Blue Violet's production possibilities Teapots (number per week) 150 100 50 0 & & & Coffeepots Teapots (number (number per week) 0 Sweet Pansy's production possibilities Coffeepots (number per week) 0 50 25 50 75 per week) 150 100 50 0 & & & & 100 150 Two countries, Blue Violet and Sweet Pansy, produce only two goods, teapots and coffee pots. The table above gives their production possibilities. Blue Violet has a comparative advantage in teapots. Both have a comparative advantage in teapots. Sweet Pansy has a comparative advantage in teapots. Sweet Pansy has an absolute advantage in teapots.

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

Below table shows the production possibilities for the country of Emilon: A B C D Rice 40 72 96 112 Beef 30 27 21 12 Complete the following (approximate) possibilities for Emilon. a. Emilon can produce 104 rice and beef. b. Emilon can produce rice and 24 beef. Which of the following product combinations is Emilon capable of producing? C. Can Emilon produce 80 rice and 24 beef? (Click to select) d. Can Emilon produce 56 rice and 21 beef? (Click to select)

Tony and Lan produce bicycles and scooters. Tony's opportunity cost of 1 bicycle is 4 scooters and Lan's opportunity cost of 1 bicycle is 3 scooters. Then Select one: a. Lan has a comparative advantage in the production of both bicycles and scooters. b. Tony has a comparative advantage in the production of both bicycles and scooters. c. Lan has a comparative advantage in the production of bicycles. d. Tony has a comparative advantage in the production of bicycles.

Because of conflict and instability in Country X, millions of its citizens emigrate to Country Y. Which of the following best explains what will happen to Country Y's production possibilities curve (PPC)? A C E It will move to a point on its PPC at which it produces only consumer goods B It's PPC will not change, but consumption of goods will decrease Its PPC will shift outward over time-- D It will move to a point inside its PPC, indicating slower growth Its PPC will shift inward over time

Suppose that Cassidy and Dmitri each have ten hours of time available to produce two goods: apples and bananas. Cassidy can produce 10 apples in one hour and 5 bananas in one hour. Home warya Ekoti Dmitri can produce 5 apples in one hour and 10 bananas in one hour. Which of the following is Assignments true? Discussions Grades ount Cassidy has absolute advantage in producing bananas. Syllabus Cassidy has comparative advantage in producing bananas. |Quizes board Dmitri has comparative advantage in producing apples. Modules urses Cassidy has absolute advantage in producing apples. 28 pups D Question 2 endar box Suppose that Cassidy and Dmitri each have ten hours of time available to produce two goods: apples and bananas. Cassidy can produce 10 apples in one hour and 5 bananas in one hour. Dmitri can produce 5 apples in one hour and 10 bananas in one hour. What is Cassidy's story opportunity cost of producing bananas? Help O 6 minutes O 12 minutes O 1/2 apple O 2 apples

There are two countries, Atlantis and Thule, and two goods, Clothing (C) and food (F) In Atlantis, it takes 3 units of labour to produce a unit of Clothing and 3 units of labour to make a unit of Food. In Thule, a unit of Clothing requires 2 units of labour, and a unit of Food requires 5 units of labour. Assume that Atlantis has 300 units of labour, and Thule has 500 units of labour. (a) What is the opportunity cost of Food in terms of Clothing in each country? (b) Which country has an absolute advantage in which good? (c) Which country has a comparative advantage in which good? Why? (d) Draw the production possibilities frontier for each country (put Food on the horizontal axis). Label axes and slopes. (e) Draw the world production possibilities frontier (assuming labour does not move between countries). Again, put Food on the horizontal axis. Label axes and important points on - 2 - the diagram. (f ) Draw the world relative supply curve (labelled RS) for F/C with the relative price…

Draw two Linear Production Possibilities Curves for two countries: Portugal and England and two products :Wine (kegs) and Cloth (Sheets). On Portugal's graph show the maximum production per worker of cloth sheets of 100 units on the Y axis. On the X axis show the maximum production of Wine at 150 kegs. For England's graph show the outputs at 90 cloth sheets on the Y axis and 60 Wine kegs on the X axis

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If nick and Jesse specialize according to comparative advantage and produce efficiently they can produce a combine total of?Notes: Nick gives up 6 hats to make 3 shirts. Jesse gives up 4 hats to make 8 shirts.Answers are: 10 hats and 11 shirts. 6 hats and 8 shirts. 5 hats and 5.5 shirts. And 4 hats and 3 shirts