SaveUse the following production possibilities frontier for a country to answer thefollowing 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 possibilitiesfrontier.ADPPFConsumption goodsE.B.Capital goods

The curve that shows a combination of the level of two goods that can be manufactured using the…

Answered: föllowing production possibilities…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Nation 1: USA Good 1: Bicycles Nations Given: USA and Russia produce only two goods. They have the same fixed resources are equally efficient and both countries have constant opportunity costs between the two goods. in one month USA can produce 180,000 bicycles or 90,000 refrigerators. Russia can produce 160,000 bicycles or 80,000 refrigerators. Fill in the table below. USA Russia Max Production Nation 2: Russia A) Graph the given information. Good 2: Refrigerators Opportunity Cost Opportunity Cost
This table gives how long it takes two roommates to perform two household tasks: Dust the furniture Do the laundry Olivia 3 hours 1 hour Emma 4 hours 2 hours has a comparative advantage at doing the laundry and has a comparative advantage at dusting the furniture. A) Emma; Olivia B) Olivia; Olivia C) Emma; Emma D) Olivia; Emma
The PPC above shows production possibilities for a country that can produce a maximum of 50 chickens or 90 pigs in a year. If the country wanted to produce the last chicken, the opportunity cost of producing the final chicken is ___ pigs.
A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information. Calculate the opportunity cost of producing jeans for each country.
Capital Goods 0 O a. A O b. B Ос E d. D B D C Refer to the diagram. Other things equal, which of the following positions relative to PP1 would be the most likely to result in a future production possibilities curve of PP3 rather than PP2? PP, PP₂ PP3 Consumer Goods
On a diagram of a production possibilities frontier, economic decline (negative growth) is represented by the production possibilities frontier shifting inward. True False
An economy has two workers, Bella and Edward. Per day of work, Bella can pick 45 apples or 90 bananas, and Bill can pick 60 apples or 60 bananas. Bella and Edward each work 200 days per year. a. Bella's opportunity cost of picking one more apple is (Click to select) Edward's opportunity cost of picking one more apple is (Click to select) (Click to select) has a comparative advantage in apple picking. (Click to select) has an absolute advantage in apple picking. b. Assuming that only one fruit is picked in this economy, then the maximum number of each type of fruit that can be picked annually is either apples or bananas. c. If each worker fully specializes according to his or her comparative advantage, the maximum number of apples that can be picked annually is and the maximum number of bananas is
if a country's production possibilities boundary is drawn as a straight (downward -sloping) line then it indicates ?
17. Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit opportunity cost of cloth in Portugal is ____ bottles/yard. (Please do NOT reduce fractions to decimals.)
B1) Country A has 10 million workers and Country B has 20 million workers. Each worker in Country A can produce 2 units of wine and 4 units of fabric in a year. Each worker in Country B can produce 3 units of wine and 5 units of fabric in a year. a) What is Country A's opportunity cost of producing wine (in terms of fabric given up)? What is Country A's opportunity cost of producing fabric (in terms of wine given up)? b) What is the maximum production of wine in country A in a year? What is the maximum production of wine in country B in a year? c)Which country has a comparative advantage in producing fabric? Explain your answer in no more than two sentences. Which country has absolute advantage in producing fabric? Explain your answer in no more than two sentences. d) Which country should import wine? Explain your answer. What is the range of trading prices (in terms of fabric) for wine between the two countries?
The table shows the amount of cherries or apples that Chile and Argentina can produce using one day of labor. The opportunity cost of producing 1 cherry is _____ in Chile and _____ in Argentina. _____ has a comparative advantage in cherry production. OUTPUT PER WORKER PER DAY CHILE 80 CHERRIES/ARGENTINA 60 CHERRIES CHILE 40 APPLES/ARGENTINA 20 APPLES A. 2 apples; 3 apples; Argentina B. 0.5 apple; 0.33 apple; Chile C. 2 apples; 3 apples; Chile D. 0.5 apple; 0.33 apple; Argentina
Need help with this Comparing your answers in the previous questions suggests that the opportunity cost of producing 10 million additional gallons of drinking water at point B is ________(choose between these: less than, greater than or equal to) . and the opportunity cost of producing 10 million additional gallons of drinking water at point A. This reflects the (choose between: notion that countries can gain from trade, fact that resources are scarce or law of increasing opportunity costs) .

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