Suppose that without trade the workers in each country spend half their time producing each good.Use the black point (plus symbol) to indicate this production and consumption point for the United States, and use the grey point (star symbol) toIndicate this production and consumption point for China.If these countries were open to trade,IS (MIGHS)True or False: There are no longer gains from trade.TrueThe price of a computer can be expressed in terms of shirts. The highest price for which a computer can be traded that would make both countriesbetter off isshirts per computer, and the lowest price that makes both countries better off isshirts per computer.Suppose that China catches up with American productivity so that a Chinese worker can produce 60 shirts or 30 computers.FalseCopyright Noticeswould export shirts andTerms of UseJAN24• Privacy NoticeGrade It Nowwould benefit from trade.Security NoticeAccessibilitySave & ContinueContinuewithout saving(A) 8. Problems and Applications Q8Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers.There are 1 million workers in each country.Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) tograph the production possibilities frontier for China.Quantity of Computers (Millions)30272421181512963لا0010207030605040Quantity of Shirts (Millions)80 9010010U.S. PPF-4China PPFU.S. without TradeChina without Trade

Production Possibility curve of various feasible pairings of two items is what an economy can…

Suppose that without trade the workers in each country spend half their time producing each good. Use the black point (plus symbol) to indicate this production and consumption point for the United States, and use the grey point (star symbol) to Indicate this production and consumption point for China. If these countries were open to trade, would export shirts and The price of a computer can be expressed in terms of shirts. The highest price for which a computer can be traded that would make both countries better off is shirts per computer, and the lowest price that makes both countries better off is shirts per computer. Suppose that China catches up with American productivity so that a Chinese worker can produce 60 shirts or 30 computers. True or False: There are no longer gains from trade. True False Grade It Now would benefit from trade. Save & Continue Continue without saving

Suppose that without trade the workers in each country spend half their time producing each good. Use the black point (plus symbol) to indicate this production and consumption point for the United States, and use the grey point (star symbol) to Indicate this production and consumption point for China. If these countries were open to trade, would export shirts and The price of a computer can be expressed in terms of shirts. The highest price for which a computer can be traded that would make both countries better off is shirts per computer, and the lowest price that makes both countries better off is shirts per computer. Suppose that China catches up with American productivity so that a Chinese worker can produce 60 shirts or 30 computers. True or False: There are no longer gains from trade. True False Grade It Now would benefit from trade. Save & Continue Continue without saving

