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- You just got a job in Washington, D.C. You moveinto an apartment with some acquaintances. All yourroommates, however, are slackers and do not clean upafter themselves. You, on the other hand, can clean fasterthan each of them. You determine that you are 70%faster at dishes and 10% faster with vacuuming. All ofthese tasks have to be done daily. Which jobs shouldyou assign to your roommates to get the most free timeoverall? Assume you have the same number of hours todevote to cleaning. Now, since you are faster, you seemto get done quicker than your roommate. What sortsof problems may this create? Can you imagine a traderelated analogy to this problem?Could a nation be producing in a way that is allocatively efficient, but productively inefficient?6.On a production possibilities frontier, produ ction is efficient if the production point is Gaseballs 200 150 MENL202 ABDAL AYMENL20211 B 100 ABDAL ANA DALLAH AENL20211 AYMENL20211 50 GANA ABDALLAH AYMENL20211 GANA ABDALLAH 100 200 ALLAH Figure 2-6 300 400 Bananas ALLAH AYMENL20211 CANA AYMENL20211 ABDALLAH GANA AYMENL20211 GANA ABDALLAH AYMENL20211 ABDALLAH AYMENL20211 A inside the frontier. on or inside the frontier. C outside the frontier. D on the frontier. ANA DALLAH GANA RDALLAH GANA BDALLAH GANA RDALLAH GANA ADALLAH
- scenario Production Advantage and Opportunity CostsAssume there are two countries, the United States and France, and two goods, automobiles andcomputers.The table presented below shows the number of automobiles and computers that the United States andFrance can produce with the same amount of resources.United States FranceAutomobiles 120 100Computers 60 55Source: Pearson Education Inc. 1.1 Which country has an absolute advantage in computer production? Motivate your answer.1.2 Which country has a comparative advantage in the production of automobiles? Motivateyour answer. 1.3 Assume these countries trade with one another under the conditions of free trade. Whichcountry will specialise in the production of automobiles? Motivate your answer. 1.4 If free trade exists between the United States and France, what are the highest and lowestlevels for the price of an automobile (expressed in terms of computers)? Motivate youranswer by stating which level favours the United States and France.EX LO d @ Safari File Edit View History Bookmarks Window Help Lily ✓ My Home Courses Rental Options V Catalog and Study Tools Dashboard College Success Tips Help Career Success Tips Give Feedback « 100 CENGAGE MINDTAP PISTACHIOS (Millions of pounds) 48 42 36 Homework (Ch 03) The following graphs show the production possibilities frontiers (PPFS) for Shenandoah and Denali. Both countries produce peas and pistachios, each initially (i.e., before specialization and trade) producing 18 million pounds of peas and 9 million pounds of pistachios, as indicated by the grey stars marked with the letter A. 30 24 18 PPF 12 6 0 0 C Mind Tap - Cengage Learning 6 S Shenandoah A 12 18 24 30 PEAS (Millions of pounds) 36 42 48 ? JAN 28 PISTACHIOS (Millions of pounds) 48 42 36 30 24 6 C MindTap - Cengage Learning 0 ng.cengage.com PPF 6 Denali A 12 18 24 30 36 PEAS (Millions of pounds) 42 48 Shenandoah has a comparative advantage in the production of while Denali has a comparative advantage in the…A aldine.schoolobjects.com/aware2/onlineTestingApi/onlineTesting?testEntryld%364347529 - AldinelSD.org Bookmarks 6 Image of england D. Social Studies Economics 2nd NW DCA 2020-2021 Jorge Ortiz Ca O COLOR THEME Q Q ZOOM + ADD NOTE A QUESTION GUIDE 3 EXIT . Which of the following best explains the concept of an absolute advantage? Performing an economic production with a lower opportunity cost than another. Specializing In an economy that is more centered on providing services than goods. Carrying out an economic activity more efficiently than another individual or group. Investing in the biggest factories and machines in a free market economy. CLEAR ALL 8 O 10 NEXT > REVIEW & ( PREVIOUS O 2 INTL acer
- What are the current situation of agriculture and home economics? How these two contributes to the economy of a country?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 CPFFrance and Tunisia both have Mediterraneanclimates that are excellent for producing/harvestinggreen beans and tomatoes. In France it takes two hoursfor each worker to harvest green beans and two hours toharvest a tomato. Tunisian workers need only one hourto harvest the tomatoes but four hours to harvest greenbeans. Assume there are only two workers, one in eachcountry, and each works 40 hours a week.a. Draw a production possibilities frontier for eachcountry. Hint: Remember the productionpossibility frontier is the maximum that allworkers can produce at a unit of time which, inthis problem, is a week.b. Identify which country has the absoluteadvantage in green beans and which country hasthe absolute advantage in tomatoes.c. Identify which country has the comparativeadvantage.d. How much would France have to give up interms of tomatoes to gain from trade? How muchwould it have to give up in terms of green beans?
- The following table gives recent figures for yield per acre in Illinois and Kansas : Illinois: WHEAT 48 SOYBEANS 39 Kansas: WHEAT40 SOYBEANS 24 If we transfer land out of wheat into soybeans , how many bushels of wheat do we give up in Illinois per additional bushel of soybeans produced in Kansas ? Which state has a comparative advantage in wheat produc tion ? in soybean production ? The following table gives the distribution of land planted for each state in millions of acres in the same year . Illinois TOTAL ACRES UNDER TILL 22.9 WHEAT 1.9 ( 8.3 % ) SOYBEANS 9.1 ( 39.7 % ) Kansas TOTAL ACRES UNDER TILL 20.7 WHEAT 11.8 ( 57.0 % ) SOYBEANS1.9 ( 9.2 % ) Are these data consistent with your answer to question 2? Explain .Brazil relies on agriculture to help support their food supply and economy, how could Brazil utilize the amazon more sustainably?Your former neighbor gave you his lawnmowerwhen he moved. You are thinking of using this giftto mow lawns in your neighborhood this summerfor extra cash. As you think about what to chargeyour neighbors and whether this idea is worthyour effort, what opportunity costs do you needto consider?
