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1.a Explain the economic link between scarcity, choice and
1.b Suppose there are two countries (South Africa and Chile) producing two products
(Capital goods and consumer goods) with production possibilities per person in
South Africa lower than in Chile. Use the
of the two countries will change if South Africa devoted a lot of its resources to
producing capital goods today.
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- How is economic growth depicted on a Production Possibilities Frontier? O A leftward shift of the entire PPF O A movement from a point on the PPF to a point inside the PPF A rightward shift of the entire PPF A movement from a point on the PPF to a different point on the PPF1.Suppose we have the following information about the productivity of industry in Japan and Korea. The data are the units of output per hour of work. Steel Televisions Japan 6 3 Korea 8 2 A Japanese worker can produce 6 units of steel or 3 televisions per hour. A Korean worker can produce 8 units of steel or 2 televisions per hour. Plot the production possibilities frontier for each country, assuming each country has only one worker and the worker works only one hour. To plot the frontier, plot the end points and connect them with a line. For example, Japan can produce 6 units of steel with its worker or 3 televisions. It can also allocate 1/2 hour to the production of each and get 3 units of steel and 1 1/2 televisions. What are the opportunity cost of a television in Japan and Korea? What are the opportunity cost of steel in Japan and Korea? Which country has a…Q82 One region has an absolute advantage over another region in the production of good X when... a. The first region has a larger supply of the raw materials required to produce good X. b. An equal quantity of resources can produce more of good X in the first region than in the second region. c. The opportunity cost of one unit of X is lower in the first region than in the second region. d. The first region has a more productive labour force than the second. e. There is no demand for good X in the second region
- eview Quiz Chapter#2 ns tulet10r.02.104 A nation can accelerate its economic growth by: O a. imposing tariffs and quotas on imported goods. O b. printing more money. c. reducing the number of immigrants allowed into the country. O d. adding to its stock of capital. 5. 7. 18. 19. 20. •- Icon Key A O G 9. étv me Ti MacBook Air 888 F3 F4 F5 F6 F7 F8 F9 %23 2$ % & 3 7 8 R T Y 云 < cOSave Use the following production possibilities frontier for a country to answer the following questions. Which point(s) are unattainable? Briefly explain why. Point A because it is inside the production possibilities frontier. O All the points because the production of each has an opportunity cost. O Point E because it is outside the production possibilities frontier. O None of the points because they all are feasible. O Points B, C, and D because they are on the production possibilities frontier. A D PPF Consumption goods E. B. Capital goodsExhibit: Bicycles and Radishes 1 Bicycles per period M Tons of radishes per period Bicycles per period N O O lower the opportunity cost of producing radishes in Country A. increase the opportunity cost of producing radishes in Country A. have no effect on the opportunity cost of producing radishes in country A. O increase the opportunity cost of producing radishes in Country B. Tons of radishes per period The exhibit shows production possibilities curves for two countries that produce only radishes and bicycles. The axes of both graphs are measured in equivalent units. Country A is now operating at point M, and Country B is now operating at point N. Suppose Country A discovered a new technology that greatly increased its ability to produce bicycles. This would:
- Activity Imagine that a country can produce just two things: goods and services. Assume that over a given time period it could produce any of the following combinations: Units of goods 0 10 20 30 40 50 60 70 80 90 100 Units of services 80 79 77 74 70 65 58 48 35 19 a. Draw the country's production possibility curve. b. Assuming that the country is currently producing 40 units of goods and 70 units of services, what is the opportunity cost of producing another 10 units of goods? c. Explain how the figures illustrate the principle of increasing opportunity cost.In che mid-1980s several of South Africa's maintrading partners imposed trade sanctions on SouthAfrica in an effort to bring an end to the then-prevailing policy of apartheid.South Africa mainly relied on the exports ofprimary commodities like gold, iron and other preciousmetals, while importing mainly capital goods.This almost instantly led to South Africa expe-riencing a shortage of capital goods, resulting insubdued economic growth. 31. In what did South Africa have a comparativeadvantage? 32.a.Draw a graph to illustrate production,consumption and trade in South Africabefore the imposition of trade sanctions.b.Was South Africa consuming inside, on oroutside its PPP? Explian your answer.c.Draw a graph to show the effects of tradesanctions on consumption and productionin South Africa.d. Did trade sanctrions change any opportunitycoSts in South Africa? If so, did theopportunity cost of everything increase?Did the opportunity cost of any itemsdecrease? Illustrate your answer…Assume that during the years 2022 to 2025 Woodland Republic could produce only two commodities: tractors and rice. Also, assume that Woodland Republic canprocuce at any of the positions represented by the production possibility schedule below. A B C D E F G H Tractors 0 2 4 7 9 11 13 14 Rice (in tons) 100 95 85 70 60 50 30 0 Suppose in 2022 the economy is producing at point D. What is the opportunity cost of producing 6 more tractors in 2023
- 1.Suppose we have the following information about the productivity of industry inJapan and Korea. The data are the units of output per hour of work.Steel TelevisionsJapan 6 3Korea 8 2A Japanese worker can produce 6 units of steel or 3 televisions per hour. A Korean workercan produce 8 units of steel or 2 televisions per hour. Plot the production possibilities frontierfor each country, assuming each country has only one worker and the worker works only onehour. To plot the frontier, plot the end points and connect them with a line. For example, Japancan produce 6 units of steel with its worker or 3 televisions. It can also allocate 1/2 hour to the production of each and get 3 units of steel and 1 1/2 televisions. a) What is the range of prices at which each country would be willing to exchange?Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 If each person specialized according to comparative advantage and later decides to move 4 units of labor to comparative disadvantage, what would be the result? Total soup production increases by 160, total sword production increases by 220 Total soup production decreases by 80, sword production increases by 220. Total soup production decreases by 20, total sword production increases by 160 Total soup production increases by 80, total sword production decreases by 22019. If production of specific goods exhibit the opportunity for economies of scale (Oil for example), then: A. the countries producing these goods gain from trade while other countries are worse off. B. the countries producing these goods lose from trade while other countries are better off. C. all countries gain from trade but those not producing the goods with economies of scale gain more. D. all countries gain from trade but those producing the goods with economies of scale gain more. Please give correct step by step answer with proper explanation of each option given within 40 50 minutes . Thank you
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