Brandy's Production Possibilities Frontier109876S4321caps2 cups0 cups2 bowls2 cups0 bowls3 bowls1 bowls0 1 cup1 23 4. 56 7 8dowisJune's Production Possibilities Frontiercups109876532If Brandy and June go from splitting their time equally between producing bowls and cups toproducing only the good they have the comparative advantage in then the economy will havehow many more cups?112 3456 7 8dowis

Brandy's Production Possibilities Frontier 10 9 + 8 7 1 cups O 2 cups O 0 cups O2 bowls O 2 cups O 0 bowls O 3 bowls O 1 bowls O1 cup 1 2 3 4. 5 6 7 8 dowis June's Production Possibilities Frontier 1 cups 10 9 + 8 7 4 3 2 1 If Brandy and June go from splitting their time equally between producing bowls and cups to producing only the good they have the comparative advantage in then the economy will have how many more cups? 1 2 3 4 5 6 7 8 dowis 4

Brandy's Production Possibilities Frontier 10 9 + 8 7 1 cups O 2 cups O 0 cups O2 bowls O 2 cups O 0 bowls O 3 bowls O 1 bowls O1 cup 1 2 3 4. 5 6 7 8 dowis June's Production Possibilities Frontier 1 cups 10 9 + 8 7 4 3 2 1 If Brandy and June go from splitting their time equally between producing bowls and cups to producing only the good they have the comparative advantage in then the economy will have how many more cups? 1 2 3 4 5 6 7 8 dowis 4

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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17 Which of the following does NOT describe the comparative advantage? Select one: Ⓒa. Economic agents does not specialize in producing a good in which they have the comparative advantage b. Comparative advantage refers to a producer's ability to produce a good at a lower opportunity cost than other producers 888 F4 Oc. Comparative advantage refers to a producer's ability to give up less to produce the good compared to other producers Od. Economic agent with less flat (more steep) production possibilities frontier has comparative advantage in the good on the y-axis e. Economic agent with more flat production possibilities frontier has comparative advantage in the good on the x-axis % 5 F5 6 MacBook Air F6 & 7 AA F7 * 8 DII F8 9 F9 Next ) O
product Y 50- 40+ 30+ 20 ਵ ਦ 10+ 0+ 0 Fig. A a b C d 10 20 30 40 50 product X 07. Comparing the production possibilities frontiers in figures A and B, O a) the PPF in figure A indicates increasing opportunity costs of X. O b) the PPF in figure B indicates decreasing opportunity costs of X. O c) resources in the economy depicted in figure A are specialized. O d) the PPF in figure B indicates increasing opportunity costs of X only. e) None of the above product Y 50 우8 & 은 40 a 30+ 20+ Fig. B 10+ b d C. e 0++ 0 10 20 30 40 50 product X
Suppose Italy has the comparative advantage in producing wine and Germany has the comparative advantage in producing machine tools. Suppose further that each country produces both goods when operating in autarky. When the countries move from autarky to mutually beneficial trade, profits in the German machine tool industry will ,everything else held constant. Select one: O A. decrease O B. be ambiguous O C. remain unchanged D. increase
The consumption possibilities frontier shows O a. a nation's opportunity cost of producing different goods for consumption. O b. possible mbinations of goods that residents of a nation consume at different income levels. O c. a nation's possible combinations of how much of one good exchanges for another. O d. the difference between the most that consumers would pay for a good and the actual amount they pay. possible combinations of goods available as a result of specialization and exchange. O e. a nation's bike 2 A H bike 2.jpg bike jpg.jpg * H a 5 6 & 7 + 00 8 f10 Save
Suppose that, with constant opportunity costs, Spain can produce 8,000 units of clothing if it devotes all of its resources to clothing production and 2,000 units of wheat if it devotes all of its resources to wheat production. The cost of producing wheat in terms of clothing woudl be: O 2 wheat:0.4 clothing Ol wheat:0.25 clothing O 2 wheat:4 clothing O1 wheat:4 clothing
公。 < CO R 2C QUESTION 16 Free trade restricts a nation's ability to specialize in specific commodities that may allow for more efficient use of resources. O True O False QUESTION 17 Large countries tend to be more than small countries. O True O False QUESTION 18 The community indifference curve represents the tastes of demand preferences in a nation or region. True O.False Save All Answe MAR 12 tv 082 MacBook Air 08 DD F 7 F1 F2 F3 F4 F5 F6 F8 F10 i %23 2$ 2. 3. 4. 5. 96. 8. 6 P. A K G. L. B. N 10. option command command option
QUESTION 9 wine 90 80 70 60 50 40 30 20 10 0 0 10 England d) 2 bottles of wine/yard O e) 3 bottles of wine/yard PPF 20 30 40 50 09. What is the relative price (opportunity cost of one yard) of cloth in Portugal? O a) 1/3 bottles of wine/yard O b) 1/2 bottle of wine/yard O c) 4 man-hours/yard 60 cloth wine 90 80 70 60 50 40 30 20 10 0 0 10 Portugal PPF 20 30 40 50 60 cloth
Figure 3-5 Hosne's Production Possibilities Frontier 10 9- 8 9 s wallets 1 2 3 4 5 6 7 8 4 purses and 8 wallets. O 7 purses and 7 wallets. O 10 purses and 6 wallets. 9 10 purses O 14 purses and 14 wallets. Merve's Production Possibilities Frontier 10 9 8- 3+ 6 5- 4+ Refer to Figure 3-5. If Hosne and Merve each divides her time equally between making purses and making wallets, then total production is 1 wallets 1 2 3 4 5 6 7 8 9 10 purses
Sulan oil. 2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are: Food (pounds per month) 300 200 100 0 Active Land also produces only food and suntan oil, and its production possibilities are: Draw the two PPFs 300 250 200 150 LOO Food (pounds per month) 150 100 50 0 50 100 200 Food 300 Sutan o.1 300 250 200- 150. loo 50 Suntan oil (gallons per month) 0 50 100 150 Suntan oil (gallons per month) 0 100 200 300 100 Active land's PPF 200 1,00 Food a. What are the opportunity costs of food and suntan oil in Happy Land? b. Why are the opportunity costs the same at each output level? c. What are the opportunity costs of food and suntan oil in Active Land? I pound of food is ons gations upoil 2 gallons of ot d. If each nation specialized where they have a comparative advantage, and then traded, find the acceptable ranges for trade. 1 pound of food would have to trade between which values of suntan oil? 1 pound of suntan oil would have to…
QUESTION 10 product Y product Y 28 # 20 16 12 8 4 0 28 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 16 24 product X Point E 20 product Y product Y 4 20 16 12 8 4 0 28 20 16 12 8 4 0 O 0 Fig. B Production Possibilities Frontier PPFO 4 PPFO PPFn 8 12 Fig. D Production Possibilities Frontier PPFn Point E 12 16 24 product X 16 20 Point E 20 24 product X 24 product X 10. Which of the above figures represents economic growth caused by an increase of resources specific to the production of product Y? (a) FIGA O (b) FIG B (c) FIG C O (d) FIG D
QUESTION 8 product Y 28 24 20 16 12 8 4 0 0 Production Possibilities Frontier point A -point F 4 8 12 product X point B -point C 16 20 -point E -point D 24 08. Which of the following statements about point C is TRUE? O a) to produce more of product Y, some of product X has to be sacrificed. b) the economy cannot reach this point without an increase in resources or improvement in technology. c) the economy is producing efficiently. d) both (a) and (c). e) none of the above.
Non-agricultural guest workers are generally allowed to bring their families to the United States. O a. True O b. False