Refer to the following table: Amount Produced in 20 hours: Rice (kg). Butter (kg) Australia 2 4 New Zealand 20 According to the Table, for New Zealand the opportunity cost of 1kg of rice is: Select one: O a 5kg of butter O b. 1kg of butter O c. 2kg of butter O d. 4kg of butter
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- Corn (lb) Scarves(#)U.S. 20 10Mexico 25 5 What is the opportunity cost of one scarf in Mexico? a. 3 lbs of corn b. 1/3 lb of corn c. 2 lbs of corn d. 5 lbs of corn PreviousNextA production possibility frontier corn. The farmer can grow 80 bushels of soybeans or 160 bushels of corn on each acre of land. The price of soybeans is $13.20 per bushel. The price of corn is $5.85 per bushel. A farmer can grow soybeans or What is the opportunity cost (in dollars) per acre to grow soybeans? Corn? Which crop (pick only one) do you think the farmer will produce? Why?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.
- Corn (lb) Scarves(#)U.S. 20 10Mexico 25 5 What is the opportunity cost of one lb of corn in U.S.? a. 1 scarf b. 2 scarves c. 0.5 scarves d. 1/4 scarfJack's production possibilities Production Jill's production possibilities Food Clothing Production Clothing (pounds) Food poi nt (pounds) 24 (pounds) and (pounds) point and 45 16 and 4 B 30 and 8 and 8 15 and 10 D and 12 D and 15 In the table above, Jack's comparative advantage is producing and Jill's comparative advantage is producing A) clothing; food B) clothing; clothing C) clothing and food; nothing D) food; clothingActivity Imagine that a country can produce just two things: goods and services. Assume that over a given time period it could produce any of the following combinations: Units of goods 0 10 20 30 40 50 60 70 80 90 100 Units of services 80 79 77 74 70 65 58 48 35 19 a. Draw the country's production possibility curve. b. Assuming that the country is currently producing 40 units of goods and 70 units of services, what is the opportunity cost of producing another 10 units of goods? c. Explain how the figures illustrate the principle of increasing opportunity cost.
- Meat (pounds) 120 A 90 В 60 30 Vegetables (pounds) 20 60 80 100 120 140 160 The opportunity cost of meat when moving from C to B is: 1/3 of a lb of vegetables per Ib of meat 60 Ibs of meat per lb of vegetables 3 Ibs of vegetables per Ib of meat 20 Ibs of vegetables per lb of meat 40#5. Mary and Daniel like to make tacos and cakes. The time it takes for Mary and Daniel to make tacos and cakes are given in the table below. Time to make a taco Time to make a cake Mary Daniel 10 minutes 15 minutes 20 minutes 30 minutes Who has a comparative advantage in making cakes?MIKE & DEBBY Mike Debby 60 minutes 45 minutes Vacuum room 30 minutes 45 minutes Wash Dishes 1. What is Mike's opportunity cost of vacuuming in terms of washing dishes What is Mike's opportunity cost of washing dishes in terms of vacuuming? What is Debbie's opportunity cost of vacuuming in terms of washing dishes? What is Debbie's opportunity cost of washing dishes in terms of vacuuming? Who has the absolute advantage in vacuuming? Who has the absolute advantage in washing dishes? Who has the comparative advantage in vacuuming? Who has the comparative advantage in washing dishes? Who should do which chore and why? 2. 3. 4. 5. 6. 7. 8. 9.
- A production possibilities table for bananas and apples is shown below: Production Alternatives Type of Production A D E Bananas (pounds) 20 40 60 80 Apples (pounds) 100 75 50 25 a. Show these data graphically. Instructions: Use the tool provided 'PPC' to draw a PPC curve (plot 5 points total). 125 Tools 100 PPC 75 50 25 20 40 60 80 100 Bananas (in pounds) Apples (in pounds)A) 1/2 hour (B) 6 hours 1/16 hour CASHEWS (Pounds) D) 2 hours 400 360 320 280 240 200 160 120 80 40 Brazil's PPF Refer to Figure 3B. If the production possibilities frontier shown is for 16 hours of production, then how long does it take this country to make one pound of peanuts? 1 2 3 4 5 6 7 PEANUTS (Pounds) 8 9 10The following table and production possibilities frontier provide information about the production possibilities of Apple, a manufacturer of electronics. Use it to answer questions 15-19. Point HEUREK iPhone 600 500 400 iPhone iPod Touch 0 100 200 300 400 500 420 400 360 300 200 0 300 200 100 0 Apple's Production Possibilities 100 200 B 300 400 500 600 iPod Touch