Assume that Japan and Korea can switch between producing cars and producing aeroplanes at a constantrate.Hours NeededQuantity Producedto Make 1in 2400 HoursCar Aeroplane Cars AeroplanesJapan301508016Korea?1504816Korea has an absolute advantage in the production ofO a. cars and a comparative advantage in the production of airplanes.O b. neither good and a comparative advantage in the production of cars.O c. neither good and a comparative advantage in the production of airplanes.O d. cars and a comparative advantage in the production of cars. A professional basketball players' union negotiates a contract that dramatically increases all players' salaries.How would this influence the opportunity cost for a player who was considering giving up basketball to pursuea career in broadcasting?Select one:O a. it should have no bearing on the player's decision from an economic standpointO b.it would increase the opportunity cost of becoming a broadcasterO c.it would increase the opportunity cost of continuing to play professional basketballO d. it would not affect the opportunity cost of playing basketball or of broadcasting

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Description: Assume that Japan and Korea can switch between producing cars and producing aeroplanes at a constantrate.Hours NeededQuantity Producedto Make 1in 2400 HoursCar Aeroplane Cars AeroplanesJapan301508016Korea?1504816Korea has an absolute advantage in th

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Assume that Japan and Korea can switch between producing cars and producing aeroplanes at a constant rate. Hours Needed Quantity Produced to Make 1 in 2400 Hours Car Aeroplane Cars Aeroplanes Japan 30 150 80 16 Korea ? 150 48 16 Korea has an absolute advantage in the production of O a. cars and a comparative advantage in the production of airplanes. O b. neither good and a comparative advantage in the production of cars. O c. neither good and a comparative advantage in the production of airplanes. O d. cars and a comparative advantage in the production of cars.

Assume that Japan and Korea can switch between producing cars and producing aeroplanes at a constant rate. Hours Needed Quantity Produced to Make 1 in 2400 Hours Car Aeroplane Cars Aeroplanes Japan 30 150 80 16 Korea ? 150 48 16 Korea has an absolute advantage in the production of O a. cars and a comparative advantage in the production of airplanes. O b. neither good and a comparative advantage in the production of cars. O c. neither good and a comparative advantage in the production of airplanes. O d. cars and a comparative advantage in the production of cars.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The theory of comparative advantage: O a. Claims that economic well-being is enhanced if each country's citizens produce only a single product. Ob. Claims that economic well-being is enhanced when all countries compare commodity prices after adjusting for exchange rate differences in order to standardize the prices charged by all countries. O. Claims that economic well-being is enhanced if each country's citizens produce that which they have a comparative advantage in producing relative to the citizens of other countries, and then trade production. O d. Claims that no country has an absolute advantage over another country in the production of any good or service.
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Question 2: Good Y - 20 18 164 14 12 10 8 6 4 2 Germany's Production Possibilities Frontier Good Y 20 18 16 Spain's Production Possibilities Frontier 2468 10 12 14 16 18 Good X 2468 10 12 14 16 18 20 Good X Refer to the Figure. Germany has a comparative advantage in the production of O neither good and Spain has a comparative advantage in the production of both goods. O Good X and Spain has a comparative advantage in the production of Good Y. O Good Y and Spain has a comparative advantage in the production of Good X. O both goods and Spain has a comparative advantage in the production of neither good.
According to the Infant Industry Argument Poor countries can foster economic development by using tariffs to protect new firms while they learn to become more productive. O Countries that allow children to work have an unfair advantage in international trade. O Costs of young firms are low because their workers lack seniority, and this contributes to comparative advantage. O When technological change creates a new product, it is the innovating country that is likely to be able to export it.
If Switzerland can produce chocolate at a lower relative cost than Belgium, what kind of advantage does Switzerland have? O a comparative advantage O an absolute advantage a resource advantage a production advantage
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In a two-country, two-product world, the statement 'Germany enjoys a comparative advantage over France in cars relative to ships' is equivalent to O a. a. Germany having a comparative advantage over France in cars and ships. O b. France having a comparative disadvantage compared to Germany in cars and ships. O c. France having no comparative advantage over Germany. O d. France should produce cars. O e. France having a comparative advantage over Germany in ships. L
7. What is the law of comparative advantage? According to the law of comparative advantage, what should be the distin- guishing characteristics of the goods a nation produces? What should be the distinguishing characteristics of the goods a na- tion imports? How will international trade influence people's production levels and living standards? Explain. 15
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QUESTION 13 wine 90 8888888 80 70 60 50 40 30 20 PPF Portugal 1 CPF 10. 0 0 10 20 30 40 50 60 cloth wine 90 80 70 60 50 40 30 20 10 England 1 PPF CPF 0 0 10 20 30 40 50 60 cloth 13. According to the above set of production possibilities and consumption (trade) possibilities frontiers, what will happen to production and relative prices once trade is opened between these two countries? O a) Production of cloth in Portugal will fall to zero, while the price of wine will fall to ½ yd/bottle. b) Production of cloth in England will fall to zero, while the price of wine will increase to ½ yd/bottle. c) Production of wine in Portugal will increase to 90, while the price of cloth will fall to 2 yd/bottle. d) Production of wine in England will increase to 60, while the price of cloth will fall to 3 bottles/yd.