Hello, I keep getting this question wrong on my practice HW but im not sure what im doing wrong. The following figure shows the production-possibility curves for Canada (AB) and the rest of the world (CD). SupposeCanada begins to trade with the rest of the world. If, in the international market, one bushel of corn is exchanged for oneliters ofliter of maple syrup, Canada will produce.maple syrup.bushels of corn and the rest of the world will produceCornCorn(millions of bushels per year)(millions of bushels per year)100|CCanadaRest of the World7035BD50 Maple syrup(millions of litersper year)4590Maple syrup32.5(millions of litersper year) 90;10035;32.50;070;50

We are going to discuss the opportunity cost method to understand whether the trade is beneficial…

The following figure shows the production-possibility curves for Canada (AB) and the rest of the world (CD). Suppose Canada begins to trade with the rest of the world. If, in the international market, one bushel of corn is exchanged for one liter of maple syrup, Canada will produce maple syrup. bushels of corn and the rest of the world will produce liters of Corn Corn (millions of bushels per year) (millions of bushels per year) 100 70 A Canada Rest of the World 35 B D 50 Maple syrup (millions of liters per year) 45 90 Maple syrup 32.5 (millions of liters per year)

The following figure shows the production-possibility curves for Canada (AB) and the rest of the world (CD). Suppose Canada begins to trade with the rest of the world. If, in the international market, one bushel of corn is exchanged for one liter of maple syrup, Canada will produce maple syrup. bushels of corn and the rest of the world will produce liters of Corn Corn (millions of bushels per year) (millions of bushels per year) 100 70 A Canada Rest of the World 35 B D 50 Maple syrup (millions of liters per year) 45 90 Maple syrup 32.5 (millions of liters per year)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 4SCQ: In Germany it takes three workers to make one television and four workers to make one video camera....

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Assume each country's potential output per unit worker per month is given below. (answer questions 15-18 based on the following information) Corn (lb) Scarves(#)U.S. 20 10Mexico 25 5Which country has an absolute advantage in producing corn and scarves respectively a. U.S. in corn; Mexico in scarves b. U.S. in scarves; Mexico in corn c. Mexico in corn; Mexico in scarves d. U.S. in corn; U.S. in scarves
BASIL (Millions of pounds) The following graph shows the same PPF for Rainier as before, as well as its initial consumption at point A. As you did for Yosemite, place a black point (plus symbol) on the following graph to indicate Rainier's consumption after trade. 64 56 48 PPF 40 32 24 16 8 0 8 16 Rainier 24 32 40 48 56 64 ALMONDS (Millions of pounds) Consumption After Trade ? True or False: Without engaging in international trade, Yosemite and Rainier would not have been able to consume at the after-trade consumption bundles. (Hint: Base this question on the answers you previously entered on this page.) ○ True False
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3. Comparative advantage and gains from trade Consider two neighboring island countries called Bellissima and Felicidad. They each have 4 million labor hours available per month that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor. Country Bellissima Felicidad Jeans Corn (Pairs per hour of labor) (Bushels per hour of labor) 8 16 5 20 Initially, suppose Bellissima uses 1 million hours of labor per month to produce jeans and 3 million hours per month to produce corn, while Felicidad uses 3 million hours of labor per month to produce jeans and 1 million hours per month to produce corn. Consequently, Bellissima produces 8 million pairs of jeans and 48 million bushels of corn, and Felicidad produces 15 million pairs of jeans and 20 million bushels of corn. Assume there are no other countries willing to trade goods, so in the absence of trade between these two countries, each…
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Say that Alland can produce 24 units of food per person per year or 6 units of clothing per person per year, but Georgeland can produce 36 units of food per year or 6 units of clothing. Which of the following is true? Georgeland has a comparative advantage, but not an absolute advantage, in producing food. Georgeland has both a comparative and absolute advantage in producing food. Alland has both absolute advantage and comparative advantage, in producing food.
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Consider two neighboring island countries called Bellissima and Dolorium. They each have 4 million labor hours available per month that they can use to produce jeans, rye, or a combination of both. The following table shows the amount of jeans or rye that can be produced using 1 hour of labor. Jeans Rye Country (Pairs per hour of labor) (Bushels per hour of labor) Bellissima 10 Dolorium 4 16 Initially, suppose Bellissima uses 1 million hours of labor per month to produce jeans and 3 million hours per month to produce rye, while Dolorium uses 3 million hours of labor per month to produce jeans and 1 million hours per month to produce rye. Consequently, Bellissima produces 5 million pairs of jeans and 30 million bushels of rye, and Dolorium produces 12 million pairs of jeans and 16 million bushels of rye. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and rye it produces.…
A country produces two goods: coconuts and umbrellas. Their production possibilities frontier (PPF) places coconuts on the x-axis and umbrellas on the y-axis. How would a drought that makes it difficult to grow coconuts but does not affect the production of umbrellas change the PPF? Neither the value of the x-intercept nor the y-intercept would change The value of the y-intercept would increase but the value of the x-intercept would not change The value of the x-intercept would increase but the value of the y-intercept would not change Both the value of the x-intercept and the y-intercept would increase The value of the y-intercept would decrease but the value of the x-intercept would not change The value of the x-intercept would decrease but the value of the y-intercept would not change