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- MANCOSA Use the following production possibility curve (PPC) of the Land of Oz to answer the question. The Land of Oz can only produce yellow bricks or tin. What should happen for the unattainable point, point D, to become attainable? Tin (t) 9 000 7 000 A PPC, B 16 mil Yellow bricks O A. Decrease in the minimum wage. O B. Decrease in economic growth. O C. Increased taxes for brick makers and tin producers. O D. Emigration of workers out of the country. PPC₂ 19 mil 4a) Why is the PPF curve bowed outward. Is it due to increasing opportunity cost or decreasing opportunity cost or constant opportunity cost b) What happens to the PPF curve during a recession? Will it shift inward or outward or remains constant c) Suppose a technology is banned due to its adverse environmental impacts. Would the production possibilty curve shift inward or outward or remain constant due to this d) How will a policy encouraging more immigration would shift the production possibility forntier. It will shift inward or outward or remain constantAssume that Pablo and Micah can switch between producing baseballs and producing bats at a constant rate. Labor Hours Needed Quantity Produced in 36 Hours to Make 1 bat bat baseball 1 baseball 36 Pablo 3 12 Micah 2 36 18 Refer to Table 3-8. At which of the following prices would both Pablo and Micah gain from trade with each other? O a 15 baseballs for 10 bats Ob. 15 baseballs for 6 bats Oc 15 baseballs for 3 bats Od Pablo and Micah could not both gain from trade with each other at any price.
- 17 Which of the following does NOT describe the comparative advantage? Select one: Ⓒa. Economic agents does not specialize in producing a good in which they have the comparative advantage b. Comparative advantage refers to a producer's ability to produce a good at a lower opportunity cost than other producers 888 F4 Oc. Comparative advantage refers to a producer's ability to give up less to produce the good compared to other producers Od. Economic agent with less flat (more steep) production possibilities frontier has comparative advantage in the good on the y-axis e. Economic agent with more flat production possibilities frontier has comparative advantage in the good on the x-axis % 5 F5 6 MacBook Air F6 & 7 AA F7 * 8 DII F8 9 F9 Next ) OThe sharp rise in housing prices from 2003 to 2005 was driven by a high level of housing. Select the correct answer below: O supply of O demand for O loans for O none of the above In 20 hours, Japan can produce 70 bushels of corn. In 14 hours, Japan can produce 60 bushels of wheat. What is the opportunity cost of producing 1 bushel of corn in terms of bushels of wheat? Assume Japan experiences constant opportunity costs. Round your answer to two decimals. Hint: Calculate how much of each good can be produced in 1 hour, then solve for the amount of foregone wheat when choosing to produce a bushel of corn. Provide your answer below: bushel(s) of wheat If a national economy runs a trade surplus, the trade sector will involve a(n). of financial capital. Select the correct answer below: inflow outflow O shortage balanceThe diagram shows Peter and Sam's possible outputs per week when they both perform the same jobs. Which of the following is true? TREES TRIMMED 40 10- Sam Peter 40 80 YARDS MOWED O Poter has a comparative advantage in performing both functions. O Peter performs yard-mowing services at a high opportunity cost than Sam O Sam can perform tree-trimming services at a lower opportunity cost than Peter. O Sam had neither an absolute nor a comparative advantage in performing either function O Peter has a comparative advantage in performing both functions.
- Consider two countries, Home and Foreign and two goods appples and bananas. In the Home country the unit labour requiremrents for apples and bananas are repectively 3 and 2. In the Foreign country the unit labour requirements for apples and bananas are 5 and 1 respectively. The Home country has a labour force of 1200 and the Foreign country has a labour force of 800. Graph the Production Possiblity Frontiers for each of the two countries. What are the prices of apples in terms of bananas in both countries in the absence of trade? Why? Construct the world relative supply function. Suppose that the world relative demand takes the following form: demand for ap- ples/demand for bananas = banana price/apple price. Draw the world relative de- mand curve superimposed on the world relative supply curve. What is the equilibrium relative price of apples under free trade? Describe the pattern of trade. Show that each of the two countries gain from trade. Suppose that instead of 1200….5 The doctrine of comparative advantoge was first put forth by aved put of Select one: O a John Maynard Keynes b. David Ricardo O C. Adam Smith O d Ricky Ricardo Clear my choiceOutput Mathew Danar bagels 9 4 cream cheese 12 9 What is Mathew's opportunity cost for 9 units of bagels? What is Mathew's opportunity cost for 1 unit of bagels? What is Danar's opportunity cost for 4 units of bagels? What is Danar's opportunity cost for 1 unit of bagels? What is Mathew's opportunity cost for 12 units of cream cheese? What is Mathew's opportunity cost for 1 unit of cream cheese? What is Danar's opportunity cost for 9 units of cream cheese? The table shows the maximum amount of bagels and cream cheese that Mathew and Danar can produce with the same amount of resources. What is Danar's opportunity cost for 1 unit of cream cheese? units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit)
- Give the three reasons that explain why the division of labor increases an economys level of production.Question 1A. Define and explain the theory of comparative advantage (use an example ifnecessary).B. Discuss limitations of comparative advantage (Include in your answer at leastfive key limitations to this theory).C. Spencer Grant is a New York-based investor. He has been closely following hisinvestment in 100 shares of Vaniteux, a French firm that went public in Februaryof 2010. When he purchased his 100 shares at €17.25 per share, the euro wastrading at $1.360/€. Currently, the share is trading at €28.33 per share, and thedollar has fallen to $1.4170/€.a If Spencer sells his shares today, what percentage change in the share pricewould he receive?What is the percentage change in the value of euro versus the dollar overthis same period?What would be the total return Spencer would earn on his shares if he soldthem at these rates?Consider two competitive economies that have the same quantities of labor and capital (K=L), and the same technology. The economies of the countries are described by the following Cobb–Douglas production functions: North Economy: Y = AK^0.7 L^0.3 South Economy: Y = AK^0.3 L^0.7 If half of workers (L) in North immigrated to South, explain how would total output, marginal produc- tivity of labor, and labor’s share of income in the two economies change?