ndicate if the following statements is true or false: human beings like other species can do both cooperation and competition to obtain resources, to survive, to reproduce, etc True
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Indicate if the following statements is true or false: human beings like other species can do both cooperation and competition to obtain resources, to survive, to reproduce, etc
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- Imagine a society that produces military goods and consumer goods, which we’ll call “guns” and “butter.” Draw a production possibilities frontier for guns and butter. Explain why it most likely has a bowed out shape. Show a point that is impossible for the economy to achieve. Show a point that is feasible but inefficient. Imagine that the society has two political parties, called the Hawks (who want a strong military) and the Doves (who want a smaller military). Show a point on your production possibilities frontier that the Hawks might choose and a point the Doves might choose. Imagine that an aggressive neighboring country reduces the size of its military. As a result, both the Hawks and the Doves reduce their desired production of guns by the same amount. Which party would get the bigger “peace dividend,” measured by the increase in butter production? Explain.Explain Walras law as used in economics.grow cherry tomatoes and catch salmon. The accompanying table shows the maximum annual output combinations oftomatoes and salmon that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for cherry tomato production, there are fewer resources available for catching salmon. CHERRY TOMATOES SALMON 0 1500 500 1400 900 1200 1200 900 1400 500 1500 0 a. Draw a production possibility frontier with cherry tomatoeson the horizontal axis and salmon on the vertical axis illustrating these options, label the points. ( A-F) bi. On your graph put in a point to indicate 500 pounds of salmon and 800 pounds of cherry tomatoes, Label this point ‘G’. Can the economy produce at this point YES or No. Explainwhat the point illustrates.…
- Calculate the opportunity cost of producing the first 10 and the last 10 missiles. Discuss if the frontier exhibits increasing opportunity costs. Missiles vs. Milk (millions of gallons) 0 4010 3520 2730 1740 4 -Using the supply and demand model, discuss what would happen to the market price if… (I NEED THIS QUESTION ANSWERED) Income declines The number of buyers increases Technology improvesCan more than one producer have an absolute advantage at producing the samegood? Why or why not?1. Suppose two nations, Beta and Gamma, each make aircraft and corn. The main resource in each nation is hours of "labor". Production occurs in each nation according to the following table. With one hour, a worker in each nation can produce the following: Table showing Aircraft and Corn produced per hour Aircraft Corn 500 рer Beta 1 per hour hour 300 рer Gamma 2 per hour hour What is the opportunity cost of each good (in terms of the other good) for each nation? Try creating a small table of the opportunity costs such as this: Beta: 1 aircraft = corn 1 corn = aircraft %3D Gamma: 1 aircraft corn 1 corn = aircraft %3D Which nation has the Absolute Advantage in aircraft? Which nation has the Absolute Advantage in corn? Which nation has the Comparative Advantage in aircraft? Which nation has the Comparative Advantage in corn? If these two nations trade, what good should each specialize in and export to the other? What would be the range for the terms of trade (price of aircraft in terms of…
- Marlaria can be controlled The world health organization malaria chief says that it is too costly to try to fully eradicate the disease. He says that by using nets, medicine, and DDT it is possible to eliminate 90% of malaria cases. But to eliminate 100% of cases would be extremely costly. 4. Make a graph of the production possibilities frontier with malaria cases on the X-axis and other goods and services on the Y- Axis. ( compatible with Microsoft word would be ideal ) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Consider two neighboring island countries called Dolorium and Contente. They each have 4 million labor hours available per week that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor. Country Rye Jeans (Bushels per hour of labor) (Pairs per hour of labor) Dolorium 5 20 Contente 8 16 Initially, suppose Contente uses 1 million hours of labor per week to produce rye and 3 million hours per week to produce jeans, while Dolorium uses 3 million hours of labor per week to produce rye and 1 million hours per week to produce jeans. Consequently, Dolorium produces 15 million bushels of rye and 20 million pairs of jeans, and Contente produces 8 million bushels of rye and 48 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of rye and jeans…Define the term in economics "absolute advantage" and illustrate with an example.
- Suppose that the nation of Costa Rica produces Coffee and Bananas. Below are the possible combinations of Coffee and Bananas that Costa Rica can produce. Combination Bananas metric tons (X axis) Coffee metric tons (Y axis) A 20,000 0 B 18,000 11,000 C 14,000 20,000 D 8,000 27,000 E 0 30,000 What is the opportunity cost (amount & item) of increasing production from 11,000 tons of coffee to 20,000 tons of coffee ? ________________ What is the opportunity cost (amount & item )of increasing production from 20,000 tons of coffee to 27,000 tons of coffee? _____________ What is the opportunity cost (amount & item) of increasing production from 27,000 tons of coffee to 30,000 tons of coffee ? ________________ What is happening to the opportunity cost as Costa Rica produces more coffee ? _____________Explain the main assumption behind a concave production possibilities frontier. No more than 3 linesImagine that the society has two political parties, called the Hawks (who want a strong military) andthe Doves (who want a smaller military). Show a point on your production possibilities frontier that the Hawks might choose and a point that the Doves might choose