Jack's production possibilities Production Jill's production possibilities Food Clothing (pounds) Food Clothing Production point A (pounds) 24 (pounds) (pounds) 45 and poi nt and A B 16 and 4 В 30 and 5 and 8 15 and 10 and 12 D and 15 In the table above, Jack's comparative advantage is producing and Jill's comparative advantage is producing, A) clothing; food B) clothing; clothing C) clothing and food; nothing D) food; clothing

wine 90 80 70 60 50 40 30 20 10 0 0 10 20 30 40 50 60 cloth Portugal PPF CPF wine SERESSAD 90 Click Save and Submit to save and submit. Click Save All Answers to save all answers. 80 70 60 50 40- 30+ 20 O (a) Portugal has the absolute advantage and England has the comparative advantage Ⓒ (b) England has the absolute advantage and Portugal has the comparative advantage O (c) Neither country has the comparative advantage O (d) Neither country has the absolute advantage O (d) cannot tell from this diagram England PPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 180 man-hours of resources available for production, while England has only 60, which country has the absolute advantage, and which country has the comparative advantage in wine? CPF MacBook Air Save All A

Suppose in the economy of Apple Republic, the demand for money is given by Md = $Y (0.3 - i), where $Y = 100 and the supply of money (Ms) is $20. a. What is the equilibrium interest rate (i)? Answer: i = [ Select ] v %. b. If the central bank increases money supply (Ms) to $25, what is the impact on the interest rate? Answer: Interest rate (i) will [ Select ] 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.

Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Pork Tomatoes Farmer 16 3 14 18 Rancher 14 16 16 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is a. 4 pounds of pork and 6 pounds of tomatoes. b. 6 pounds of pork and 8 pounds of tomatoes. c. 4 pounds of pork and 8 pounds of tomatoes. d. 6 pounds of pork and 6 pounds of tomatoes.

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Suppose that France and Germany both produce wine and cheese. The table below shows combinations of the goods that each country can produce in a day. France Germany Wine (Bottles) Cheese (Pounds) 16 Wine (Bottles) Cheese (Pounds) 12 8. 4. 25 20 15 2 3 3 4 10 4 Who has the comparative advantage in producing wine and who has the comparative advantage in producing cheese? O A. France has a comparative advantage producing wine and Germany has a comparative advantage producing cheese. O B. France has a comparative advantage producing wine and cheese. OC. Germany has a comparative advantage producing wine and cheese. -OD. Neither has a comparative advantage producing wine or cheese. OE. France has a comparative advantage producing cheese and Germany has a comparative advantage producing wine. Suppose that France is currently producing 1 bottle of wine and 12 pounds of cheese and Germany is currently producing 3 bottles of wine and 10 pounds of cheese. Then, assume instead that France and…

Perry's Production Possibilities Frontier Jordan's Production Possibilities Frontier ↑m 20- INOW 20- 10- 18. 16 16- 34 14- 12 124 T 1 Figure 3-15 Refer to Figure 3-15. If Perry and Jordan each spends all of his/her time producing the good in which she has a comparative advantage and trade takes place at a price of 1 movel for 7 poems, then Ⓒa. Perry and Jordan will both gain from this trade. O b. Perry will gain from this trade, but Jordan will not. Oc Jordan will gain from this trade, but Perry will not. Od neither Perry nor Jordan will gain from this trade.

QUESTION 9 If Pedro can produce more bread in one day than Roger can produce in one day, then а. Pedro has a comparative advantage in the production of bread. b. Roger has a comparative advantage in the production of bread. C. Pedro has an absolute advantage in the production of bread. d. Roger has an absolute advantage in the production of bread. a d. QUESTION 10 the equilibrium price decreases, and the equilibrium quantity increases the equilibrium price increases, and the effect of quantity is ambiguous the equilibrium price increases, and the equilibrium quantity increases the equilibrium price decreases, and the equilibrium quantity decreases If the demand of soccer balls increases, then a. b. C. d. O a O b O O O O

Mary makes 10 pies and 20 cakes a day and her opportunity cost of producing a cake is 2 pies. Tim makes 20 pies and 10 cakes a day and his opportunity cost of producing a cake is 4 pies. If Mary and Tim specialize in the good in which they have a comparative advantage, A. Mary produces only cakes while Tim produces only pies B. Mary produces only pies C. Tim produces both pies and cakes D. Tim produces only cakes while Mary produces only pies