Howwould each of the following situations affect a nation's production possibilities curve?A law is passed that makes community college tuition free for all U.S. citizens.The PPC shiftsand to theAn unexpectedly mild spring results in a bumper crop of citrus fruit in both Florida and California,The PPC shiftsand to theA change in immigration laws significantly increases the number of immigrant workers entering the country.The PPC shiftsand to theThe amount of time that unemployed workers can collect unemployment insurance is increased from 26 weeks to 96 weeks during a recession, resulting in workersremaining unemployed for a longer period of time.Thisthe PPC.An innovation in desalinization technology allows for the more efficient conversion of salt water to fresh water.The PPC shiftsA radiation leak at a nuclear power plant results in the long-term evacuation of a 10,000 square-mille area, which significantly reduces the nation's productive capacityThe PPC shifts and to theand to the

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How would each of the following situations affect a nation's production possibilities curve? A law is passed that makes community college tuition free for all U.S. citizens. The PPC shifts and to the An unexpectedly mild spring results in a bumper crop of citrus fruit in both Florida and California, The PPC shifts and to the A change in immigration laws significantly increases the number of immigrant workers entering the country. The PPC shifts and to the

How would each of the following situations affect a nation's production possibilities curve? A law is passed that makes community college tuition free for all U.S. citizens. The PPC shifts and to the An unexpectedly mild spring results in a bumper crop of citrus fruit in both Florida and California, The PPC shifts and to the A change in immigration laws significantly increases the number of immigrant workers entering the country. The PPC shifts and to the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.
Answer the attached question
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.
Barlow and Rusia own a nail salon. A manicure takes Barlow 60 minutes to complete and takes Rusia 45 minutes to complete. Completing a pedicure takes Barlow 45 minutes and takes Rusia 30 minutes. Who has a comparative advantage in pedicures? Barlow because he is faster. Rusia because she is faster. Rusia because she has a lower opportunity cost. Barlow because he has a lower opportunity cost.
Give a definition of an advance in technology. Suppose that you are drawing a PPF for civilian goods and military goods, describe the effect on the PPF of an advance in technology in both civilian goods and military goods. How would the impact on the PPF be different if the technological improvement only helped in the production of military goods, but not civilian goods?
Draw two Linear Production Possibilities Curves for two countries: Portugal and England and two products :Wine (kegs) and Cloth (Sheets). On Portugal's graph show the maximum production per worker of cloth sheets of 100 units on the Y axis. On the X axis show the maximum production of Wine at 150 kegs. For England's graph show the outputs at 90 cloth sheets on the Y axis and 60 Wine kegs on the X axis
Refer to the accompanying figure. If this economy were currently operating at point D, then in order to make more movies: A Movies (number per year) B D Milk (gallons per year) the first productive resources to switch to making movies should be those with the lowest opportunity cost of making milk. no productive resources would need to switch from making milk to movies because each resource should continue to be used according to its comparative advantage. no productive resources would need to switch from making milk to movies because point D is already efficient. the first productive resources to switch to making movies should be those with the highest opportunity cost of making milk.
For both goods, assume output per hour remains constant as the number of workers allocated to that good changes. Wakanda produces both vibranium and adamantium. With vibranium on the vertical axis and adamantium on the horizontal what happens to the PPF if workers become more productive in producing vibranium but adamantium productivity does not change? Group of answer choices A.The PPF becomes steeper. B.The PPF becomes flatter. C.The PPF shifts out, with the new PPF parallel to the initial PPF. D.The PPF shifts out, but we do not know how the slope of the new PPF compares to the slope of the original PPF. E.The effect on the PPF need not be any of the above.
Suppose that Karen, Sue, and Peter all work 8 hours a day, and in an hour, each can make one widget or two thingamajigs. Which of the following could correctly describe the shape of the production possibilities frontier graph for this economy? The PPF is an upward sloping straight line The PPF is a horizontal straight line The PPF is a vertical straight line The PPF is a downward sloping straight line None of the above 4
The following table shows the hourly output per worker measured as quarts of olive oil and pounds of pasta in Greece and Italy: Output per Hour of Work Olive Oil Pasta Greece Italy The opportunity cost of producing one more quart of olive oil in Greece is The opportunity cost of producing one more quart of olive oil in Italy is The opportunity cost of producing one more pound of pasta in Greece is The opportunity cost of producing one more pound of pasta in Italy is 4 4 2 8 pounds of pasta. (Enter your response rounded to two decimal places.) pounds of pasta. (Enter your response rounded to two decimal places.) quarts of olive oil. (Enter your response rounded to two decimal places.) quarts of olive oil. (Enter your response rounded to two decimal places.)
Comparative advantage does not address Question 10 options: whether specialization and trade benefit more than one party to a trade. whether absolute advantage or comparative advantage that really matters. how are the gains from trade shared among the parties to a trade. whether it possible for specialization and trade to increase total output of traded goods.
Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can either make 10 loaves of bread or 40 muffins, while Julia can either make 12 loaves of bread or 60 muffins. Both Martha and Julia work 8 hours a day. Draw julias daily PPC What is the opportunity cost to each of making one loaf of bread? Martha's opportunity cost of making a loaf of bread muffins Julia's opportunity cost of making a loaf of bread muffins What is the opportunity cost to each of making one muffin? Martha's opportunity cost of making a muffin loaves of bread Julia's opportunity cost of making a muffin loaves of bread Who has the comparative advantage in making bread? Julia Martha Neither Who has the absolute advantage in making bread? Neither Martha Julia Suppose you are the owner of the bakery. If Julia and Martha are currently both spending all of their time making muffins, then which of them should you ask to start making bread?…