Output of Consumer Goods (units per year) E G B Output of Military Goods (units per year) Iceland has no military. a. So, at what point in the figure is Iceland producing? point (Click to select) ✓ b. If Iceland decided to produce the quantity OE of military goods, how much consumer output would it have to give up? Give up quantity (Click to select) ✓
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- wine 90 80 70 60 50 40 30 20 10 PPF ܝܝܝܕܘ Portugal CPF 0 10 20 30 40 50 60 cloth wine Ob) Production of cloth in England will fall to zero, while the price of wine will increase to %ydbo O (c) Production of wine in Portugal will increase to 90 while the price of cloth will tail to 2 yabole O() Production of wine in England will increase to 60, while the price of cloth will tall to 3 bottleslyd 88284821 90 80 70 60 50 40 30 20 10 England PPF 0 0 10 20 30 40 50 60 cloth 13. According to the above sel of production possibiles and consumption (trade) possibites onders, what will happen to production and relative prices once trade is opened between these two countes? O(x) Production of cloth in Portugal will fall to zero, while the price of wine will fall to % ydb CPFShort Answer (8.0score) 33. The chart below is the prodution cost of US. and UK. U.S. U.K. Wheat (bushels/labor hour) 6 1 Cloth (yards/labor hour) 4 2 question: (1) explain the comparative advantage of each nation; (2) what is the gain from trade if the two trade for 4 wheat for 4 cloth?( gas prises are rising because ther aren't enough oil refineries) ( gas prices are rising becuae of the growing demand for gasoline from india) Are they normative or positive statment?
- use the following scenario to answer the following quation : an economy has a two workers smith and ricardo. each day theywork .smith can produce 4 computers and 16 smartephone. and ricardo can producce 6 computers and 12 smartphones. (1) the opppertunity cost for smith to produce one computer is ......... smart phones. (a) one quater of (b) one half of (c) one (d) two (e) fourAnswer the questions based on the figure below, which is for one of the small moons of the planet Quantz. Quantity of Coffee 70- 60- 50- 40- 30- 20- 10- 0 0 U Production Possibilities for Coffee and Tea V 80 W 160 Quantity of Tea 240 How much tea is gained at what cost of coffee? a. In moving from U to V b. In moving from W to X c. In moving from Y to Z 320 80 tea is gained at the cost of 80 tea is gained at the cost of 20 tea is gained at the cost of 55 coffee. 35 coffee. o coffee.Student explain lmportance of Port tothe Economy
- The following table shows the production possibilities for the country of Erewhon: A CDEF Wine 10 18 24 28 30 Cheese 40 28 18 10 4 0 What is the total cost of producing the first 10 units of wine? O a. 24 units of cheese O b. 28 units of cheese O c. 12 units of cheese O d. 6 units of cheese B.50D- 50D- If the price of 1 tonne of wheat was 20 apples, who would benefit from trade? If the price was 1 tonne of wheat for 40 apples, who would benefit from trade?What is the opportunity cost of increasing missle production fromm 50 to 100?
- A Moving to another question will save this response. Question 12 Time it takes to produce one car (hours) Time it takes to produce one Laptop (hours) Canada 2,000 4. China 4,800 12 Which good will China export and which good will Canada export? 2. Canada will export laptops and China will export cars. Canada will export cars and China will export laptops. China will export laptops and cars. Canada will export neither good. Canada will export laptops and cars. China will export neither good. 3 Moving to another question will save this response.France exports wine and imports beef. Suppose that French wine becomes more fashionable globally and, hence, the price of wine relative to the price of beef increases in world markets. Then: Select one: a. French exports of wine will increase, French consumption of wine will decrease and French imports of beef will increase b. French exports of wine will increase, French consumption of wine will increase and French imports of beef will decrease Oc. French exports of wine will increase, French consumption of wine will increase and French imports of beef will increase d. French exports of wine will increase, French consumption of wine will decrease and French imports of beef will decreaseSuppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram onto a sheet of paper and then add a foreign county as a third agent. Draw a rough sketch of the flows of imports, exports, and the payment for each on your diagram.