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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Table 2-12 One Canoe One Sailboat Guatemala Honduras 10 hours 15 hours 60 hours 75 hours Table 2-12 shows the number of labor hours required to produce a canoe and a sailboat in Guatemala and Honduras. Refer to Table 2-12. What is Honduras's opportunity cost of producing one canoe? O 1/5 of a sailboat 1.5 sailboats 5 sailboats 6 sailboats
Question 20 (Table) The table shows coffee and tea units produced for the United States and Japan. If Japan decides to increase production of tea from 20 units to 35 units, the opportunity cost s: United States Coffee 25 20 15 10 6 5 8 Tea 4 10 Japan 58 38 25 Coffee Tea 15 7 0 3 10 20 35 60 O A. 15 units of tea. B. 10 units of tea. C. 10 units of coffee. O D.8 units of coffee.
Table 3-5 England Spain Labour hours needed to make one unit: Cheese 1 Select one: O a. consumers who like bread O b. owners of cheese-producing companies Bread 2 8 O c. consumers who like cheese O d. owners of milk-producing companies Amount produced in 40 hours: Cheese Refer to Table 3-5. If England and Spain specialize and trade according to their respective comparative advantage, who gains in the short run in England? 40 20 Bread 20 5
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8. Problems and Applications Q8 Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. Quantity of Computers (Millions) 30 27 24 21 is 18 15 12 9 6 3 0 0 10 20 30 50 60 70 Quantity of Shirts (Millions) 40 90 100 If these countries were open to trade, trade. U.S. PPF China PPF + Suppose that without trade the workers in each country spend half their time producing each good. U.S. without Trade Use the black point (plus symbol) to indicate this production and consumption point for the United States, and use the grey point (star symbol) to indicate this production and consumption point for China. True or False: There are no longer gains from trade. China…