Which of the following economic activities have led to an increase in the standard of living worldwide over the last century? Only the most complete answer will be correct. investments in education and infrastructure increases in international trade increases in farm productivity increases in technology
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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…Most countries, including the United States, importsubstantial amounts of goods and services from othercountries. Yet the chapter says that a nation can enjoya high standard of living only if it can produce alarge quantity of goods and services itself. Can youreconcile these two facts?Output of Consumer Goods (units per year) D O с E G B Output of Military Goods (units per year) Iceland has no military. a. So, at what point in the figure is Iceland producing? point (Click to select) ✓ b. If Iceland decided to produce the quantity OE of military goods, how much consumer output would it have to give up? Give up quantity (Click to select)
- Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram onto a sheet of paper and then add a foreign county as a third agent. Draw a rough sketch of the flows of imports, exports, and the payment for each on your diagram.Can you think of any examples of free goods, that is, goods or services that are not scarce?As technological change makes us more sedentary and food costs increase, obesity is likely. What factors do you think may limit obesity?
- Do you think the efforts of Brazil’s government tokeep the economy growing will be successful? Whyor why not?9. Which example below allows nations to develop a higher GDP per capita income? O Governmental Restrictions O Humanitarian Aid State-Owned Farms O Skilled Workforce 4 5 8 9. 7.42. In Canada, one labour hour can produce 6 bagels or 24 chairs In the United States, one comparative advantage in deciding what to produce and trade with Canada at a trade price abour hour can produce 14 bagels or 19 chairs. Suppose the United Stateates, one come chairs per bagel. For every, 36 units of the goods the United States produces an trade, what is the gains from trade in terms of the other goods? Answer: Units. IDO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER ENTER YOUR RESPONSE ROUNDED TO TWO DECIMAL PLACES, AND NO SEPARATOR FOR THOUSANDS).
- 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; UrbaniaBelow table shows the production possibilities for the country of Emilon: Rice Beef A 60 B 70 54 C 126 42 D 168 24 E 196 0 Complete the following (approximate) possibilities for Emilon. a. Emilon can produce 182 rice and beef. b. Emilon can produce rice and 48 beef. Which of the following product combinations is Emilon capable of producing? Can Emilon produce 140 rice and 48 beef? No, it cannot be produced. d. Can Emilon produce 98 rice and 42 beef? Yes, it can be produced. ✔ 4x0scenario 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.