7 a. b. 14 C. d. Ples Refer to Figure 3-6. If Barney and Betty both specialize in the good in which they have a comparative advantage, what would the total production be? 7 loaves of bread and 15 pies 20 loaves of bread and 14 pies 27 loaves of bread and 29 pies 34 loaves of bread and 22 pies U 15 Ples

7 a. b. 14 C. d. Ples Refer to Figure 3-6. If Barney and Betty both specialize in the good in which they have a comparative advantage, what would the total production be? 7 loaves of bread and 15 pies 20 loaves of bread and 14 pies 27 loaves of bread and 29 pies 34 loaves of bread and 22 pies U 15 Ples

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 that Patrick Mahomes can pass for 28 touchdowns per season or run for 14 touchdowns per season and Josh Allen can pass for 45 touchdowns per season or run for 15 touchdowns per season. Which of the following statements is true? Patrick Mahomes has an opportunity cost of passing TDs equal to 2 running TDs and a comparative advantage in passing TDs. Patrick Mahomes has an opportunity cost of passing TDs equal to ½ of a running TD and a comparative advantage in running TDs. Patrick Mahomes has an opportunity cost of passing TDs equal to 2 running TDs and a comparative advantage in running TDs. O Patrick Mahomes has an opportunity cost of passing TDs equal to ½ of a running TD and a comparative advantage in passing TDs.
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Figure 1 shows the PPF for an economy that produces Food and Clothes. Which of the following production bundles is feasible and efficient? A) 50 Food and 360 Clothes B) 170 Food and 144 Clothes C) 320 Food and 48 Clothes D) 440 Food and 144 Clothes
Suppose Jim and Tom can both produce two goods: baseball bats and hockey sticks. Which of the following is not possible? a. Jim has an absolute advantage in the production of hockey sticks and a comparative advantage in the production of baseball bats. b. Jim has an absolute advantage in the production of baseball bats and a comparative advantage in the production of hockey sticks. c. Jim has an absolute advantage in the production of baseball bats and in the production of hockey sticks. d. Jim has a comparative advantage in the production of baseball bats and in the production of hockey sticks.
Amy and Lela have following preferences for apples, pears and bananas where > means "preferred to." Amy: apple > pear > banana Lela: banana > apple > pear Assume there is one apple, one banana and one pear to divide between Amy and Lela and that they have no other goods. For each of the following allocations, say whether it is (Pareto) efficient or inefficient. 1. Amy gets the apple and the pear and Lela gets the banana [ Select ] ["Efficient", "Inefficient"] 2. Amy gets the banana and Lela gets the apple and the pear [ Select ] ["Efficient", "Inefficient"] 3. Amy gets the pear, apple and banana and Lela gets nothing [ Select ] ["Efficient", "Inefficient"]
Figure 1 shows the PPF for an economy that produces Food and Clothes. Which of the following production bundles is feasible and inefficient? A) 50 Food and 360 Clothes B) 500 Food and 48 Clothes C) 320 Food and 144 Clothes D) 50 Food and 264 Clothes
Good X Country 1 Country 2 150 Good X 120 95 80 90 72 ICr 62 60 50 IC 30 35 18 33 45 55 60 78 Good Y 30 90 120 150 Good Y Use the figure above to answer the following question: How much is Country 2 consuming in autarky? O 72 of Good X and 83 of Good Y and Country 1 is consuming 60 of Good X and 53 of Good Y. O 62 of Good Y and 60 of Good X and Country 1 is consuming 30 of Good X and 55 of Good Y. 62 of Good X and 60 of Good Y and Country 1 is consuming 55 of Good X and 30 of Good Y. 62 of Good X and 60 of Good Y and Country 1 is consuming 30 of Good X and 55 of Good Y.
Use le below to answer the following questions. Table 2.1.1 The following table gives points on the production possibilities frontier for goods X and Y. Point Production of X Production of Y 40 B 4. 36 28 12 16 E 16 The data in Table 2.1.1 illustrate that Select one: A. the producer has a comparative advantage in the production of X. B. the producer has a comparative advantage in the production of Y. C. the opportunity cost of producing an additional unit of Y increases as the production of Y increases. O D. the opportunity cost of producing an additional unit of Y is constant as the production of X increases. O E. the opportunity cost of producing an additional unit of Y decreases as the production of Y increases. Clear my choice
Use the graph to answer the following question: Plant R and Plant S both produce radios and calculators. Which of the following statements is most true? A) Plant R has the comparative advantage to produce radios but not calculators. B) Plant R has the comparative advantage to produce both goods. C) Plant S has the comparative advantage to produce radios but not calculators. D) Plant S has the absolute advantage to produce both calculators and radios.
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Paul's PPF Sue's PPF Cheese Cheese 100 80 60 Ham 30 Ham Based on the graph above, which of the following statements is true? The Principle of Absolute Advantage does not help us determine how trade would benefit Paul and Sue. O Sue would lose out by trading with Paul, because she is less competitive than Paul in the production of both goods. O Paul has nothing to gain from trading with Sue, since he is better in making both goods. Sue has an absolute advantage in the production of cheese.
The budget constraint model and the production possibilities frontier (PPF) model both illustrate (select ALL that apply): O allocative efficiency O productive effieciency O a curved line to represent both the budget constraint and the PPF the tradeoffs in choosing more of one good at the cost of less of the other O comparative advantage O constraints on what we can have due to scarce resources