Specialization: O reduces the cost of production for all producers. O creates more income for consumers and producers. O ensures more wealth for everyone. O ensures that goods and services are produced by low-cost producers.
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- Consider two countries (Home and Foreign) that produce goods 1 (with labor and capital) and 2 (with labor and land). Initially, both countries have the same supply of labor (250 units each), capital, and land. The capital stock in Home then grows. This change shifts out both the production curve for good 1 as a function of labor employed and the associated marginal product of labor curve. Nothing happens to the production and marginal product curves for good 2. a. Show how the increase in the supply of capital for Home affects its production possibility frontier. Using the three-point curved line drawing tool, draw a new PPF for Home that reflects the increase in the supply of capital. Properly label the curve. Carefully follow the instructions above and only draw the required object. Output of good 2 250 Home 250 PPF0 Output of good 1 QA country (Country X) that only produces two goods (good A) and (good B) in a closed market with another country (Country Y) that only produces the same two goods. Country X has 1000 workers and Country Y has 4000 and no workers can migrate. It takes Country X 2 workers to produce good A and 3 workers to produce good B whereas it takes Country Y 3 workers to produce good A and 1 worker to produce good B. Labour is the only factor of production and both follow a standard Ricardian model that has an identical utility function. Country X decides to adopt an import substitution strategy to improve the efficiency of productivity of good B. Explain what this means and provide an opinion on this strategy?Cotton is grown in Alabama and sold to a company that makes thread for $5,000. The company that makes thread, turns the raw cotton into thread and sells it to a company that makes cloth for $8,500. The company that makes cloth turns the thread into cloth and sells it to an overseas company that turns the cloth into t-shirts for $11,000. The overseas company makes the T-shirts from the cloth and sells it to a US retailer for $15,500. Finally, the US retailer sells the t-shirts to customers for $25,000. Referring to the scenario above, the US Retailer adds $_________ to GDP.
- Cotton is grown in Alabama and sold to a company that makes thread for $5,000. The company that makes thread, turns the raw cotton into thread and sells it to a company that makes cloth for $8,500. The company that makes cloth turns the thread into cloth and sells it to an overseas company that turns the cloth into t-shirts for $11,000. The overseas company makes the T-shirts from the cloth and sells it to a US retailer for $15,500. Finally, the US retailer sells the t-shirts to customers for $25,000. Referring to the scenario above, the amount added to US GDP from these transactions is $___________.Determine whether each of the following would increase or decrease the opportunity costs for mothers who decide not to work outside the home. Explain your answers. Higher levels of education for women Higher unemployment rates for women Higher average pay levels for women Lower demand for labor in industries that traditionally employ women Many households supplement their food budget by cultivating small vegetable gardens. Explain how each of the following might influence this kind of household production: Both husband and wife are professionals who earn high salaries. The household is located in a city rather than in a rural area. The household is located in a region where there is a high sales tax on food. The household is located in a region that has a high property tax rate.please help mw with this question. Thank you Question 2 Consider a country that produces two goods wheat (W) and cotton (C) with two factors of production: land (T) and labor (L). The technology for wheat and cotton are as follows. Each unit of wheat requires 10 units of labor and 1 unit of land. Each unit of cotton requires 30 units of labor and 1 unit of land. Denote the wage by w and the rent of land by r. a. Suppose a country has 500 units of labor and 20 units of land. Determine the allocation of labor and land between the two goods algebraically and then show it diagrammatically. How much of wheat and cotton are produced in the economy? b. Now suppose that the labor supply increases to 540 units. Determine the allocation of labor and land between the two goods algebraically and then show them diagrammatically. Verify the Rybczynski’s theorem. c. Now Suppose Malaysia has 500 units of labor and 20 units of land, while Indonesia has 80 units of land and 8000 units of labor. Which…
- Which of the statement is FALSE? A. An increase in the relative price of good X will increase the real price of the factor that is used intensively in the production of good X. B. A decrease in the relative price of good X will decrease the marginal productivity of the factor that is used scarcely in the production of good X. C. A decrease in the relative price of good X will increase the inverse of the relative factor price that is used in the production in good X. D. A decrease in the relative price of good X will increase the marginal productivity of the factor that is used intensively in the production of good X.With a inflow of migrants, the Rybczynski Theorem suggests : Group of answer choices a) output of capital-intensive good increases and output of labour-intensive good decreases in the short run b ) output of labor-intensive good increases and output of capital-intensive good decreases in the short run c) outputs of capital-intensive good and labour-intensive good both decrease in the short run d) none of the othersConsider a tropical island economy with only two sectors: souvenir manufacturing and hospitality (hotels). Both sectors are perfectly competitive, and workers are equally able and willing to work in either industry. Only foreign tourists demand souvenirs and hotel stays, so changes in the domestic labor market do not affect the product demand curve in either sector. Suppose a union forms in the souvenir manufacturing industry. The union limits its membership to less than the number of workers employed before the union formed and forces all employers in the industry to hire only union workers. Show the effect of unionization in the souvenir industry on the labor market for souvenir manufacturers. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move the curve and it snaps back to its original position, just try again and drag it a little farther. WAGE RATE (Dollars per hour] 12+ 10 8 6 2 0 10 20 30 Labor Supply Labor Demand 40 50 60…
- city is trying to estimate the most money it should offer to contractors as an incentive for them to finish a disruptive road project early. The transportation project lengthens transport times by 10 hours per week for 40,000 workers. Assume that all workers are paid $10 per hour in a perfectly competitive labor market. What is the most that the city should pay to the contractors as an incentive for completing the project four weeks earlyThe country of San Ignacio produces two goods: beach towels and soccer balls. Last year, it produced at a point inside its production possibilities frontier and currently it is operating at a point on the (same) production possibilities frontier. Which statement best explains the change? Question 9 options: San Ignacio was originally experiencing unemployment but is now employing all its resources. San Ignacio experienced an improvement in soccer ball producing technology. San Ignacio acquired more resources. San Ignacio experienced a high level of emigration out of the country.The biggest problem of production to be solved is: Deciding how much of a business’s production budget should be invested in lobbying congress for policies favorable to the business. Deciding how best to allocate a business’s limited manpower and resources so as to produce what consumers most want. To create as many jobs as possible. To produce as many goods as possible.