QUESTION 12 wine Portugal 90 80 70 60 50+ 40- 30 20 10- 0 0 10 20 30 40 50 60 cloth PPF CPF wine 90 80 70 60 3 50 40 30 20 100 50+ 40+ 30+ England PPF CPF 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.

QUESTION 12 wine Portugal 90 80 70 60 50+ 40- 30 20 10- 0 0 10 20 30 40 50 60 cloth PPF CPF wine 90 80 70 60 3 50 40 30 20 100 50+ 40+ 30+ England PPF CPF 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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13. What is the relative price (opportunity cost) of wine in Portugal, before trade begins? a) 1/2 yard of cloth b) 2 man-hours/bottle c) 1/3 yard of cloth d) 2 yards of cloth e) 3 yards of cloth
QUESTION 11 wine SERE482 90 80 70 60 50 40 30 PPF Portugal CPF 20 10 0 0 10 20 30 40 50 60 cloth c) 1 bottle of wine O d) 2 bottles of wine e) 3 bottles of wine wine 90 88888888 80 70 60 50 40 30 20 England PPF 11. What is the relative price (opportunity cost) of cloth in England, before trade begins? O a) 1/2 yard of cloth O b) 2 man-hours/bottle CPF 10 0 0 10 20 30 40 50 60 cloth
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09. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth ? a) wine costs 2 man-hours/bottle and cloth costs 6 man-hours/yard in Portugal. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in Portugal. c) cloth costs 2 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.
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