The United States can use all its resources to produce 116 desks or 500 shoes. China can use all of its resources produce 30 desks or 300 shoes . What is the opportunity cost (in shoes) of producing a desk in the United States ?
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The United States can use all its resources to produce 116 desks or 500 shoes. China can use all of its resources produce 30 desks or 300 shoes . What is the
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- 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 carsWhat is opportunity cost of a T-shirt in Mexico? Show all your calculations. What is opportunity cost of a T-shirt in Egypt? Show all your calculations. Which country has comparative advantage in production of T-shirts? How do you know? Explain your answer.The following table shows the production of cows’ milk and potatoes per unit of input in the hypothetical countries of St. Claire and St. Paul. Use the following table to answer the questions. St. Claire St Paul Cows’ Milk 100 litres 50 litres Potatoes 150 kilos 60 kilos 1..What is the opportunity cost of producing one liter of cows’ milk in St. Claire? 2.What is the opportunity cost of producing one liter of cows’ milk in St. Paul? 3.Which country has the comparative advantage in the production of cows’ milk?
- What ways that a country could shift its production possibilities curve to the right through improved technology.How could a country shift its production possibilities curve to the right through improved technology?In USA one unit of labor can produce 25 computers or 25 bushels of wheat. In Thailand one unit of labor can make 30 computers or 50 bushels of wheat. Assume that computers and wheat are the only two goods in the world. (What is the purpose of this assumption?) a. What is USA's opportunity cost of making a computer? What is Thailand's opportunity cost of making a computer? b. What is USA's opportunity cost of producing a bushel of wheat? What is Thailand's opportunity cost of producing a bushel of wheat? c. Does USA have comparative advantage in producing anything? Explain. d. Does Thailand have comparative advantage in producing anything? Explain. e. Is it possible for USA to gain by trading with Thailand? Explain. f. Is it possible for Thailand to gain by trading with USA? Explain. h. Do you think they can trade? (HINT: outside of PPF)
- Comparing your answers in the previous questions suggests that the opportunity cost of producing 50 million additional garments of clothing at point B is______ (choose between these: less than, greater than or equal to). and the opportunity cost of producing 50 million additional garments of clothing at point A. This reflects the________ (choose between: notion that countries can gain from trade, fact that resources are scarce or law of increasing opportunity costs)The figure below depicts the production possibilities curve (PPC) of a country. It also depicts the consumption possibilities curve (CPC) when the country is engaged in trade with one other country. Point C is this country's consumption when that trade occurs. Quantity of 350 good y 300 250 200 150 100 50 0 0 20 40 19 C 60 80 100 120 Quantity of good x Calculate how much this country trades with the other country in good y when the two countries engage in free trade. Enter a whole number only. Enter a positive number if this country exports good y, and a negative number if it imports it. Enter O if the answer cannot be obtained with the information given. Since this is a graphical question, approximate answers (within 20 of the exact answer) are accepted. Hint: consider how much the country produces and consumes this good.A country can produce either 16 pounds of fish or 7 bushels of corn. What is the opportunity cost of producing one bushel of corn? Enter a number rounded to two decimal places.
- Suppose Italy can make either 1000 statues or 700 bottles of wine. Suppose the US can make either 100 statues or 900 bottles of wine. How should each specialize?Nation 1: China Good 1: Smartphones @ Given: China and Japan produce only two goods. They have the same fixed resources are equally efficient and both countries have constant opportunity costs between the two goods. in one month China can produce 180,000 smartphones or 40,000 tablets. Japan can produce 120,000 smartphones or 30,000 tablets. Fill in the table below. Nations USA Russia Max Production Nation 2: Japan A) Graph the given information. Good 2: Tablets Opportunity Cost Opportunity CostSuppose that Hungary and Wales both produce boots and wheat. Hungary's opportunity cost of producing a bushel of wheat is 4 pairs of boots while Wales's opportunity cost of producing a bushel of wheat is 12 pairs of boots.