Table: Production Possibilities for Machinery and Petroleum Countries Machinery (M)(units) Petroleum (P)(units) United States 80 40 Mexico 60 180 Reference: Ref 8-2 Table: Production Possibilities for Machinery and Petroleum (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. The opportunity cost in Mexico of producing 105 units of petroleum is _____ units of machinery. Question 7 options: 90 35 160 70

Table: Production Possibilities for Machinery and Petroleum Countries Machinery (M)(units) Petroleum (P)(units) United States 80 40 Mexico 60 180 Reference: Ref 8-2 Table: Production Possibilities for Machinery and Petroleum (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. The opportunity cost in Mexico of producing 105 units of petroleum is _____ units of machinery. Question 7 options: 90 35 160 70

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 7E

See similar textbooks

Countries	Machinery (M) (units)	Petroleum (P) (units)
United States	80	40
Mexico	60	180

Similar questions

Table: Production Possibilities for the United States and Canada U.S. Production Possibilities One Possibility Another Possibility Quantity of Cars (Millions) 10 0 Quantity of Lumber (millions of board feet) 0 10 Canada Production Possibilities One Possibility Another Possibility Quantity of Cars (Millions) 2 0 Quantity of Lumber (millions of board feet) 0 12 Reference: Ref 8-3 Table: Production Possibilities for the United States and Canada (Table: Production Possibilities for the United States and Canada) Use Table: Production Possibilities for the United States and Canada. Both nations can produce cars and lumber. If these nations trade, Canada has the comparative advantage in _____ and should trade _____ to the United States in exchange for _____. Question 13 options: lumber; lumber; cars cars; cars; lumber. lumber; cars; lumber cars; lumber; cars
Typed answer.
Short Answer (8.0score) 33. The chart below is the prodution cost of US. and UK. U.S. U.K. Wheat (bushels/labor hour) 6 1 Cloth (yards/labor hour) 4 2 question: (1) explain the comparative advantage of each nation; (2) what is the gain from trade if the two trade for 4 wheat for 4 cloth?
Please assist
Table: Production Possibilities for Machinery and Petroleum Countries Machinery (M) (units) Petroleum (P) (units) United States 80 40 Mexico 60 180 Reference: Ref 8-2 Table: Production Possibilities for Machinery and Petroleum (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. In the United States the opportunity cost of producing 40 units of machinery is _____ units of petroleum. Question 10 options: 40 80 20 60
Table: Production Possibilities for Tractors and Crude Oil Country Tractors Crude Oil(thousands of barrels) United States 80 40 Mexico 60 180 Reference: Ref 8-5 Table: The Production Possibilities for Tractors and Crude Oil (Table: The Production Possibilities for Tractors and Crude Oil) Use Table: The Production Possibilities for Tractors and Crude Oil. The opportunity cost of _____ is _____ in the United States as/than in Mexico. Question 12 options: crude oil; lower tractors; higher tractors; lower tractors; the same
Table: Production Possibilities for Machinery and Petroleum Countries Machinery (M) (units) Petroleum (P) (units) United States 80 40 Mexico 60 180 Reference: Ref 8-2 Table: Production Possibilities for Machinery and Petroleum (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. The opportunity cost in Mexico of producing 10 units of machinery is _____ units of petroleum. Question 9 options: 30 90 180 270
Minerals 25 (millions of tons) 20 15 10 5 5 10 15 20 25 Grapes (millions of tons) Figure 1 Production possibility frontier for Highland Towards the right of Figure 1 are two circular red markers with a line between them that you can use to draw a production possibility frontier on Figure 1. You can move the markers with the mouse by clicking on them and dragging. Alternatively, you can tab to each marker and then use the keyboard arrow keys. Decide where to position the red markers based on the information below. There are two countries, called Highland and Lowland, with very different geography. They both produce grapes and dig for minerals, using only labour, with constant returns to scale. Figure 1 shows the production possibility frontier for Highland and the table shows the working population and productivity for Lowland. Working population and production possibilities Working population Production of tons of grapes per person per year Production of tons of minerals per person per…
Table: Crab and Cake Production in Chesapeake Crab Production Cake Production 500 400 300 250 450 200 100 600 700 750 Reference: Ref 2-23 Table: Crab and Cake Production in Chesapeake (Table: Crab and Cake Production in Chesapeake) Use Table: Crab and Cake Production in Chesapeake. The table shows the maximum annual output combinations of crabs and cakes. Given the scarce resources and limited technology, as Chesapeake uses more resources for the production of cakes, fewer resources are available to produce crabs. Can this nation produce 200 crabs and 500 cakes? Is this efficient? Explain.
No written by hand solution
18. Assuming England has 60 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit resource cost of wine in England is ____ mhrs/bottle. (Ple
Table: Production Possibilities (a) United States Possibilities One Possibility Another Possibility Quantity of roses (boxes) 1,000 0 Quantity of computers 0 2,000 (b) Columbia Production Possibilities One Possibility Another Possibility Quantity of roses (boxes) 2,000 0 Quantity of computers 0 1,000 Reference: Ref 8-8 Table: Production Possibilities (Table: Production Possibilities) Use Table: Production Possibilities. The opportunity cost of 1 computer for _____ is _____ box(es) of roses. Select one: a. the United States; 1 b. Colombia; 2 c. the United States; 2 d. Colombia; 0.5