Suppose Italy can make either 1000 statues or 700 bottles of wine. Suppose the US can make either 100 statues or 900 bottles of wine. How should each specialize? A. Italy should produce statues and the US should produce wine. B. The US should produce statues and Italy should produce wine. C. Italy should produce both statues and wine. ernational Academy of Science. All Rights Reserved.

Suppose Italy can make either 1000 statues or 700 bottles of wine. Suppose the US can make either 100 statues or 900 bottles of wine. How should each specialize? A. Italy should produce statues and the US should produce wine. B. The US should produce statues and Italy should produce wine. C. Italy should produce both statues and wine. ernational Academy of Science. All Rights Reserved.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If the two nations operate in autarky, which of the black points (plus symbol) are attainable for Golikia? Check all that apply. Point A Point B ✓Point C ✔Point D Suppose the two nations decide to trade with each other at a rate of one video game console per catnip toy (1:1). On the previous graph, use the green line (triangle symbol) to represent the terms of trade to help you find your answer to the following question. You will not be graded on where you place the line on the graph. Which of the grey points (star symbol) that were not attainable by either country in autarky are attainable once the countries agree to trade, holding all else constant? Check all that apply. ✔Point W Point X Point Y Point Z Suppose Fireton and Golikia engage in trade, and both nations desire the same post-trade consumption bundle. (Note: Assume both countries will not waste any resources.) Fireton will import catnip toys.
3. Remember the eight sailors? They set sail again on the S.S. Gold and get shipwrecked again. The good news is they're pretty good at island survival at this point - there are two main tasks: catching fish and gathering coconuts. Each sailor is able to gather 20 coconuts if they spend a day on that task OR catch 10 fish if they spend a day on that task. a. Draw a production frontier for the S.S. Gold sailors (remember there are 8 of them). Put fish on the x-axis and coconuts on the y-axis. Clearly indicate the point that corresponds to half the sailors catching fish and the other half gathering coconuts. Another ship, the S.S. Anne, wrecks on the neighboring island! Unlucky. There are ten sailors over there, but this is their first time being stranded so they're quite a bit worse at things. Half of the sailors are allocated to each task, and each day they end up with 30 fish and 20 coconuts. b. Draw a production frontier for the S.S. Anne sailors on the same graph as your answer for…
Table 2-12 One Canoe One Sailboat Guatemala Honduras 10 hours 15 hours 60 hours 75 hours Table 2-12 shows the number of labor hours required to produce a canoe and a sailboat in Guatemala and Honduras. Refer to Table 2-12. What is Honduras's opportunity cost of producing one canoe? O 1/5 of a sailboat 1.5 sailboats 5 sailboats 6 sailboats
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O private citizens. Question 45 of 50 The collapse of the U.S. economy demonstrated that: O O capitalism was losing ground to Marxist communism. the United States was not a world power. the economies of the world are connected. Oprosperity was not possible in peacetime. Question 46 of 50 As part of an agreement in 1939, Stalin and Hitler agreed to:
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If the two nations operate in autarky, which of the black points (plus symbol) are attainable for Fireton? Check all that apply. Point A Point B Point C Point D Suppose the two nations decide to trade with each other at a rate of one robot vacuum cleaner per plastic army man (1:1). On the previous graph, use the green line (triangle symbol) to represent the terms of trade to help you find your answer to the following question. You will not be graded on where you place the line on the graph. Which of the grey points (star symbol) that were not attainable by either country in autarky are attainable once the countries agree to trade, holding all else constant? Check all that apply. Point W Point X Point Y Point Z Suppose Fireton and Greenburg engage in trade, and both nations desire the same post-trade consumption bundle. (Note: Assume both countries will not waste any resources.) Greenburg will robot vacuum cleaners.
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Consider the daily production table below of yams and sweet potatoes. Suppose that the joint economy of Barry and Gary is producing 3 yams and 2 sweet potatoes. What is the opportunity cost of yams? Yams Sweet Potatoes Barry 16 8 Gary 7 11 0 1/3 1/2 2 3
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70,000 Norway 60,000 United States 50,000 Netherlands Denmark • Germany France 40,000 UK Japan. Italy South Korea Spain 30,000- Greece Russla 20,000 Mexico Chile Turkey 10,000- 6,400 6,500 6,600 6,700 6,800 6,900 7,000 7,100 7,200 7,300 7,400 7,500 Average annual hours of free time per worker According to the graph: Select one or more: a. UK workers have more free time than Greek workers. Ob. UK workers have lower GDP per capita than Spanish workers. O c. The relationship between GDP per capita and free time is downward sloping. O d. US workers work longer hours than French workers. GDP per capita (USD PPPS)