The table below lists the maximum amount of Refrigerators or Airplanes that could be produced in 100 worker hours in the countries of Boxtown and Boonton. Country Refrigerators produced in 100 worker hours Boxtown Boonton 1000 650 Boonton In the table below, fill in the boxes which represent the opportunity cost of producing each item (in terms of the other item) in each country. Country Opportunity cost of producing Refrigerators Opportunity cost of producing Airplanes 22 Boxtown 22 or or 4 Airplanes produced in 100 worker hours 700 1000 4

The table below lists the maximum amount of Refrigerators or Airplanes that could be produced in 100 worker hours in the countries of Boxtown and Boonton. Country Refrigerators produced in 100 worker hours Boxtown Boonton 1000 650 Boonton In the table below, fill in the boxes which represent the opportunity cost of producing each item (in terms of the other item) in each country. Country Opportunity cost of producing Refrigerators Opportunity cost of producing Airplanes 22 Boxtown 22 or or 4 Airplanes produced in 100 worker hours 700 1000 4

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains Rrom Trade

Section3.2: Comparative Advantage: The Driving Force Of Specialization

Problem 2QQ

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Suppose that there are 10 million workers inCanada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. a. What is the opportunity cost of producing acar in Canada? What is the opportunity costof producing a bushel of wheat in Canada?Explain the relationship between the opportunity costs of the two goods. b. Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 millioncars, how much wheat can it consume without trade? Label this point on the productionpossibilities frontier. c. Now suppose that the United States offers tobuy 10 million cars from Canada in exchangefor 20 bushels of wheat per car. If Canadacontinues to consume 10 million cars, howmuch wheat does this deal allow Canada toconsume? Label this point on your diagram.Should Canada accept the deal?
Refer to Figure 3-8. If the production possibilities frontiers shown are each for one day of production, then which of the following combinations of coffee and soybeans could Chile and Colombia together make in a given day?
Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Lewis Puzzles Puppets 90 E 0 Puzzles 20 Puppets 75 TH 10 16 8 60 15 12 16 45 20 8 24 30 EHT 25 30 32 40 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: (Click to select) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis: puzzles and [ puppets Geppetto: puzzles and puppets
Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Lewis Puzzles Puppets Puzzles Puppets 80 0 30 0 64 4 24 4 48 8 18 8 32 12 12 12 16 16 6 16 0 20 0 20 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: Geppetto Puppets: Lewis b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis: puzzles and puppets Geppetto: puzzles and puppets Geppetto Lewis Puzzles Puppets Puzzles Puppets 80 64 48 32…
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Save Use the following production possibilities frontier for a country to answer the following questions. Which point(s) are unattainable? Briefly explain why. Point A because it is inside the production possibilities frontier. O All the points because the production of each has an opportunity cost. O Point E because it is outside the production possibilities frontier. O None of the points because they all are feasible. O Points B, C, and D because they are on the production possibilities frontier. A D PPF Consumption goods E. B. Capital goods
Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules Production Possibilities Schedules Geppetto Puzzles 80 64 48 32 16 0 Puppets 0 Geppetto: 10 20 30 40 50 Puzzles 50 40 30 20 10 8 puzzles and Lewis Puppets e Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles (Click to select)) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis puzzles and puppets 30 45 60 75 90 puppets
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Two neighboring island nations, Seychelles and Mauritius, produce iPad's, coffee, or a combination of both. Suppose that they each have 4 million labor hours available per week for production. The following table gives the amount of each product that can be produced using one hour of labor: Country Mauritius Seychelles Mauritius' opportunity cost of produing 1 iPad is iPads (per hour of labor) 12 of coffee. Therefore, 8 Initially, suppose Mauritius uses 1 million hours per week to produce iPads and 3 million hours per week to produce coffee, while Seycheles uses 3 million hours of labor per week to produce iPads and 1 million hours per week to produce coffee. Consequently, Mauritius produces 12 million iPads and 72 million pounds of coffee, and Seychelles produces 24 million iPads and 32 million pounds of coffee. Assume there are no other countries willing to trade with them. So, if Mauritius and Seychelles don't trade with each other, they can only consume what they can produce using…
Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Lewis Puzzles Puppets Puzzles Puppets 90 75 10 8 60 15 12 16 45 20 8 24 30 25 32 40 030 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: (Click to select) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis: puzzles and puppets Geppetto: puzzles and puppets
You have exams in economics and chemistry coming up and five hours available for studying. The following table shows the trade-offs you face in allocating the time you will spend in studying each subject. Hours Spent Studying Midterm Score Choice Economics Chemistry Economics Chemistry A 5 0 95 70 B 4 1 93 78 C 3 2 90 84 D 2 3 86 88 E 1 4 81 90 F 0 5 75 91 a. Use the data in the table to draw a production possibilities frontier graph. Label the vertical axis “Score on economics exam” and label the horizontal axis “Score on chemistry exam”. Make sure to label the values where your production possibilities frontier intersects the vertical and horizontal axes. b. Label the points representing choice C and choice D. If you are at choice C, what is your opportunity cost of increasing your chemistry score? c. Under what circumstances would A…
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