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1. Which events listed below would shift the production possibilities frontier inward? Choose one or more. C a new virulent disease that attacks young people B less rapid obsolescence of capital equipment and structures A the immigration of people of working age

1. Which events listed below would shift the production possibilities frontier inward? Choose one or more. C a new virulent disease that attacks young people B less rapid obsolescence of capital equipment and structures A the immigration of people of working age

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter33: International Trade
Section: Chapter Questions
Problem 30P: In Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10...
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Question 1 1. Which events listed below would shift the production possibilities frontier inward? Choose one or more. ✔C a new virulent disease that attacks young people B less rapid obsolescence of capital equipment and structures A the immigration of people of working age Question 2 2. If the United States were to produce every good more expensively than Japan, the U.S. would enjoy B a comparative, but not an absolute, disadvantage in the production of every good. C both an absolute and a comparative disadvantage in the production of every good. O A an absolute, but not a comparative, disadvantage in the production of every good. Question 3 3. If the United States were to produce every good more expensively than Japan, it would always be economically efficient for the U.S. and Japan to specialize and exchange. never be economically efficient for the U.S. and Japan to specialize and exchange. O very likely be economically efficient for the U.S. and Japan to specialize and exchange.
Transcribed Image Text:Question 1 1. Which events listed below would shift the production possibilities frontier inward? Choose one or more. ✔C a new virulent disease that attacks young people B less rapid obsolescence of capital equipment and structures A the immigration of people of working age Question 2 2. If the United States were to produce every good more expensively than Japan, the U.S. would enjoy B a comparative, but not an absolute, disadvantage in the production of every good. C both an absolute and a comparative disadvantage in the production of every good. O A an absolute, but not a comparative, disadvantage in the production of every good. Question 3 3. If the United States were to produce every good more expensively than Japan, it would always be economically efficient for the U.S. and Japan to specialize and exchange. never be economically efficient for the U.S. and Japan to specialize and exchange. O very likely be economically efficient for the U.S. and Japan to specialize and exchange.
Question 4 4. Here are two statements about Canada's production possibilities frontier (PPF) in a world where trade is possible between the residents of Canada and the rest of the world. Canada's population can produce beyond its domestic PPF. Canada's population can consume beyond its domestic PPF. | || Choose the correct option from the list below. Neither statement is true. Only I is true. Only II is true. A B C D O C с B D D Question 5 5. Assume cattle are raised for both meat and hides. Ceteris paribus, how would a rise in the demand for meat affect the prices of meat and hides? (Choose two.) A It would lower the price of meat. B It would raise the price of meat. It would lower the price of hides. It would rise the price of hides. 0 A > ✓ C D Both statements are true. B A
Transcribed Image Text:Question 4 4. Here are two statements about Canada's production possibilities frontier (PPF) in a world where trade is possible between the residents of Canada and the rest of the world. Canada's population can produce beyond its domestic PPF. Canada's population can consume beyond its domestic PPF. | || Choose the correct option from the list below. Neither statement is true. Only I is true. Only II is true. A B C D O C с B D D Question 5 5. Assume cattle are raised for both meat and hides. Ceteris paribus, how would a rise in the demand for meat affect the prices of meat and hides? (Choose two.) A It would lower the price of meat. B It would raise the price of meat. It would lower the price of hides. It would rise the price of hides. 0 A > ✓ C D Both statements are true. B A
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