Figure 1 Refer to Figure 1. If the economy is currently producing at point Y, what is the opportunity cost of moving to point W? 2- Refer to Figure 1. If the economy is currently producing at point W, what is the opportunity cost of moving to point X? 3- Refer to Figure 1. If the economy is currently producing at point W, what is the opportunity cost of moving to point 11 paper millions of tons? 4- What type of production possībility frontier is depicted in Figure 1? Explain your answer. 1- 2- Use the figure helou to ansuuar tha following

Figure 1 Refer to Figure 1. If the economy is currently producing at point Y, what is the opportunity cost of moving to point W? 2- Refer to Figure 1. If the economy is currently producing at point W, what is the opportunity cost of moving to point X? 3- Refer to Figure 1. If the economy is currently producing at point W, what is the opportunity cost of moving to point 11 paper millions of tons? 4- What type of production possībility frontier is depicted in Figure 1? Explain your answer. 1- 2- Use the figure helou to ansuuar tha following

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 6SCQ: Table 33.15 shows how the average costs of production for semiconductors (the chips In computer...

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SMARTPHONES (Millions) 40 20 0 PPF 0 40 60 CORN (Millions of bushels) Which of the following is true regarding this economic model? O In order to construct such a model, an economist would need real life data regarding countries that produce only two goods. O The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. O This PPF is not an economic model. O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists to demonstrate key economic concepts. 20 80 100
Output of Consumer Goods (units per year) D O с E G B Output of Military Goods (units per year) Iceland has no military. a. So, at what point in the figure is Iceland producing? point (Click to select) ✓ b. If Iceland decided to produce the quantity OE of military goods, how much consumer output would it have to give up? Give up quantity (Click to select)
Course: Macroeconomics Suppose that the USA can make 15,000,000 cars or 20,000,000 bottles of wine with one year's worth of labor. France can make 10,000,000 cars or 18,000,000 bottles of wine with one year's worth of labor. From these numbers, we can conclude: Which country has the absolute advantage in producing cars? Which country has the absolute advantage in producing wine? Which country has the comparative advantage in producing cars? Which country has the comparative advantage in producing wine? (Show opportunity cost calculations.)
O Chapter 17 Assignment - ECN204 021 - Introductory Macroeconomics - W2023 Chapter 17 Assignment i Sc 9 8 02:47:45 Mc Graw ! 1 Q U * 00 8 + ( 1 b Success Confirmatio 9 ) 0 Help 0 P
Wagons Tricycles James 16 32 Click to select your answer The table above shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. Which of the following statements true? O A. Lucy has a comparative advantage in making both products. O B. Lucy has a comparative advantage in making tricycles and James in making wagons. O C. James has a comparative advantage in making both products. O D. Lucy has a comparative advantage in making wagons and James in making tricycles. Lucy 18 24
The table below presents production schedule of apples and bananas in the country of mistania - assume that these are the only two goods that Mistania produces. Each row represents a specific set of apples and bananas that Mistania could produce. Suppose Mistania was currently at Senario C, producing 10 bananas and 80 apples. According to the data in this table, if Mistania wanted to produc 1 more banana, how many fewer apples will it need to produce? Scenario Bananas Apples A 0 100 B 5 90 C 10 80 D 15 70 E 20 60
1. The countries France and Italy produce Perfumes and Leather Coats using only labor as an input. AvailableLabor for France and Italy is 3000 and 1000 respectively. Unit of labor per Leather Coat in France is 6 units and inItaly are 2 units. France needs 2 units of labors to produce 1 bottle of Perfume and Italy needs 4 unit of labor. a) Draw the Production Possibility Curve by using relevant information. b) Which country has the comparative advantage in producing Perfume?
Which of the following is NOT a concern for macroeconomics? O A. The level of unemployment caused by the COVID 19. B. The loss of economic output caused by COVID 19. O C. The change in the price level of alcohol-based hand sanitisers caused by COVID 19. O D. the change in the level of imports vs exports caused by COVID 19.
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…
2. Assume a Ricardian, constant-cost world. There are two countries, the United Kingdom and France. Each country can produce cameras and milk. The table below shows production per man-hour for each country. United France Kingdom Cameras Milk 1 2 The United Kingdom has a labor force of 1,000 workers, and France has a labor force of 500 workers. a) Use this information to graph production possibilities frontiers for both countries. Put cameras on the horizontal axis. b) Assuming that a world price is established at which both countries can gain from trade, show possible consumption frontiers for each country.
01 20 wered For each fancy dress Cafilla produces, it gives up the opportunity to make 50 pounds of cheese. Bodoni can produce one fancy dress for every 100 pounds of cheese it produces. If specialization and trade were to occur between these two countries, which of the following would be consistent with the theory of comparative advantage? O a. Bodoni has the comparative advantage in only dresses. O b. Cafilla has the comparative advantage in only cheese. O c. Cafilla has the comparative advantage in only dresses. O d. Bodoni has the comparative advantage in dresses and cheese. O e. Cafilla has the comparative advantage in dresses and cheese. D AssignmentMain.do?takeAssignmentSession Locator assignment-take,0896c4f4-0518-431a-b10a-1cd73a8289c4# Show -9 bike 2 bike jpg.jpg bike 2.jpg T ▬▬ 6:5 6/12/2 ➡+ prt so R % 5 L G B O Y I & 7 x 8 l J C IAA 00 M 9 K fio ► 11 O ENG S D
The following diagram is for Country A based on the Ricardo model. Wheat (millions) 30 Terms of Trade E 15 PPF Corn 25 30 50 (millions) Refer to the figure above. Imports of this country equal_ O 25 million corns O 50 million corns O 15 million wheat O 30 million wheat