (Millions of pounds) 32 28 24 20 16 12 B 0 0 PPF Sylvania 8 12 16 20 24 GRAIN (Millions of pounds) 28 32 ? Candonia has a comparative advantage in the production of , while Sylvania has a comparative advantage in the production of ▼. Suppose that Candonia and Sylvania specialize in the production of the…
When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFS) for Glacier and Denali. Both countries produce corn and pistachios, each initially (i.e., before specialization and trade) producing 18 million pounds of corn and 9 million pounds of pistachios, as indicated by the grey stars marked with the letter A. PISTACHIOS (Millions of pounds) 48 42 36 30 24 18 12 6 0 0 PPF 6 Glacier 12 18 24 30 36 CORN (Millions of pounds) 42 48 ? PISTACHIOS (Millions of pounds) 48 42 36 30 24 18 12 0 0 PPF I 6 | Denali 12 18 24 30 36 CORN (Millions of pounds) 42 48 ?
Consider two neighboring island countries called Bellissima and Euphoria. They each have 4 million labor hours available per month that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor. Rye Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Bellissima 12 24 Euphoria 8 32 Initially, suppose Bellissima uses 1 million hours of labor per month to produce rye and 3 million hours per month to produce jeans, while Euphoria uses 3 million hours of labor per month to produce rye and 1 million hours per month to produce jeans. Consequently, Bellissima produces 12 million bushels of rye and 72 million pairs of jeans, and Euphoria produces 24 million bushels of rye and 32 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of rye and jeans it produces.…
K Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below. United States Mexico Hamburgers (in tons) 0 40 80 120 Which country has an absolute advantage in producing tacos? Mexico Tacos (in tons) 108 72 36 0 Hamburgers (in tons) 0 8 16 24 Tacos (in tons) 60 40 20 Which country has a comparative advantage in producing tacos? The United States Suppose the United States is currently producing 80 tons of hamburgers and 36 tons of tacos and Mexico is currently producing 16 tons of hamburgers and 20 tons of tacos. If the United States and Mexico each specialize in producing only one good (the good for which each has a comparative advantage), then a total of additional ton(s) of hamburgers can be produced for the two countries combined (enter a numeric response using an integer) and a total of additional ton(s) of tacos can be produced.
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Use the information in the table below to answer the following question: Which of the following is true? per unit of Labor: U.S Production Argentina 20 Whe at 300 Beef 100 20 a) The United States has an absolute advantage in the production of Wheat. O b) The United States does not have an absolute advantage in any commodity. c) Argentina has an absolute advantage in the production of Wheat. d) Argentina has an absolute advantage in the production of Beef.
The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization and trade the optimal product mix for China is alternative B and for the United States is alternative U. China Production Possibilities Product A B D E F 120,000 48,000 Apparel Chemicals(tons) 96,000 72,000 24,000 24 48 72 96 120 Customize and control Google Chrome U.S. Production Possibilities Product R S T U V W Apparel Chemicals(tons) 40,000 32,000 24,000 16,0000 8,000 16 32 48 64 80 Instructions: Enter your answers as whole numbers. a. Are comparative-cost conditions such that the two countries should specialize? (Click to select) ♥ If so, what product should each produce? China should produce (Click to select) V The United States should produce (Click to select) V b. What is the total gain in apparel and chemical output that would result from such specialization? Apparel: units Chemicals: ton(s) c. What are the limits of the terms of trade? units of…
The following graph is the respective production possibility curves for the USA and South Korea. It shows there total output of medical devices and cars in a state of autarky (no trade), and it illustrates the gains that both countries can benefit from when they engage in trade. 10,000 10,000 8,000 tc 8,000 6,000 6,000 Consumpfion wth trode Consumplion wih trode 4,000 4,000 2,000 2,000 D. 1,000 0.5 1 3 2. 3 Automobiles (millions) Automobiles (millions) (a) USA (b) South Korea Medical Devices Automobiles (millions) USA 4,000 0.5 million South Korea 1,000 2 million Answer the following questions utilizing the textbook and your lecture videos: 1) What assumption in the production possibilities model may lead the model to overstate the gains from trade and cause the actual gains to be less than predicted by the model? 2) Who gains from trade in this scenario? Who may be hurt by trade in this scenario? 3) Do you think there is a role for the government to help those who are hurt by trade in…
Question 28 The table shows the maximum quantity of cars or motorcycles that can be produced by two countries, X and Y, using equal amounts of resources. Motorcycles Cars 10 60 20 80 Based on the data in the table, which of the following is true? A B D Country X Country Y E Country X has a comparative advantage in producing cars. Country Y has a comparative advantage in producing cars. Country X has an absolute advantage in producing cars. Country X has an absolute advantage in producing motorcycles. Country Y has a comparative advantage in producing motorcycles.