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

Section: Chapter Questions

Problem 2PA

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8. Problems and Applications Q8 Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. Quantity of Computers (Millions) 30 27 24 21 is 18 15 12 9 6 3 0 0 10 20 30 50 60 70 Quantity of Shirts (Millions) 40 90 100 If these countries were open to trade, trade. U.S. PPF China PPF + Suppose that without trade the workers in each country spend half their time producing each good. U.S. without Trade Use the black point (plus symbol) to indicate this production and consumption point for the United States, and use the grey point (star symbol) to indicate this production and consumption point for China. True or False: There are no longer gains from trade. China…
8. Problems and Applications Q8 Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. Quantity of Computers (Millions) 30 27 24 21 18 15 12 9 6 3 0 0 10 20 30 40 50 60 70 80 90 100 Quantity of Shirts (Millions) U.S. PPF China PPF US without Trade ✪ China without Trade Suppose that without trade the workers in each country spend half their time producing each good.
8. Problems and Applications Q8 Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. Quantity of Computers (Millions) 30 24 18 Quantity of Shirts (Millions) 80 100 10 U.S. PPF 44 China PPF + US without Trade China without Trade ? Suppose that without trade the workers in each country spend half their time producing each good. Use the black point (plus symbol) to indicate this production and consumption point for the United States, and use the grey point (star symbol) to indicate this production and consumption point for China If these countries were open to trade, The price of a computer can be expressed in terms of shirts. The highest price for…
1.Suppose we have the following information about the productivity of industry in Japan and Korea. The data are the units of output per hour of work. Steel Televisions Japan 6 3 Korea 8 2 A Japanese worker can produce 6 units of steel or 3 televisions per hour. A Korean worker can produce 8 units of steel or 2 televisions per hour. Plot the production possibilities frontier for each country, assuming each country has only one worker and the worker works only one hour. To plot the frontier, plot the end points and connect them with a line. For example, Japan can produce 6 units of steel with its worker or 3 televisions. It can also allocate 1/2 hour to the production of each and get 3 units of steel and 1 1/2 televisions. What are the opportunity cost of a television in Japan and Korea? What are the opportunity cost of steel in Japan and Korea? Which country has a…
Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. Quantity of Computers (Millions) 30 27 24 21 18 15 12 9 6 3 0 PR 0 10 20 30 70 40 50 60 Quantity of Shirts (Millions) 80 90 100 U.S. PPF A China PPF + U.S. without Trade China without Trade 4 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
Assume the table below shows the quantities of wine and cheese that a worker can produce in an hour in France and Italy. Wine (bottles) 9 4 has an absolute advantage producing wine and has a comparative advantage producing wine and France Italy has an absolute advantage producing cheese. Cheese (ounces) 19 29 has a comparative advantage producing cheese.
An American worker can produce either 5 cars or 8 tons of grain a year. A Japanese worker can produce either 4 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car 1 Ton of Grain United States Japan Use the blue line (circle symbol) to graph the production possibilities frontier for the American economy. Then use the green Iline (triangle symbol) to graph the production possibilities frontier for the Japanese economy. 500 450 U.S. 400 350 Japan 300
Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. Quantity of Computers (Millions) 30 27 24 21 18 15 12 9 6 3 0 0 10 20 30 40 50 60 70 Quantity of Shirts (Millions) 80 90 100 If these countries were open to trade, U.S. PPF O True O False China PPF U.S. without Trade Suppose that without trade the workers in each country spend half their time producing each good. True or False: There are no longer gains from trade. * Use the black point (plus symbol) to indicate this production and consumption point for the United States, and use the grey point (star symbol) to indicate this production and consumption point for China. China without Trade would…
Table 3-1 Farmer Rancher Labour hours needed to make 1 kilogram: Meat 9 3 Potatoes 3 4 Kilograms produced in 36 hours: Meat 4 12 Refer to Table 3-1. What does each producer have an absolute or comparative advantage in? Potatoes 12 9 The farmer has an absolute advantage in potatoes, and the rancher has a comparative advantage in meat. The farmer has an absolute advantage in meat, and the rancher has a comparative advantage in potatoes. The farmer has an absolute advantage in neither good, and the rancher has a comparative advantage in potatoes. The farmer has an absolute advantage in neither good, and the rancher has a comparative advantage in meat.
Assume the table below shows the quantities of wine and cheese that a worker can produce in an hour in France and Italy. Wine (bottles) Cheese (ounces) France Italy 3 16 28 has an absolute advantage producing wine and has an absolute advantage producing cheese. has a comparative advantage producing cheese has a comparative advantage producing wine and
1. One German worker can produce either 5 cars or 10 tons of grain a year. One Japanese worker can produce either 4 cars or 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. a) Complete the following table with the number of workers needed to make one car or one ton of grain in Germany and Japan Workers Needed to make 1 Car Germany Japan 1 Ton of Grain b) Graph the production possibilities frontier (PPF) for German economy as well as the PPF for Japanese economy in the same graph. Carefully label and identify the endpoint in your graphs.
1. One German worker can produce either 5 cars or 10 tons of grain a year. One Japanese worker can produce either 4 cars or 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. a) Complete the following table with the number of workers needed to make one car or one ton of grain in Germany and Japan Workers Needed to make 1 Car Germany Japan 1 Ton of Grain b) Graph the production possibilities frontier (PPF) for German economy as well as the PPF for Japanese economy in the same graph. Carefully label and identify the endpoint in your graphs. c) In Germany, what is the opportunity cost of producing a car? What is the opportunity cost of producing a ton of grain? Show your work. d) In Japan, what is the opportunity cost of producing a car? a ton of grain? Show your work. e) Given all the information above, which country has an absolute advantage in producing cars? Which country has an absolute advantage in producing grain. Why? f) Given all the…