Table: Production Possibilities for Machinery and Petroleum Countries Machinery (M) (units) Petroleum (P) (units) United States 80 40 Mexico 60 180 Reference: Ref 8-2 Table: Production Possibilities for Machinery and Petroleum (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. In the United States the opportunity cost of producing 40 units of machinery is _____ units of petroleum. Question 10 options: 40 80 20 60

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Table: Production Possibilities for Tractors and Crude Oil Country Tractors Crude Oil(thousands of barrels) United States 80 40 Mexico 60 180 Reference: Ref 8-5 Table: The Production Possibilities for Tractors and Crude Oil (Table: The Production Possibilities for Tractors and Crude Oil) Use Table: The Production Possibilities for Tractors and Crude Oil. The opportunity cost of _____ is _____ in the United States as/than in Mexico.   Question 12 options:   crude oil; lower   tractors; higher   tractors; lower   tractors; the same

Table: Production Possibilities (a) United States Possibilities One Possibility Another Possibility Quantity of roses (boxes) 1,000 0 Quantity of computers 0 2,000 (b) Columbia Production Possibilities One Possibility Another Possibility Quantity of roses (boxes) 2,000 0 Quantity of computers 0 1,000 Reference: Ref 8-8 Table: Production Possibilities (Table: Production Possibilities) Use Table: Production Possibilities. The opportunity cost of 1 computer for _____ is _____ box(es) of roses. Select one: a. the United States; 1 b. Colombia; 2 c. the United States; 2 d. Colombia; 0.5

Table: Crab and Cake Production in Chesapeake Crab Production Cake Production 500 400 300 250 450 200 100 600 700 750 Reference: Ref 2-23 Table: Crab and Cake Production in Chesapeake (Table: Crab and Cake Production in Chesapeake) Use Table: Crab and Cake Production in Chesapeake. The table shows the maximum annual output combinations of crabs and cakes. Given the scarce resources and limited technology, as Chesapeake uses more resources for the production of cakes, fewer resources are available to produce crabs. Can this nation produce 200 crabs and 500 cakes? Is this efficient? Explain.

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Minerals 25 (millions of tons) 20 15 10 5 5 10 15 20 25 Grapes (millions of tons) Figure 1 Production possibility frontier for Highland Towards the right of Figure 1 are two circular red markers with a line between them that you can use to draw a production possibility frontier on Figure 1. You can move the markers with the mouse by clicking on them and dragging. Alternatively, you can tab to each marker and then use the keyboard arrow keys. Decide where to position the red markers based on the information below. There are two countries, called Highland and Lowland, with very different geography. They both produce grapes and dig for minerals, using only labour, with constant returns to scale. Figure 1 shows the production possibility frontier for Highland and the table shows the working population and productivity for Lowland. Working population and production possibilities Working population Production of tons of grapes per person per year Production of tons of minerals per person per…

Figure: Production Possibility Frontler Curve for Tealand Scones (millions) 25 20 15 10 10 20 30 40 50 Tea (millions of cups) Reference: Ref 2-5 Figure: Production Possibility Frontier for Tealand (Figure: Production Possibility Frontier for Tealand) Use Figure: Production Possibility Frontier for Tealand. Tealand can produce at point E only if:

R Imagine that it costs $40 in the United States to produce one ton of soybeans and transport them to market, while it costs $30 in Brazil to produce one ton of soybeans and transport them to market Imagine that it costs $20,000 in the United States to produce one automobile and transport it to maket, while costs $10,000 in Brazil to produce one automobile and transport it to market. Which of the following four arrangements would be most efficient? (Hint: Derived OC from PPF (production) = 1/OC derived from costs to make ) a. The United States should produce everything, since it can produce both soybeans and automobiles better than Brazil can produce them. Ob. Brazil should specialize and produce only automobiles. The United States should specialize and produce only soybeans. Then the two countries should trade with each other. Brazil will send automobiles to the United States, while the United States sends soybeans to the Brazil. Oc. The United States should specialize and produce…