Table: Production Possibilities for the United States and Canada U.S. Production Possibilities One Possibility Another Possibility Quantity of Cars (millions) Quantity of Lumber (millions of board feet) 10 10 Canada Production Possibilities One Possibility Another Possibility Quantity of Cars (millions) Quantity of Lumber (millions of board feet) 2 12 (Table: Production Possibilities for the United States and Canada) Use Table: Production Possibilities for the United States and Canada. has/have an absolute advantage in producing cars. O The United States Both the United States and Canada Canada

Table: Production Possibilities for the United States and Canada U.S. Production Possibilities One Possibility Another Possibility Quantity of Cars (millions) Quantity of Lumber (millions of board feet) 10 10 Canada Production Possibilities One Possibility Another Possibility Quantity of Cars (millions) Quantity of Lumber (millions of board feet) 2 12 (Table: Production Possibilities for the United States and Canada) Use Table: Production Possibilities for the United States and Canada. has/have an absolute advantage in producing cars. O The United States Both the United States and Canada Canada

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Given: Suppose the United States (US) and Canada (CAN) produce two goods: cars and food. For each country, the production possibilities frontier (PPF) data and graph are provided below. Table: US PPF Plan Cars Food A B C 0 150 50 0 LEJ 40 30 Table: CAN PPF Plan Cars Food 0 200 F 150 0 90 80
wine 90 80 70 60 50 40 30 20 10 0 0 10 20 30 40 50 60 cloth Portugal PPF CPF wine SERESSAD 90 Click Save and Submit to save and submit. Click Save All Answers to save all answers. 80 70 60 50 40- 30+ 20 O (a) Portugal has the absolute advantage and England has the comparative advantage Ⓒ (b) England has the absolute advantage and Portugal has the comparative advantage O (c) Neither country has the comparative advantage O (d) Neither country has the absolute advantage O (d) cannot tell from this diagram England PPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 180 man-hours of resources available for production, while England has only 60, which country has the absolute advantage, and which country has the comparative advantage in wine? CPF MacBook Air Save All A
Automobiles Computers USA 20 15 Germany 15 5 if both countries produce according to the respective comparative advantages, what…
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Table 2-6 One Cell Phone Lumber (per board foot) Estonia 40 hours 8 hours Finland 16 hours 4 hours Table 2-6 shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland. Refer to Table 2-6. If the two countries specialize and trade, who should export cell phones? There is no basis for trade between the two countries. Estonia Finland They should both be importing cell phones.
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5. The price of trade Suppose that Poland and Wales both produce alive oil and shoes. Poland's opportunity cost of producing a pair of shoes is 5 crates of olive oil while Wales's opportunity cost of producing a pair of shoes is 11 crates of olive oil. By comparing the opportunity cost of producing shoes in the two countries, you can tell that Poland production of shoes and Wales has a comparative advantage in the production of olive oil. has a comparative advantage in the Suppose that Poland and Wales consider trading shoes and olive oil with each other. Poland can gain from specialization and trade as long as it receives more than 5 crates of olive oil for each pair of shoes it exports to Wales. Similarly, Wales can gain from trade as long as it receives more than 11 pairs of shoes for each crate of olive oil it exports to Poland. Based on your answer to the last question, which of the following prices of trade (that is, price of shoes in terms of olive oil) would allow both Wales…
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Refer to Table 19.1. Guatemala has Group of answer choices a comparative advantage in orange production. an absolute advantage in orange production. a comparative advantage in banana production. an absolute advantage in banana production.
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Argentina's Production Possibilities Frontier Frontier Peru's Production Possibilities 20 (in tons) 18 20 (in tons) 18+ 16 16 14+ 14 12 12- 10 10- 6+ 2- 2468 10 12 14 16 18 20 Psh (tn te) 246e 10 12 14 16 18 20 Pak (n tes) What's the opportunity of Fish in Peru? 5/3 Corn 3/5 Corn 1 Fish 3/5 Fish