Mexico can produce either 30 beans or 10 tacos in an hour, so its opportunity cost o producing 1 bean is tacos. a) 2.3 Ob) 0.33 Dc) 0.67 O d) 3
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- What is the opportunity cost of increasing missle production fromm 50 to 100?(b) Assuming that there are only two nations in the world, Africa and the USA, each nation produces gold (G) and corn (C). Also assume that labor is the only factor of production. The table below shows how much of each good a country can produce using one hour of labor time. AFRICA USA GASOLINE 50 15 (barrels/hr) CORN (tonnes/hr) 30 25 I. Identify which country has the Absolute Advantage and Disadvantage in each good. Justify your answer. II. Identify which country has the Comparative Advantage and Disadvantage in each good. Justify your answer. II. What is a term of trade? Identify the term of trade for both countries. Justify your answer.The figure shows an economy's production possibilities frontier and identifies some production points. We can produce all combinations A. inside the PPF but not on the PPF or outside the PPF B. on the PPF and outside the PPE O C. inside the PPF, on the PPF, and outside the PPF O D. on the PPF but not inside or outside the PPE O E. inside the PPF and on the PPF Which points are attainable? A. Points A, B, C, D, and E OB. Points A, B, and C only O C. Points F and G only O D. Points D and E only O E. Points A, B, C, F, and G O O O O
- China Production Possibilities Product A B C D E F Apparel 20,000 16,000 12,000 8,000 4,000 0 Chemicals(tons) 0 8 16 24 32 40 U.S. Production Possibilities Product R S T U V W Apparel 60,000 48,000 36,000 24,0000 12,000 0 Chemicals(tons) 0 12 24 36 48 60Will all the oppotuniy cost be 1 im so confused Calculate the opportunity cost of producing the first 10 and the last 10 missiles. Missiles vs. Milk (millions of gallons) 0 4010 3020 2030 1040 0(b) Assuming that there are only two nations in the world, Africa and the USA, each nation produces gold (G) and corn (C). Also assume that labor is the only factor of production. The table below shows how much of each good a country can produce using one hour of labor time. AFRICA USA GASOLINE (barrels/hr) CORN (tonnes/hr) 50 15 30 25 I.Identify which country has the Absolute Advantage and Disadvantage in each good. Justify your answer. II.Identify which country has the Comparative Advantage and Disadvantage in each good. Justify your answer. III.What is a term of trade? Identify the term of trade for both countries. Justify your answer.
- The table shows the output of bikes and skateboards for Luke and Han (the end points of their respective PPCs). They can produce either or some linear combination of both Bikes (B) and Skateboards (S). With this information, select the choice that is a true statement. a b Question 9 C Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. d 1/11 answered ii Luke has the comparative advantage in producing Bikes and Skateboards. Han has the comparative advantage in producing Bikes and Skateboards. Luke Han Question 10 Answers ar Bikes 50 40 Skateboard Luke has the comparative advantage in Bikes and Han has the comparative advantage in producing Skateboards. Luke has the comparative advantage in Skateboards and Han has the comparative advantage in producing Bikes. 70 64Suppose earlier they used to decide half of their in producing Apple pies and remaining half in producing Cupcakes. Now they have decided to "specialize" in accordance to their comparative advantages. Then in a work week that consists of 5 work days, the output of Apple pies and cupcakes will increase by the amount of b C Quantity of Apple Pies d 100 40 PPFDavid Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. 30 Apple pies and 100 Cupcakes respectively 200 Quantity of Cupcakes 200 Apple pies and 350 Cupcakes respectively PPFAlexis 150 Apple ples and 500 Cupcakes respectively 400 250 Apple pies and 100 Cupcakes respectivelySketch a plausible production possibility frontier that shows in general various combinations of wheat and potatoes a farmer can produce with the fixed amount of resources available to him? Label your diagram well for example your axesbut you dont have to use any specifc number
- What makes local material "Coconut Coir" imporant in our economy?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 10What is the nature product offered by a monoply?