0 %24 A country in autarky would consume at a point its PPF, while a country that engages in trade would consume at a point its PPF. on; to the left of O to the left of; on to the left of; to the right of O on; to the right of Unit 7- Chapter 1..xlsx Unit 7- Chapter 1.xlsx O Topic 2 (2).docx O Topic 2 (1).docx 11:08 PM 73°F O prt sc home end delete 61 144 backspace -> lock 6. 7. 5. enter H. pause * shift alt ctri

0 %24 A country in autarky would consume at a point its PPF, while a country that engages in trade would consume at a point its PPF. on; to the left of O to the left of; on to the left of; to the right of O on; to the right of Unit 7- Chapter 1..xlsx Unit 7- Chapter 1.xlsx O Topic 2 (2).docx O Topic 2 (1).docx 11:08 PM 73°F O prt sc home end delete 61 144 backspace -> lock 6. 7. 5. enter H. pause * shift alt ctri

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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ed 13 out of an In one hour, Sue can produce 50 caps or 10 jackets and Tessa can produce 70 caps or 7 jackets. Sue's opportunity cost of producing a cap is, cost of producing a cap is. jackets. has a comparative advantage in producing caps. If Sue and Tessa each specialize in producing the good in which they have a comparative advantage and trade 1 jacket for 7 caps, then Select one: O a. 5.0/10.0/Tessa/Sue loses but Tessa gains O b. 0.2/0.10/Sue/both Sue and Tessa gain 0 c.0.2/0.10/Tessa / both Sue and Tessa gain 0 d. 0.2/0.10/Sue / Tessa gains but Sueloses e. 5.0/10.0/Sue/both Sue and Tessa gain jackets and Tessa's opportunity 47
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If Finland allows immigrants from India to work there, then O a. PPC of Finland will shift to the left O b. There will be no impact on the PPC of any country O c. PPC of India will shift to the right O d. PPC of Finland will shift to the right
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Consider two neighboring island countries called Contente and Euphoria. They each have 4 million labor hours available per month that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. ols Corn Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Contente 16 A-Z Euphoria 20 Initially, suppose Contente uses 1 million hours of labor per month to produce corn and 3 million hours per month to produce jeans, while Euphoria uses 3 million hours of labor per month to produce corn and 1 million hours per month to produce jeans. Consequently, Contente produces million bushels of corn and 48 million pairs of jeans, and Euphoria produces 15 million bushels of corn and 20 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 corn and jeans it produces. ▼…
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QUESTION 13 wine 90 8888888 80 70 60 50 40 30 20 PPF Portugal 1 CPF 10. 0 0 10 20 30 40 50 60 cloth wine 90 80 70 60 50 40 30 20 10 England 1 PPF CPF 0 0 10 20 30 40 50 60 cloth 13. According to the above set of production possibilities and consumption (trade) possibilities frontiers, what will happen to production and relative prices once trade is opened between these two countries? O a) Production of cloth in Portugal will fall to zero, while the price of wine will fall to ½ yd/bottle. b) Production of cloth in England will fall to zero, while the price of wine will increase to ½ yd/bottle. c) Production of wine in Portugal will increase to 90, while the price of cloth will fall to 2 yd/bottle. d) Production of wine in England will increase to 60, while the price of cloth will fall to 3 bottles/yd.
Figure 2.2. Canadian Trade Possibilities Televisions 16 12 8 4 0 Canada's Transformation Schedule Televisions 8 12 International Terms of Trade Refrigerators Televisions and refrigerators Neither televisions nor refrigerators с 16 20 B 24 Figure 2.2 shows a straight-line production possibilities curve with televisions on the vertical axis and refrigerators on the horizontal axis for Canada. The intercept on the vertical axis equals 16 and on the horizontal axis equals 24. Point A shows a point where an indifference curve is tangent to the production possibilities curve where televisions on the vertical axis equal 8 and refrigerators on the horizontal axis equal 12. A downward sloping straight line representing the international terms of trade starts at a point where refrigerators equal 24; an indifference curve is tangent to this line at a point where televisions equal 12 and refrigerators equal 16. Referring to Figure 2.2, Canada has a comparative advantage in: Refrigerators
2. Consider a simple exchange economy with two people: Bob and Jake. Bob and Jake both have ten hours of time available. They can use their time to do one of two things: make pancakes or make hamburgers. Bob can make two hamburgers in an hour or one pancake in an hour. Jake can make three pancakes in an hour or four hamburgers in an hour. a.) Draw Bob and Jake’s PPFs with hamburgers on the x-axis. Give equations for both PPFs in y=mx+b form. b.) Can Bob and Jake both benefit from trade if the terms of trade are three pancakes per hamburger? Why or why not?
Concept Question 4.9 Question Help v A country produces pears and barley. 10- 1.) Using the 3-point curved line drawing tool, draw a representative PPC for this country. Label it PPC,. 2.) Suppose that a breakthrough in technology makes all agriculture more productive. Using the 3-point curved line drawing tool, draw a new PPC showing the effect of this change. Label it PPC,. Carefully follow the instructions above, and only draw the required objects. 10 Pears (millions of bushels per year) Barley (millions of bushels per year)
2. Suppose that two countries can produce wheat or cotton. If country A produces only wheat it can produce 55 units of wheat, and if it produces only cotton it can produce 35 units of cotton. If country B produces only wheat it can produce 65 units of wheat, and if it produces only cotton it can produce 45 units of cotton. Given the production possibilities curves above, which of the following would be feasible terms of trade between country A and country B? a. one unit of wheat for 0.75 unit of cotton. b. one unit of cotton for 1.5 units of wheat. c. one unit of wheat for 0.55 unit of cotton. d. one unit of cotton for 1.67 units of wheat. e. all of the above are feasible terms of trade. f. none of the above are feasible terms of trade.