QUESTION 10 These are some points on the production possibilities frontier for France written in the form (Cheese, Perfume) A. (24, 0); B. (15, 4.5); C. (0, 12) What happens to the opportunity cost of one unit of perfume as France moves from point A to B and from B to C on the PPF? A. The opportunity cost of perfume remains the same B. The opportunity cost of perfume increases OC. The opportunity cost of perfume decreases OD. The opportunity cost of perfume remains the same from A to B and increases from B to C

QUESTION 10 These are some points on the production possibilities frontier for France written in the form (Cheese, Perfume) A. (24, 0); B. (15, 4.5); C. (0, 12) What happens to the opportunity cost of one unit of perfume as France moves from point A to B and from B to C on the PPF? A. The opportunity cost of perfume remains the same B. The opportunity cost of perfume increases OC. The opportunity cost of perfume decreases OD. The opportunity cost of perfume remains the same from A to B and increases from B to C

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 2SCQ: Brazil can produce 100 pounds of beef or 10 autos. In contrast the United States can produce 40...

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Look at Exercise 33.2. Compute the opportunity costs of producing sweaters and wine in both France and Tunisia. Who has the lowest opportunity cost of producing sweaters and who has the lowest opportunity cost of producing wine? Explain what it means to have a lower opportunity cost.
Brazil can produce 100 pounds of beef or 10 autos. In contrast the United States can produce 40 pounds of beef or 30 autos. Which country has the absolute advantage in beef? Which country has the absolute advantage in producing autos? What is the opportunity cost of producing one pound of beef In Brazil? What is the opportunity cost of producing one pound of beef in the United States?
In Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10 tons of rubber or 40 radios. Who has the absolute advantage in the production of rubber or radios? How can you tell? Calculate the opportunity cost of producing 80 additional radios in Japan and in Malaysia. (Your calculation may involve fractions, which is fine,) Which country has a comparative advantage in the production of radios? Calculate the opportunity cost of producing 10 additional tons of rubber in Japan and in Malaysia. Which country has a comparative advantage in producing rubber? In this example, does each country have an absolute advantage and a comparative advantage in the same good? In what product should Japan specialize? In what product should Malaysia specialize?
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1 Assume that Great Britain and the United States can both produce wheat (W) and cloth (C). The amount of wheat and cloth that each nation can produce in one day is presented in the table below. Comparative Advantage Wheat Cloth Great Britain 140 480 United States 1,120 560 Instructions: Round your answers to two decimal places. еВook a. Use the information above to compute the opportunity cost of 1 unit of wheat in each country. For Great Britain, the opportunity cost of producing 1 unit of wheat is 3.42 unit(s) of cloth. Print For the United States, the opportunity cost of producing 1 unit of wheat is 0.5 unit(s) of cloth. b. Use the information above to compute the opportunity cost of producing 1 unit of cloth in each country. References For Great Britain, the opportunity cost of producing 1 unit of cloth is 0.29 unit(s) of wheat. For the United States, the opportunity cost of producing 1 unit of cloth is 2 unit(s) of wheat. c. With mutually beneficial trade, wheat will be exported…
Question 10 This information applies to questions 10-13: Table 1 Output per Worker per hour Country Wheat Corn Paraguay 12 3 Bolivia 4 Based on Table 1, the opportunity cost of wheat in Paraguay is 4 units of corn. one-half unit of corn two units of corn O one-fourth unit of corn.
2. Comparative and absolute advantage Loc and Ashima are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of zucchini and watermelon each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing zucchini or watermelon or to produce zucchini on some of the land and watermelon on the rest. Loc (spuna Ashima On the following graph, use the blue line (circle symbol) to plot Loc's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ashima's PPF. 140 126 112 98 Zucchini (Pounds per acre) 10 18 84 Watermelon (Pounds per acre) 5 6 Loc's PPF Ashima's PPF ? A-Z bongo A+
2. In the USA 1 unit of labor can produce 50 cars while in Canada 1 unit of labor can produce5 cars. The total amount of labor in each country is L = 100. Which one of these statements iscorrect?A. Canada has comparative advantage on the production of cars.B. The USA has comparative advantage on the production of cars.C. Since their production possibility frontiers are the similar neither country has comparativeadvantage on the production of cars.D. Not enough information to answer this question.
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Table 3-3 Maria Courtney Labour hours needed to make one unit: Sweater 40 20 Coat 8 5 Amount produced in 40 hours: Sweater 1 2 Coat 5 8 Refer to Table 3-3. What does each of the two producers have a comparative or absolute advantage in? a Maria has an absolute advantage in coats, and Courtney has a comparative advantage in sweaters. Ob. Maria has an absolute advantage in both goods, and Courtney has a comparative advantage in coats. OC. Maria has an absolute advantage in sweaters, and Courtney has a comparative advantage in sweaters. Od. Maria has an absolute advantage in neither good, and Courtney has a comparative advantage in sweaters. CLEAR MY CHOICE
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