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Required information Rome 40 bread Cathay 20 bread (0)/(0) (20" figs ")/(40" figs ") If each country is self-sufficient (no trade) and each allocates one half of its resources to producing Multiple Choice 40 bread and 20 figs in Rome and 20 bread and 40 figs in Cathay. 40 bread and 0 figs in Rome and 20 bread and 0 figs in Cathay. 0 bread and 20 figs in Rome and 0 bread and 40 figs in Cathay. 20 bread and 10 figs in Rome and 10 bread and 20 figs in Cathay. Search
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- Timber 25 (millions of tons) Key Torland Leeland 20 15 10 5 5 10 15 20 25 Honey (millions of tons) Figure 2 Production possibility frontiers for two countries Figure 2 shows the production possibility frontiers for two countries, Torland and Leeland. Select one correct statement from the following options: Select one: Neither country has a comparative advantage in the production of timber or honey. Torland has a comparative advantage in the production of timber and Leeland has a comparative advantage in honey. Leeland has a comparative advantage in the production of timber and Torland has a comparative advantage in honey. Both countries have a comparative advantage in the production of timber and honey.Question 13 England France Hours Needed to Hours Needed to Make 1 Unit of Make 1 Unit of Cheese 1 4 What is true about this situation? Wine 5 2 Number of units Produced in 40 Hours Cheese 40 10 O The opportunity cost for 1 Cheese for England is 5 units of wine O England has the absolute advantage in producing both goods O France will export Cheese because it has comparative advantage in making Cheese O England will export Cheese because it has comparative advantage in making Cheese O France will export Wine because it has absolute advantage in making Wine O England will export Wine because it has absolute advantage in making Wine Number of units Produced in 40 Hours Wine 8 20Question 10 Hot Dogs 60 50 25 20 Pb-3/4 Country 1 d 50 60 90 100 3/4 Hot Dog for 1 Hamburger 1/2 Hot Dog for 1 Hamburger 1 Hot Dog for 3/2 Hamburger O 1 Hot Dog for 3/4 Hamburger Hot Dogs Pa 1/2 120 110 70 8 Hamburgers What are the terms of trade between the two countries? Pa=3/2 b' Country 2 10 d' 20 40 Pb' 3/4 Hamburgers
- Figure 2-10 Honey (gallons) 480 0 Tahiti 400 Milk (gallons) Honey (gallons) 540 O 1.125 gallons of honey 0 O 1.5 gallons of honey O 0.8 gallons of honey O 2/3 of a gallon of honey Bora Bora 360 Figure 2-10 shows the production possibilities frontiers for Tahiti and Bora Bora. Each country produces two goods, milk and honey. Milk (gallons) Refer to Figure 2-10. What is the opportunity cost of producing one gallon of milk in Bora Bora?Microchips 90 U.S. PPF Which country has comparative advantage in the production of Microchips? Which country has comparative advantage in the production of Brooms? Which country has absolute advantage in the production of Microchips? Which country has absolute advantage in the production of Brooms? Microchips Brooms [Choose ] [Choose ] [Choose ] [Choose ] 10 MEXICO PPF Brooms1. Suppose there are two countries Peru and Japan that produce Food and Fuel. Peru can produce 7,523 units of Food or 17,853 units of Fuel using a labour force of 8000. Japan can produce 5,733 units of Food or 24,156 units of Fuel using a labour force of 5000. a) Which country has the comparative advantage in food? In fuel? Explain. b) Which good(s) should each country specialize in? c) Discuss the benefits of specialization for each country.
- 1. Suppose there are two countries Peru and Japan that produce Food and Fuel. Peru can produce 7,523 units of Food or 17,853 units of Fuel using a labour force of 8000. Japan can produce 5,733 units of Food or 24,156 units of Fuel using a labour force of 5000. a) If Japan and Peru employ half its workers to produce Food and half to produce Fuel how much of each good can they consume? Label this point A and A* respectively.Question 12 Time it takes to produce one car (hours) Time it takes to produce one Laptop (hours) Canada 1,600 4 China 4,800 Which good will China export and which good will Canada export? Canada will export laptops and cars. China will export neither good. Canada will export cars and China will export laptops. China will export laptops and cars. Canada will export neither good. Canada will export laptops and China will export cars.Poland requires 4 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. The Czech Republic requires 6 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. Suppose that Poland has 1,000 hours of labor and that it completely specializes according to its comparative advantage. How many units of which product will it produce? 250 tons of coal 1,000 bushels of wheat O100 bushels of wheat 4,000 tons of coal One of the main reasons for China to actively invest in foreign companies is to enhance the competitiveness of Chinese firms globally. take advantage of low wages in foreign countries. Omake best use of its technological expertise in the world market. meet the growing demand of the high population in China.
- Macmillan Learning The figures illustrate the production possibilities available to Kate and Sarah with eight hours of labor in their bakery. Answer the questions according to these figures. Breads (loaves) 9 8 7- 2. 1 0 Kate has a comparative advantage in both goods. neither good. bread. Kate 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Cakes (units) cake. Breads (loaves) 14, 13. 12. 11 10- 9. 8- 7 6- 5- 4- 3 2 1. 0 A Sarah 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Cakes (units) Sarah has a comparative advantage inWhen 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 Maldonia and Desonia. Both countries produce grain and tea, each initially (i.e., before specialization and trade) producing 18 million pounds of grain and 9 million pounds of tea, as indicated by the grey stars marked with the letter A. Maldonia Desonia 48 48 42 42 36 36 PPF 30 24 18 PPF 18 12 12 9. 12 18 24 30 36 42 48 0. 6. 12 18 24 30 36 42 48 GRAIN (Millions of pounds) GRAIN (Millions of pounds) Maldonia has a comparative advantage in the production of while Desonia has a comparative advantage in the production of Suppose that Maldonia and Desonia specialize in the production of the goods in which each has a TEA (Millions of pounds) 24 30 TEA (Millions…Absolute and comparative advantage Consider two neighboring island countries, Botoga and Doporia. Each has 900,000 labor hours available per week that it can use to produce wheat, jeans, or a combination of both. The following table shows the amount of labor hours required to produce 1 bushel of wheat or 1 pair of jeans. Wheat Jeans Country (Labor hours per bushel) (Labor hours per pair) Botoga 40 10 Doporia 36 6 _______ (Botoga / Neither / Doporia) has an absolute advantage in the production of wheat, and ______ (Botoga / Neither / Doporia) has an absolute advantage in the production of jeans. Initially, suppose Botoga uses 225,000 hours of labor per week to produce wheat and 675,000 hours per week to produce jeans, while Doporia uses 675,000 hours of labor per week to produce wheat and 225,000 hours per week to produce jeans. Assume there are no other countries willing to trade goods, so in the absence of trade between these two countries,…
