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.

Q: A country has constant opportunity cost of production. With their given resources they can produce…

A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…

Q: Explain how economic growth and international trade increase consumption possibilities.

A: A production possibilities frontier is the locus of all maximum combinations of two products or two…

Q: One region has an absolute advantage over another region in the production of good X when... a. The…

A: The opportunity cost of one unit of X is lower in the first region than in the second region. This…

Q: A clothing factory manufactures leather as well as denim jackets. Suppose the opportunity cost of…

A: Opportunity cost refers to the amount of forgone benefit which could be obtained from choosing the…

Q: did the economic activities of men and women began with the publication of the 'Wealth of Nations?

A: Adam Smith published 'Wealth of Nations' in the year 1776. It provided a basic foundation for…

Q: Which of the following statements is false? ○ If there are only two goods, guns and butter, it is…

A: Efficient Point of production in an economy is said to be that point which lies on the…

Q: Country H is labour-abundant and country Fis capital-abundant if Select one: a. Country H has more…

A: The process that depicts the conversion of inputs into outputs is known as production. This process…

Q: If there is trade, which of the following is most likely?    A. A country’s consumption…

A: Trade means the exchange of goods and services.

Q: Question 11 (1 point) If the country whose production possibilities curve is illustrated below, is…

A: Q1) movement along PPC results due to increasing opportunity cost of goods Shifts in ppc is due to…

Q: How did the process of industrialization create interconnected communities around the world? How did…

A: During the late 19th and early 20th century, New Imperialism was an era of colonial colonisation by…

Q: What are the similarities and differences of homogeneity and heterogeneity? (Globalization)

A: The growing interdependence of the cultures, economies, and populations of the world being brought…

Q: •TO WHAT EXTENT DOES GLOBALIZATION LEAD TO PROSPERITY FOR ALL?"

A: When talking about prosperity for all, one is trying to capture the positive side of the…

Q: Suppose country A has 5000 units of capital and 2000 units of labor while country B has 1000 units…

A: Capital in country A = 5000 units  Labor in country A = 2000 units

Q: n Lima one worker can produce either 32 bushels of corn of 8 pounds of tomatoes in one day.  In Puma…

A: The absolute advantage is the advantage that an economy has over the other economy in producing a…

Q: List what kinds of changes happened to North America and to those who inhabit there from the 19th…

A: After 1776 American economy became a independent economy , many years ago people settle in America ,…

Q: Suppose labor and capital are the only two factors of production. If Malaysia has 3% of the world’s…

A: Here, it is given that an economy has two factors of productions that are labor and capital. It is…

Q: What national and international trade-offs raise a country's standard of living?

A: Tradeoff is a situation in which one things has to be left out in order to gain another thing.

Q: “The world’s poorest countries cannot find anything to export. There is no resource that is…

A: A comparative advantage, when joined with streamlined commerce standards, permits even little,…

Q: How would Pakistan can achieve the development in the agricultural sector. Enlist and explain…

A: Drivers of development are investment,innovation,technology,capital,entrepereneurship etc. These…

Q: Why do countries produce local goods when it is cheaper to import

A: The economist around the world argues that the free trade is the best for every economy as it…

Q: In Chapter 5 of Dragonomics, Carol Wise puts together Argentina and Brazil in the same category of…

A: Since the early 2000s, the impact of Chinese expansion on Latin America has been studied in this…

Q: Explain how economic depression and imperialism are linked

A: When talking about economic depression, it is the fluctuations in the economic cycle in the long…

Q: Explain how the change in terms of trade accompanying growth can leave a country worse off after…

A: The terms of commerce are defined as the ratio of export prices to import prices. It represents the…

Q: When countries specialize in producing a particular product and trade products they don't produce,…

A: A country specializes in the good it has a comparative advantage in which is determined by lower…

Q: Suppose there is an increase in labor in a large country. What are the effects on growth, trade, and…

A: A "welfare state" is a form of governance in which the national government has a significant…

Q: How could a country shift its production possibilities curve to the right through improved…

A: Production possibility curve shows various combinations of two goods that can be efficiently…

Q: Suppose that in the UK 15 million cars could be produced with the same resources as 13 million…

A: Hi! thanks for the question but as per the guidelines, we can answer only one question at one time.…

Q: If Bishan wants to capitalize on comparative advantage in his life, then he should: -compare his…

A: Theory of comparative advantage is based on opportunity cost in choosing between different options…

Q: What have  been the ingredients for economic growth and development that China and India share?…

A: The economic growth level of a country is the level of GDP growth in the country. The level of GDP…

Q: Apply the gravity model to India and China. Why has it taken so long for India and China to become…

A: 1. Between 2014-15 and 2019-20, India's economic relationship with China has been characterised by…

Q: When does a country have a comparative advantage over producing a good? Explain with examples.

A: Comparative advantage refers to an economy's ability to produce a given good or service at a lower…

Q: On a diagram of a production possibilities frontier, economic decline (negative growth) is…

A: Production possibility curve is defined as the combinations of different outputs with given amount…

Q: if a country's production possibilities boundary is drawn as a straight (downward -sloping) line…

A: Answer - Production Possibilities Curve - The production possibilities curve (PPC) is a graph that…

Q: Discuss three examples of important trade-offs that you face in your life.  Discuss the items you…

A: 1.Trade offs means an exchange, where an individual gives up one thing in order to get something…

Q: meant by production and consumption being pro-trade, antitrade, or neutral? What are the terms of…

A: Trade is defined as the movement of goods and services from one nation to the other. It involves…

Q: what technological advances knit the East and West together in the early to mid 19th century? How…

A: In the early to mid-nineteenth century, the most significant technological innovations were the…

Q: Which of the following situations best exemplifies a relationship between nations that results from…

A: Exports are the goods and services that a country produces in its own country and sells to…

Q: Suppose that there are 10 million workers in Canada and that each of these workers can produce…

A: Opportunity Cost is the cost of foregone alternative. Opportunity Cost = What one Sacrifices / What…

Q: What ways that a country could shift its production possibilities curve to the right through…

A: The production possibility curve refers to the curve which shows various combinations of two goods…

Q: In Lima one worker can produce either 19 bushels of corn of 6 pounds of tomatoes in one day.  In…

A:

Q: If a country is reliant to agriculture, is slow growth of  population advantageous to them? Why do…

A: There are many developing countries that are in the process of development. Some of these countries…

Q: In Lima one worker can produce either 21 bushels of corn of 5 pounds of tomatoes in one day.  In…

A: In Lima, worker can produce 21 bushels of corn or 5 pounds of tomatoes. So, the opportunity cost of…

Q: Is it possible to not have a comparative advantage at anything? Why or why not?

A: We define opportunity cost as the value of the next best alternative forgone. Comparative advantage…

Q: Other things equal, if Mexico devotes more resources to train its population than Spain, O A) Mexico…

A: Spain's diversified economy depends on textiles  Tourism industry, pharmaceuticals, footwear,…

Q: What role did trade play in the development of India in the period 1 CE - 600 CE? What products did…

A: India in the period 1 CE - 600 CE The Mahayana movement began in India with the belief in…

Q: Discuss how removing a trade restriction, such as a tariff, can lead to more rapid economic growth.

A: Economic growth: - economic growth is the increase in the quantity of goods and services in an…