Assume that during the years 2022 to 2025 Woodland Republic could produce only two commodities: tractors and rice. Also, assume that Woodland Republic canprocuce at any of the positions represented by the production possibility schedule below. A B C D E F G H Tractors 0 2 4 7 9 11 13 14 Rice (in tons) 100 95 85 70 60 50 30 0 Suppose in 20
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Assume that during the years 2022 to 2025 Woodland Republic could produce only two commodities: tractors and rice. Also, assume that Woodland Republic canprocuce at any of the positions represented by the production possibility schedule below.
|
A |
B |
C |
D |
E |
F |
G |
H |
Tractors |
0 |
2 |
4 |
7 |
9 |
11 |
13 |
14 |
Rice (in tons) |
100 |
95 |
85 |
70 |
60 |
50 |
30 |
0 |
Suppose in 2022 the economy is producing at point D. What is the
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- In che mid-1980s several of South Africa's maintrading partners imposed trade sanctions on SouthAfrica in an effort to bring an end to the then-prevailing policy of apartheid.South Africa mainly relied on the exports ofprimary commodities like gold, iron and other preciousmetals, while importing mainly capital goods.This almost instantly led to South Africa expe-riencing a shortage of capital goods, resulting insubdued economic growth. 31. In what did South Africa have a comparativeadvantage? 32.a.Draw a graph to illustrate production,consumption and trade in South Africabefore the imposition of trade sanctions.b.Was South Africa consuming inside, on oroutside its PPP? Explian your answer.c.Draw a graph to show the effects of tradesanctions on consumption and productionin South Africa.d. Did trade sanctrions change any opportunitycoSts in South Africa? If so, did theopportunity cost of everything increase?Did the opportunity cost of any itemsdecrease? Illustrate your answer…Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 If each person specialized according to comparative advantage and later decides to move 4 units of labor to comparative disadvantage, what would be the result? Total soup production increases by 160, total sword production increases by 220 Total soup production decreases by 80, sword production increases by 220. Total soup production decreases by 20, total sword production increases by 160 Total soup production increases by 80, total sword production decreases by 2201. Suppose there are two countries Peru and Japan that produce Food and Fuel. Peru can produce 7,523 units of Food or 17,853 units of Fuel using a labour force of 8000. Japan can produce 5,733 units of Food or 24,156 units of Fuel using a labour force of 5000. a) If Japan and Peru employ half its workers to produce Food and half to produce Fuel how much of each good can they consume? Label this point A and A* respectively.
- 20 15 Capital Goods 10 (in millions) A B 4 million capital goods 5 million capital goods 6 million capital goods 10 million capital goods 1/4 million capital goods E D Consumer Goods (in millions) 12 15 Refer to the graph. Suppose the country is producing at point A. What is the opportunity cost of increasing the production of consumer goods to 6 million?The table below shows how many millions of cars and trucks each country can produce in one year. Based on the information, which of the following is true? Maximum Country Country outputs A B CARS 30 m 35 m TRUCKS 6 m 21 m Copyright: www.economicsonline.co.uk Country A has the comparative advantage in trucks Country B has the comparative advantage in cars Country A has the comparative advantage in cars Country A has the absolute advantage in carsTechnology and Research 12 10 ∞ 0 Production Possibility Frontier - Country of Oz 0 2 4 6 8 10 12 Infrastructure 14 16 18 20 22 This graph represents the Production Possibility Frontier for the country of OZ for 2 groups of goods or services: Infrastructure (like bridges and roads) and technology and research. Which of the following statements is true? The country of OZ can produce 15 infrastructure projects and 12 technology and research projects. From a point on the Production Possibility Frontier, the country of OZ can produce more infrastructure projects and more technology and research projects simultaneously but only up to a certain quantity. ○ If the country of OZ is currently producing 15 infrastructure projects and wants to produce 4 more, they would give up 7 research and technology projects. If the country of OZ is currently producing 10 infrastructure projects and wants to produce 5 more, the opportunity cost would be 2 research and technology projects.
- © Macmillan Learning Production, Economic Growth, and Trade. - End of Chapter Problem Ice cubes are an enjoyable product that many take for granted since they are easily produced in a freezer. But prior to the invention of refrigeration in the late 19th century, obtaining ice in warm climates required it to be imported from cold environments, making it an expensive luxury item. The new technology of refrigeration increased allocative efficiency neither production nor allocative efficiency production efficiency both production and allocative efficiency in the economy.Suppose there are two countries Peru and Japan that produces 7,523 units ofFood or 17,853 units of Fuel using a labour force of 8000. Japan can produce 5,733 units of Food or 24,156 units of Fuel using a labour force of 5,000. d) Which country has the comparative advantage in food? In fuel? Explain. e) Which good(s) should each country specialized in?20 18 16 14 12 10 g 6 2 Chile's Production Possibilities Frontier soybeans (in pound) 2 4 L Chile: S= and C= 5 L L Colombia: S=- and C= 2 S Chile: S= and C= 4 L 10 12 14 16 18 20 comme (in pound) Assume Chile and Colombia both have 48 labor hours available. Which of the following of production functions would yield each countries' PPF? S S 4 8 Chile: S= and C= L L Colombia: S= and C= 3 L and C C 6 L C 3 L 4 L C 4 L Colombia's Production Possibilities Frontier soybeans (in pound) C 20 18 16+ H+ 12 10 8 6 2 4 6 % 12 14 16 18 20 co (in pounds)
- Assume that two countries, A and B, can produce Beef and Barbecues and the production possibilities frontiers of two countries are represented by: Country A: Beef = 30 - 1.25 BBQ and Country B: BBQ = 15 - 0.5 Beef Barbecues are measured in units, beef in kilograms. a) On a single chart, graph the production possibility frontiers for Country A and for Country B. Make sure you use a good scale and mark all your axes and important curves or points. b) Interpret the slope and the shape of the PPF for each country and make the relevant comparisons. c) Assume that each country allocates half of its resources to the production of beef and half of its resources to the production of barbecues. Under autarky (No trade), how much would each country consume of the two products? Plot these points on the graph as Ca and Cb respectively d) Should either of these countries specialize in the production of beef and/or barbecues? If yes, explain which country and which products and why. If they…In a world where the only goods are cell phones and cereal: Jennereelam can produce: 80m kilos of cereal, and 200k cell phones, while Jonathannadu can produce: 30m kilos of cereal, and 15k cell phones. Even though Jennereelam is a bigger economy and can produce more of each product than Jonathannadu, this guy named Ricardo insists that they will both benefit if they trade. What is Ricardo's argument called, and why does he make the claim?If Texia specializes in food, it can produce 1,000 units of food and 0 units of clethingg this year If it specializes in clothing, it can produce 500 units of clothing and O units of food. This year Urbania can produce either 500 units of food and O units of clothing or 200 units of cleth and O units of food. (assume linear production possibility frontiers) has the comparative advantage in the production of clothing and comparative advantage in the production of food. has the Urbania; Texia O Texia; Texia Urbania; Urbania Texia; Urbania