In one hour, Sue can produce 90 caps or 6 jackets, and Tessa can produce 20 caps or 4 jackets. Thus, Tessa has a comparative advantage in producing both caps and jackets O Sue has a comparative advantage in producing both caps and jackets Sue has a comparative advantage in producing caps and Tessa has a comparative advantage in producing jackets Sue has a comparative advantage in producing jackets and Tessa has a comparative advantage in producing caps

In one hour, Sue can produce 90 caps or 6 jackets, and Tessa can produce 20 caps or 4 jackets. Thus, Tessa has a comparative advantage in producing both caps and jackets O Sue has a comparative advantage in producing both caps and jackets Sue has a comparative advantage in producing caps and Tessa has a comparative advantage in producing jackets Sue has a comparative advantage in producing jackets and Tessa has a comparative advantage in producing caps

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Description: In one hour, Sue can produce 90 caps or 6 jackets, and Tessa can produce 20 caps or 4 jackets. Thus,Tessa has a comparative advantage in producing both caps and jacketsSue has a comparative advantage in producing both caps and jacketsSue has a compa

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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8. Assume that now trade happens. The relative supply of wine in the home country is less than the world (because the home country is better at making laptops). What would happen to the relative price of wine to laptop in the home country when trade is allowed? Which group would benefit from this? a) Pwine/Ptaptop would increase and laptop manufacturers would gain b) Pwine/Plaptop would increase and wine makers would gain c) Pwine/Ptaptop would decrease and laptop manufacturers would gain d) Pwine/Piaptop would decrease and wine makers would gain
31.If it takes one country one unit of labor to produce either a computer or a TV but it takes the other country three units of labor to produce a computer and four to produce a TV, then the first country has A)a comparative advantage in both goods. B)an absolute advantage in TVs but a comparative advantage in computers. C)an absolute advantage in TVs and computers but a comparative advantage in computers only. D)an absolute advantage in TVs and computers but a comparative advantage in TVs only. 32.If it takes one country two units of labor to produce a computer and three units of labor to produce a TV but it takes the other country three units of labor to produce a computer and four to produce a TV, then the first country has A)a comparative advantage in both goods. B)an absolute advantage in TVs but a comparative advantage in computers. C)an absolute advantage in TVs and computers but a comparative advantage in computers only. D)an absolute advantage in TVs…
Asap Wichita — Farmers in Kansas, the biggest US producerof wheat, are abandoning their crops damaged by severedrought and cold.Some are spraying wheat fields with crop-killingchemicals and claiming insurance payouts in the beliefthat it is not worth harvesting the little grain that thereis, Reuters found on a three-day tour of the state. Othergrowers let cattle graze on the dismal-looking fields.Abandoning fields will reduce the crop of the world’sfifth-largest wheat exporter, with stocks expected to fallto a 16-year low. Large-scale abandonment deals aneconomic blow to farm towns and force wheat buyersto adjust procurement plans by buying the staple grainelsewhere.Nationally, winter-wheat farmers plan to abandon 33%of the acres they planted, the highest percentage sinceWorld War 1, the US department of agriculture said ina May 12 report.Kansas farmers are expected to abandon about 19% ofthe area planted last autumn, up from 10% in 2022 and4% in 2021, according to the report. But…
With its existing resources Country A can produce either 500 million bushels of wheat or 40 million cars. They are presently not engaged in trade and are choosing to produce and consume 375 million bushels of wheat and 10 million cars. The country decides to completely specialize in wheat production. They trade 100 million bushels of wheat in exchange for 12 million cars. After trade they can consume million more bushels of wheat and million more cars than they could before trade?
K Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below. United States Mexico Hamburgers (in tons) 0 40 80 120 Which country has an absolute advantage in producing tacos? Mexico Tacos (in tons) 108 72 36 0 Hamburgers (in tons) 0 8 16 24 Tacos (in tons) 60 40 20 Which country has a comparative advantage in producing tacos? The United States Suppose the United States is currently producing 80 tons of hamburgers and 36 tons of tacos and Mexico is currently producing 16 tons of hamburgers and 20 tons of tacos. If the United States and Mexico each specialize in producing only one good (the good for which each has a comparative advantage), then a total of additional ton(s) of hamburgers can be produced for the two countries combined (enter a numeric response using an integer) and a total of additional ton(s) of tacos can be produced.
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wine 90 80 70 60 50 40 30 20 10 0 0 10 20 30 40 50 60 cloth Portugal PPF CPF wine SERESSAD 90 Click Save and Submit to save and submit. Click Save All Answers to save all answers. 80 70 60 50 40- 30+ 20 O (a) Portugal has the absolute advantage and England has the comparative advantage Ⓒ (b) England has the absolute advantage and Portugal has the comparative advantage O (c) Neither country has the comparative advantage O (d) Neither country has the absolute advantage O (d) cannot tell from this diagram England PPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 180 man-hours of resources available for production, while England has only 60, which country has the absolute advantage, and which country has the comparative advantage in wine? CPF MacBook Air Save All A
QUESTION 7 65+ 60+ 55 50 45 40 282828 35+ 30 25 20 15 10 5+ Cay China's PPF + 5 10 15 20 25 30 35 40 45 50 55 Computer OA. 40 cars and 20 computers B. 40 cars and zero computers C. 20 cars and 20 computers 个 Cor 65+ 60- 55 50+ 45+ Refer to figures above. Suppose that China and Japan fully specialize in the goods in which they have a comparative advantage. Trade is then initiated between the two countries and 20 units of cars are exchanged for 20 units of computers. How many units of cars and computers will China be able to consume after trade? D.40 cars and 40 computers 40- 35+ 30 25- 20 15 10- 5 Japan's PPF 5 10 15 20 25 30 35 40 45 50 55 60 Computer
John and Jack run a car washing business. In one week John can wash 36 cars or he can wax 20 cars. In one week Jack can wax 12 cars or wash 24 cars. Based on the information given, has an absolute advantage in washing cars and has a comparative advantage in washing cars. O Jack : John O John : John O John : Jack O Jack : Jack « Previous f4 f5 f6 X f7 f10 4. 5 8 9 會图 86 图
1. One German worker can produce either 5 cars or 10 tons of grain a year. One Japanese worker can produce either 4 cars or 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Japan well as the PPE 6 L which country has an absolute advantage in produ f) Given all the information above, which country has a comparative advantage in producing cars? Which country has a comparative advantage in producing grain? Why? g) Both countries will spend half of each country's workers produce cars and half produce grain. Complete the following table with the quantities of cars produced and consumed in each country if there is no trade. Car Produced and Consumed (million) Tons of Grain Produced and Consumed (million) Germany Japan h) If each country only produces the good in which they have a comparative advantage and then traded 300 million tons of grain for 200 million cars, will both countries be better off? Why?
An automobile company has two factories, one in Vietnam and one in Australia, each with the same number of workers. The Vietnamese factory can produce either 150 engines or 100 transmissions per day. The Australian factory can produce either 200 engines or 150 transmissions per day. A. Which factory has an advantage is irrelevant since the theory of comparative advantage only applies to countries, not companies. B. The Australian factory has an comparative advantage in the production of transmissions. C. The Vietnamese factory has an absolute advantage producing both engines and transmissions. D. The Vietnamese factory has a comparative advantage in the production of transmissions.
In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. If Sue and Tessa specialize in producing the goods in which each of them has a comparative advantage, and they trade 1 jacket for 15 caps, who gains from the specialization and trade?