Which of the following can expand a nation's production possibilities boundary (curve)? [select all that apply] expanding the quantity of resources realizing technological progress enacting trade barriers decreasing the price of products
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Which of the following can expand a nation's
[select all that apply]
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- Increasing opportunity costs result in a production possibilities frontier that is concave; C: linear; D: horizontal) to the origin. (A: convex; B:Suppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish daily. What is the maximum amount of lumber Canada could produce daily? What is the maximum amount of fish Canada could produce daily? Draw Canada’s production possibilities frontier.How would each of the following events affect a country's production possibilities frontier? A shift outward means the potential to produce even more goods. A shift inward means society now has less potential to produce goods. •[OUTWARD or INWARD] The quality of education increases •[OUTWARD or INWARD] A devastating earthquake destroys numerous production facilities. •[OUTWARD or INWARD] The U.S. Congress passes a law that allows more work visas to be issued to foreigners with specialized technical skills. Question 12 options: A) in order: INWARD, OUTWARD, OUTWARD B) in order: INWARD, INWARD, INWARD C) in order: OUTWARD, OUTWARD, INWARD D) in order: OUTWARD, INWARD, OUTWARD
- True or False: Comparative advantage refers to a country's ability to produce a good or service at a lower opportunity cost than another country. Don't use Aidraw a production possibility frontier showing a combination of two goods that a country could produce and an area of inefficiency and another unattainableQuestion: How much more coffee does Todd gain from specialization and trade? To answer this question, use must use the information below: Production and Consumption Both Todd and John will have 12 hours to produce. Todd will use 8 hours to produce 80 pounds of chocolate and 4 hours to produce 80 pounds of coffee. John will use 4 hours to produce 80 pounds of chocolate, and 8 hours to produce 80 pounds of coffee. Specialization and Trade Todd's production without Trade Using 4 hours as a the time element - Todd can produce 40 pounds of chocolate and 80 pounds of coffee. opportunity cost for chocolate is 80/40 = 2 opportunity cost for coffee is 40/80 = 1/2 John's production without Trade Using 4 hours as the time element - John can produce 80 pounds of chocolate and 40 pounds of coffee. opportunity cost for chocolate 40/80 = 1/2 opportunity cost for coffee is 80/20 = 2 Without Trade Totals - John and Todd produce 120 pounds of chocolate, and 120 pounds of coffee. Who Should Produce and…
- What is the opportunity cost of increasing the production of wheat and moving from point C to point B? Tons of Wheat 100 90 75 15 25 0 30 tons of wheat 5 tons of steel 80 tons of steel 45 tons of wheat A 20 Tons of Steel 75 80 90 100Question: How much more coffee does Todd gain from specialization and trade? To answer this question, use must use the information below: Production and Consumption Both Todd and John will have 12 hours to produce. Todd will use 8 hours to produce 80 pounds of chocolate and 4 hours to produce 80 pounds of coffee. John will use 4 hours to produce 80 pounds of chocolate, and 8 hours to produce 80 pounds of coffee. Specialization and Trade Todd's production without Trade Using 4 hours as a the time element - Todd can produce 40 pounds of chocolate and 80 pounds of coffee. opportunity cost for chocolate is 80/40 = 2 opportunity cost for coffee is 40/80 = 1/2 John's production without Trade Using 4 hours as the time element - John can produce 80 pounds of chocolate and 40 pounds of coffee. opportunity cost for chocolate 40/80 = 1/2 opportunity cost for coffee is 80/20 = 2 Without Trade Totals - John and Todd produce 120 pounds of chocolate, and 120 pounds of coffee. Who Should Produce and…Labor Hours Needed to Produce One Unit Wheat Rice Canada 2 4 U.S. 1 3 1. What is the opportunity cost of producing one unit of Rice in Canada? 2. What is the opportunity cost of producing one unit of Rice in the U.S? 3. What is the opportunity cost of producing one unit of Wheat in Canada? 4. What is the opportunity cost of producing one unit of Wheat in the U.S? 5. Which country should specialize in producing Wheat?
- Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce. What is the maximum quantity of guns that can be produced? What is the maximum quantity of butter than can be produced? Draw the nation's production possibility curve. (Photo's are note accepted) What is the opportunity cost of guns in this nation? Explain why the nation can't produce both 3 guns and 4 butters. Explain why the nation shouldn't produce both 1 gun and 2 butters.The figure below depicts the production possibilities curve (PPC) of a country. It also depicts the consumption possibilities curve (CPC) when the country is engaged in trade with one other country. Point C is this country's consumption when that trade occurs. Quantity of 350 good y 300 250 200 150 100 50 0 0 20 40 19 C 60 80 100 120 Quantity of good x Calculate how much this country trades with the other country in good y when the two countries engage in free trade. Enter a whole number only. Enter a positive number if this country exports good y, and a negative number if it imports it. Enter O if the answer cannot be obtained with the information given. Since this is a graphical question, approximate answers (within 20 of the exact answer) are accepted. Hint: consider how much the country produces and consumes this good.Review the numbers for Canada and Venezuela from Table 33.12 which describes how many barrels of oil and tons of lumber the workers can produce. Use these numbers to answer the rest of this question. Draw a production possibilities frontier for each country. Assume there are 100 workers in each country. Canadians and Venezuelans desire both oil and lumber. Canadians want at least 2,000 tons of lumber. Mark a point on their production possibilities where they can get at least 3,000 tons. Assume that the Canadians specialize completely because they figured out they have a comparative advantage in lumber. They are willing to give up 1,000 tons of lumber. How much oil should they ask for in return for this lumber to be as well off as they were with no trade? How much should they ask for if they want to gain from trading with Venezuela? Note: We can think of this ask as the relative price or trade price of lumber. Is the Canadian ask you identified in (b) also beneficial for Venezuelans? Use the production possibilities frontier graph for Venezuela to show that Venezuelans can gain from trade.
