In the production possibilities frontier depicted in the figure, which of the following combinations of hats and bananas is unattainable? OA. 4 million pounds of bananas and 4 million hats OB. 1 million pounds of bananas and 3 million hats OC. 2 million pounds of bananas and 5 million hats. OD. 0 pounds of bananas and 6 million hats Hats (millions per year) 65 4 3 2 1 0 1 2 4 6 3 5 Bananas (millions of pounds per year]

In the production possibilities frontier depicted in the figure, which of the following combinations of hats and bananas is unattainable? OA. 4 million pounds of bananas and 4 million hats OB. 1 million pounds of bananas and 3 million hats OC. 2 million pounds of bananas and 5 million hats. OD. 0 pounds of bananas and 6 million hats Hats (millions per year) 65 4 3 2 1 0 1 2 4 6 3 5 Bananas (millions of pounds per year]

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains Rrom Trade

Section: Chapter Questions

Problem 4PA

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EX LO d @ Safari File Edit View History Bookmarks Window Help Lily ✓ My Home Courses Rental Options V Catalog and Study Tools Dashboard College Success Tips Help Career Success Tips Give Feedback « 100 CENGAGE MINDTAP PISTACHIOS (Millions of pounds) 48 42 36 Homework (Ch 03) The following graphs show the production possibilities frontiers (PPFS) for Shenandoah and Denali. Both countries produce peas and pistachios, each initially (i.e., before specialization and trade) producing 18 million pounds of peas and 9 million pounds of pistachios, as indicated by the grey stars marked with the letter A. 30 24 18 PPF 12 6 0 0 C Mind Tap - Cengage Learning 6 S Shenandoah A 12 18 24 30 PEAS (Millions of pounds) 36 42 48 ? JAN 28 PISTACHIOS (Millions of pounds) 48 42 36 30 24 6 C MindTap - Cengage Learning 0 ng.cengage.com PPF 6 Denali A 12 18 24 30 36 PEAS (Millions of pounds) 42 48 Shenandoah has a comparative advantage in the production of while Denali has a comparative advantage in the…
Could a nation be producing in a way that is allocatively efficient, but productively inefficient?
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
Person Judith Matthew Opportunity cost of 1 jar of baby food 6 hot pretzels 8 hot pretzels Opportunity cost of 1 hot pretzel 1/6 of a jar of baby food 1/8 of a jar of baby food Based on the table above, which of the following statements is true? Choose one: O A. Matthew has a comparative advantage in producing hot pretzels, while Judith has a comparative advantage in producing jars of baby food. ⒸB. Matthew has a comparative advantage in producing jars of baby food, while Judith has a comparative advantage in producing hot pretzels O C. Neither Judith nor Matthew has an absolute advantage in producing jars of baby food or hot pretzels. O D. Both Judith and Matthew have a comparative advantage in producing jars of baby food or hot pretzels.
6. Given that Nathan has 10 acres and can grow 15 bales of hay or 40 bushels of corn on anacre, while Simon has 10 acres and can grow 20 bales of hay or 35 bushels of corn per acre a. What is the maximum amount of corn and hay that they can jointly produce?b. Does Nathan have a comparative advantage in growing hay?c. Does Simon have an absolute advantage in growing hay?d. What is the opportunity cost to Nathan of one bale of hay?
ples and no change in ce cream Od.+1 pie and +2 ice cream QUESTION 2 Pie Tim Pies Deve 10 The graphs above de loe Cream loe Cream make in a given weekend. Use this to answer the questions that follow. Which of the following is true? O a. Tim has the absolute advantage at both ice cream and pies and Dave has the comparative advantage at ice cream Ob. Dave has the comparative advantage at pies and Tim has the comparative advantage at ice cream OC. Tim has the comparative advantage at ice cream and pies Od. Dave has the absolute and comparative advantage at ice cream and Tim has the absolute and comparative advantage at pies QUESTION 3
Chile's Production Possibilities Frontier Colombia's Production Possibilities Frontier ↑soydeans TEx pounds) ↑ soydeans 20 (in pounds) 18 18 16 16 14 14 12 12 10 10 6 4- +%> 16 18 20 coffee (in pounds 2 4 8 10 12 14 2 4 6 8 10 12 14 16 18 20 coffee spunod ng) Refer to Figure 3-8. If the production possibilities frontiers shown are each for one day of production, then which of the following combinations of pounds of coffee and pounds of soybeans could Chile and Colombia together not make in a given day? O a. 4 pounds of coffee and 17 pounds of soybeans O b. 8 pounds of coffee and 14 pounds of soybeans O . 16 pounds of coffee and 9 pounds of soybeans O d. 24 pounds of coffee and 3 pounds of soybeans
Table 1 Assume that England and Spain can switch between producing cheese and producing bread at a constant rate. England Spain Labor Hours Needed to Make 1 Unit of Bread Cheese 1 4 4 8 Number of Units Produced in 40 Hours Cheese 40 10 Bread 10 5 Refer to Table 1. England should specialize in the production of Select one: O a. both goods and Spain should specialize in the production of neither good. O b. neither good and Spain should specialize in the production of both goods. bread and Spain should specialize in the production of cheese. O d. cheese and Spain should specialize in the production of bread.