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ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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M2. Every country can produce two goods-masks and wheat, using only their citizens' time. Consider the countries of Northumbria and Wessex. a) There is no trade. Northumbria produces more masks this year compared to last year because of a plague. Assume that the number of people in Northumbria and the time they spend in production stays the same during the plague. Claim: As Northumbria can increase mask production, it was not producing efficiently pre-plague. Agree, Disagree or It depends? Explain your reasoning. A diagram is not an explanation. Your explanation needs to be sufficient without a diagram. b) The plague is over. Northumbria trades with Wessex. With trade, Northumbria produces only wheat, and Wessex produces both wheat and masks. Claim: Wessex does not benefit from trade with Northumbria as it produces both goods. A country can only benefit from trade if it is fully specialized. Agree, Disagree or It depends? Explain your reasoning. A diagram is not an explanation. Your explanation needs to be sufficient without a diagram.. c) Northumbria continues to trade with Wessex. A drop in Viking raids increases Wessex's productivity in wheat production. Claim: Wessex will now specialize in wheat production. Agree, Disagree or It depends? Explain your reasoning.
Transcribed Image Text:M2. Every country can produce two goods-masks and wheat, using only their citizens' time. Consider the countries of Northumbria and Wessex. a) There is no trade. Northumbria produces more masks this year compared to last year because of a plague. Assume that the number of people in Northumbria and the time they spend in production stays the same during the plague. Claim: As Northumbria can increase mask production, it was not producing efficiently pre-plague. Agree, Disagree or It depends? Explain your reasoning. A diagram is not an explanation. Your explanation needs to be sufficient without a diagram. b) The plague is over. Northumbria trades with Wessex. With trade, Northumbria produces only wheat, and Wessex produces both wheat and masks. Claim: Wessex does not benefit from trade with Northumbria as it produces both goods. A country can only benefit from trade if it is fully specialized. Agree, Disagree or It depends? Explain your reasoning. A diagram is not an explanation. Your explanation needs to be sufficient without a diagram.. c) Northumbria continues to trade with Wessex. A drop in Viking raids increases Wessex's productivity in wheat production. Claim: Wessex will now specialize in wheat production. Agree, Disagree or It depends? Explain your reasoning.
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