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- The figure above shows the production possibilities frontiers for four nations that have identical production possibilities frontiers in the present. The one that will grow most rapidly in the future is most likely to be at point 50H % 40 30 20 10 0 10 Dual Purpose OA OB O C O D oo 20 30 40 50 Capital goods (millions per month)ESS... Consider the PPF for a Mars colony depicted in the picture. The PPF shows combinations of habitats and spacecraft that could be produced. Suppose that the colony is currently producing 3 spacecraft and 8 habitats but is thinking about producing an additional spacecraft. What is the opportunity cost of producing this spacecraft in terms of habitats? 15 14 13 12 11 9 10 PPE 8 N 7 6 PPF1 Review 5 4 3 2 1 0 Habitats 1 2 3 (3,8) 4 (4, 6) 5 6 Confusing 7 Spacecraft 8 9Belarus has a comparative advantage in the production of linen, but Russia has an absolute advantage in the production of linen. If these two countries decide to trade. Select one OA Belarus should export linen to Russia. Ob Russia should export linen to Belarus. trading linen would provide no net advantage to either country Od Without additional information about opportunity costs, this question cannot be answered. 2012 Hauton Community College 2100 Man Street Hounton, TX 77002 711718.2000
- 96 FL If Honduras and Guatemala each specialize in producing the good in which they have a comparative advantage and then trade with one another original PPF. O both countries would end up on a point to the right of their O both countries would end up at a point to the left of their one country would remain on its original PPF, while the other country would end up on a point to the right of its O both countries would end up on a different point on their Unit 7- Chapter 1...xlsx Unit 7- Chapter 1..xlsx O Topic 2 (2).docx O Topic 2 (1).docx 11:09 PM 73°F SUI prt sc delete f12 pus backspace -> unu Bock enter pause T shift alt ctrlAssume that Sardi and Tinaka can switch between producing corn and producing pork at a constant rate. Quantity that each make Bushel of Corn Pound of Pork Sardi 20 Tinaka 15 12 10 Refer to Table 3-1. Sardi has a comparative advantage in the production of corn and Tinaka has a comparative advantage in the production of pork. pork and Tinaka has a comparative advantage in the production of corn. both goods and Tinaka has a comparative advantage in the production of neither good. neither good and Tinaka has a comparative advantage in the production of both goods.FOOD (Thousands of pounds) 16 14 12 10 8 6 4 2 0 ㅏ 0 PPC 40 80 +o B + 120 A 160 200 OIL (Thousands of barrels) 240 280 320 Suppose the economy initially produces 6,000 pounds of food and 200,000 barrels of oil, which is represented by point A. The opportunity cost of producing an additional 2,000 pounds of food (that is, moving production to point B) is barrels of oil. Suppose, instead, that the economy currently produces 168,000 barrels of oil and 8,000 pounds of food, which is represented by point B. Now the opportunity cost of producing an additional 2,000 pounds of food (that is, moving to point C) is barrels of oil. Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 2,000 additional pounds of food at point B is the opportunity cost of 2,000 additional pounds of food at point A. This reflects the
- 18 18- Maxine's Production Possibilities Frontier 3691215 21 24 27 30 O Maxine Based on the graph above, who has the comparative advantage in making tarts? O Daisy Daisy's Production Possibilities Frontier Maxine and Daisy O Neither Maxine or Daisy - 3 6 9 12 12 18 21 24 27 30 pin 124. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFS) for Freedonia and Desonia. Both countries produce potatoes and coffee, each initially (i.e., before specialization and trade) producing 12 million pounds of potatoes and 6 million pounds of coffee, as indicated by the grey stars marked with the letter A. COFFEE (Millions of pounds) 32 28 24 32 20 28 16 24 8 20 0 16 12 0 Freedonia has a comparative advantage in the production of production of comparative potatoes. 0 Suppose that advantage. Th trade betwee both potatoes and coffee PPF Freedonia 4 8 12 16 20 24 POTATOES (Millions of pounds) Note: Dashed drop lines will automatically extend to both axes. potatoes PPF 28 (?) Freedonia…Dreamliners per period 18 16 12 8 4 8 dreamliners A 0 4 8 B QUESTION 15 Production levels to the right of the PPF are: O attainable efficient O inefficient. Ounattainable 12 Production possibility frontier E : F H ● The graph shows the PPF for Aeroland. Given the graph above, what is the opportunity cost of increasing Dreamliner production from 8 dream liners (point E) to 16 Dreamliners (point B)? O12 small jets O18 small jets O 6 small jets 16 18 20 Small jets per period
- QUESTION 12 wine 90 80 70 60 50- 40 30 20 10 PPF 104 0 Portugal CPF 0 10 20 30 40 50 60 cloth K wine 88288988 90 80 70 60 50 40 30 20 10 0 England PPF CPF L 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. O b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. O c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. O d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.QUESTION 12 wine 90 80 70 60 50- 40 30 20 10 PPF 104 0 Portugal CPF 0 10 20 30 40 50 60 cloth K wine 88288988 90 80 70 60 50 40 30 20 10 0 England PPF CPF L 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. O b) wine costs 1 man-hour/bottle and cloth costs 1 man-hourlyard in England. O c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. O d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.QUESTION 12 wine 88185432 90 80 70 60 50 40 30 20 PPF Portugal CPF 10 0 0 10 20 30 40 50 60 cloth wine 8818588 90 80 70- 60 +09 40 30- 20 England PPF CPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.