The following table shows how much wine and cloth can be producedin Canada and in Portugal with the same amount of resource input. (Ensure you put only the numbers, not the words 'cloth' and 'wine'when entering your answer)WineCloth(barrels)(meters)Canada1035Portugal 50116.51. The opportunity cost of 1 barrel of wine in Canada is? Number2. The opportunity cost of 1 barrel of wine in Portugal is? Number3. Portugal will export wine to Canada, if 1 barrel of wine can betraded for more than how many meter(s) of cloth? Number4. Canada will import wine from Portugal provided that 1 meter ofcloth trades for more than how many barrel(s) of wine? Number5. If the international rate of exchange is 1 wine = 2.8 cloth can thetwo countries trade with each other? (Enter 1 or 2: 1 = yes or 2 =no) Number

Question 1 Calculate the opportunity cost of 1 barrel of wine in Canada -Opportunity cost =…

Answered: The following table shows how much wine…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the following information to answer the questions below: China requires 9 hours to produce 1 ton of rice and 3 to produce 1 ton of lentils. India requires 3 hours to produce 1 ton of rice and 6 to produce 1 ton of lentils. What is the opportunity cost of rice for both nations? (Round your answer 2 decimal places) The opportunity cost of 1 ton of rice is (Click to select) in China. Who should specialize in the production of lentils? (Click to select) should produce lentils. If the terms of trade were 1 ton of rice for 2 tons of lentils, would the countries engage in trade? (Click to select)
Nation 1: China Good 1: Smartphones @ Given: China and Japan produce only two goods. They have the same fixed resources are equally efficient and both countries have constant opportunity costs between the two goods. in one month China can produce 180,000 smartphones or 40,000 tablets. Japan can produce 120,000 smartphones or 30,000 tablets. Fill in the table below. Nations USA Russia Max Production Nation 2: Japan A) Graph the given information. Good 2: Tablets Opportunity Cost Opportunity Cost
Using the numbers in the table, determine which country has a comparative advantage in producing each product. Output per Hour of Work Switzerland Canada Smartphones 8 5 Which of the following statements is true? A. The opportunity cost for Canada to produce one Smartphone is 0.60 Fitness Bracelet. B. The opportunity cost for Switzerland to produce one Fitness Bracelet is 1.25 Smartphones. OC. The opportunity cost for Switzerland to produce one Smartphone is 0.80 Fitness Bracelet. OD. The opportunity for Canada to produce one Smartphone is 1.67 Fitness Bracelets. Fitness Bracelets 10 3
Refer to Table 1-1 Which country has a comparative advantage in the production of bread? Group of answer choices Derryland Whetonia
Which country will be exporting and importing which product? A) England will be exporting both wine and cloth B) Portugal will be importing wine and importing cloth C) Portugal will be exporting cloth and importing wine D) England will be exporting wine and importing cloth E) None of the above
OUTPUT OF TANKS Graph 2.1 B E OUTPUT OF AUTOMOBILES PPC2 PPC1 Bulgaria's production possibilities curve is displayed above. A movement of the production mix from point D to point F could be caused by: Select one: a. An decrease in the quantity of raw materials available. b. A shift of factors of production from one industry to another. c. A change in consumer preferences d. More labor
Please choose the answer from the following words and fill in the blanks, each word is not limited to once A. Bananas B. Apples C. 2 D. 0.5
WORKING WITH NUMBERS AND GRAPHS 1 Using the data in the accompanying table, answer the Points on Production Possibilities following questions: Canada Italy a. For which good does Canada have a comparative advantage? b. For which good does Italy have a comparative advantage? Frontier Good X Good Y Good X GoodY 150 90 100 25 60 60 C 50 50 30 120 c. What might be a set of favorable terms of trade for the 75 180 two countries? d. Prove that both countries would be better off in the specialization-trade case than in the no-specialization-no-trade case.
Use the information in the table below to answer the following question: Which of the following is true? per unit of Labor: U.S Production Argentina 20 Whe at 300 Beef 100 20 a) The United States has an absolute advantage in the production of Wheat. O b) The United States does not have an absolute advantage in any commodity. c) Argentina has an absolute advantage in the production of Wheat. d) Argentina has an absolute advantage in the production of Beef.
The chart is already done. I need help with the last two questions
In the picture below is the full question. The highlighted one is my guess which is wrong. Based on the production table above, what is the opportunity cost of 1 burger in 'Merica A) 1/3 of a burger B) 1/2 a burger(this one is wrong) C) 3 units of fries D) 2 units of fries
The table given below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the Rest of the World per labor hour. The opportunity cost of producing a bushel of corn in the United Kingdom is Productivity Umbrellas per labor hour Bushels of corn per labor hour a. 2/3 of an umbrella b. 3 umbrellas Oc. 1/2 of an umbrella d. 2 umbrellas In the United Kingdom 0.25 0.5 In the Rest of the World 1 0.67

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