Consider two countries, labeled 1 and 2. Each has the production function Y =A;K/3L2/3 i= 1, 2. If the only differencebetween the two countries is that A1>A2.O A. Country 2 will not produce anything, ceteris paribus.B. Country 2 will produce more than Country 1, ceteris paribus.O. Country 1 will produce more than Country 2, ceteris paribus.D. each will produce the same amount, ceteris paribus.O E. Not enough information is given.

Production function depicts the relationship between inputs and the output. There are different…

Answered: Consider two countries, labeled 1 and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If Q = 0.5 K² L², and we use 2 units of capital and 2 units of labour, how much can we produce? (Only enter the number, no units or symbols.)
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Consider the PPF diagram drawn below, for two countries that are free to trade with one another. A B PPF₂ PPF₁ Select one: D a. I only. b. I and II only. c. Il only. d. I, II and III. C E Which of the following production combinations is/are INEFFICIENT? I. Country 1 produces at point C and country 2 produces at point D. II. Country 1 produces at point E and country 2 produces point at B. III. Country 1 produces at point E and country 2 produces at point A X
Poland requires 4 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. The Czech Republic requires 6 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. Suppose that Poland has 1,000 hours of labor and that it completely specializes according to its comparative advantage. How many units of which product will it produce? 250 tons of coal 1,000 bushels of wheat O100 bushels of wheat 4,000 tons of coal One of the main reasons for China to actively invest in foreign companies is to enhance the competitiveness of Chinese firms globally. take advantage of low wages in foreign countries. Omake best use of its technological expertise in the world market. meet the growing demand of the high population in China.
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Below table shows the production possibilities for the country of Emilon: Rice Beef A 60 B 70 54 C 126 42 D 168 24 E 196 0 Complete the following (approximate) possibilities for Emilon. a. Emilon can produce 182 rice and beef. b. Emilon can produce rice and 48 beef. Which of the following product combinations is Emilon capable of producing? Can Emilon produce 140 rice and 48 beef? No, it cannot be produced. d. Can Emilon produce 98 rice and 42 beef? Yes, it can be produced. ✔ 4x0
Consider the table below containing data for two hypothetical nations, Alpha and Beta, for the years 1999 and 2019 1999 Country Alpha Beta Average labor productivity $42,770 $27,975 Output per person $14,114 Average labor productivity $39,773 $13,428 $44,765 a. Which of the following statements are true for nations Alpha and Beta: O Labor productivity decreased in both nations, O Living standards increased in both nations. 2019 O Labor productivity increased in both nations. O Living standards increased in Beta but not in Alpha. Output per person $20,661 $21,935
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If the capital/labor ratio in import-competing industries in country A is $8,000 per worker and the capital/labor ratio in A 's export industries is $4,000 per worker, then country A's "Leontief statistic" is a. 0.50 b. 0.67 c. 1.00 d 2.00

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