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

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

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 3.7P

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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:
China Production Possibilities Product A B C D E F Apparel 20,000 16,000 12,000 8,000 4,000 0 Chemicals(tons) 0 8 16 24 32 40 U.S. Production Possibilities Product R S T U V W Apparel 60,000 48,000 36,000 24,0000 12,000 0 Chemicals(tons) 0 12 24 36 48 60
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…
QUESTION 23 Maximum Feasible Hourly Production Rates for either Tablets or TVs Using All AvailableResources United States Product Mexico Tablets TVs 6. Refer to the above table. Assuming that opportunity costs are constant, which of the following is a correct statement? O Mexico has a comparative advantage in producing both goods. O The United States has a comparative advantage in TV production. O The United States has a comparative advantage in producing both goods. O Mexico has a comparative advantage in producing TVs.
(b) Assuming that there are only two nations in the world, Africa and the USA, each nation produces gold (G) and corn (C). Also assume that labor is the only factor of production. The table below shows how much of each good a country can produce using one hour of labor time. AFRICA USA GASOLINE 50 15 (barrels/hr) CORN (tonnes/hr) 30 25 I. Identify which country has the Absolute Advantage and Disadvantage in each good. Justify your answer. II. Identify which country has the Comparative Advantage and Disadvantage in each good. Justify your answer. II. What is a term of trade? Identify the term of trade for both countries. Justify your answer.
Combination Cinnamon metric tons (X axis) Nutmeg metric tons (Y axis) A 7,000 0 B 6,000 7,000 C 4,500 11,000 D 2,500 14,000 E 0 16,000 What is the opportunity cost (amount & item) of the first 7,000 tons of nutmeg produced? ______________________ What is the opportunity cost (amount & item) of increasing production from 7,000 tons of nutmeg to 11,000 tons of nutmeg ? ________________ What is the opportunity cost (amount & item )of increasing production from 11,000 tons of nutmeg to 14,000 tons of nutmeg ? _____________ What is the opportunity cost (amount & item) of increasing production from 14,000 tons of nutmeg to 16,000 tons of nutmeg ? ________________ What is happening to the opportunity cost as Copperton produces more nutmeg? ____________________________________