A typical Australian farmer can produce 8000 lbs of wheat or 500 lbs of potatoes per year. A typical Canadian farmer can produce 5000 lbs of wheat or 400 lbs of potatoes per year. Who has the comparative advantage in producing potatoes? a. Canada b. Australia explain!!!
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- Country JKL has a maximum of 50 labour(hours). The tab shows maximum quantity of wheat and cotton the Country produce with different labour (hours) used. Combination A B C D E F Corn 15 14 12 9 5 0 Wheat 0 2 4 6 8 10 A) If Country JKL produces 8,000 kg of wheat and 5,000 kg cotton a week, does it face trade-off? Why? B) Suppose Country JKL has successfully brought in an adv technology that improves the production of cotton by 20% from its original combinations. Sketch a diagram that shows the changes of the PPC for Country JKLMost of Canada’s farming is done in the Tundra and Boreal forest region. a) What could happen to the size of each of these regions if atmospheric carbon dioxide doubled? b) What does this suggest about Canada’s future agricultural potential? c) Why might the picture be nowhere near as positive as your answers to parts b) and c) would suggest?Case: Despite 2015 Paris agreement, global carbon emissions increased 1.7 percent in 2017 and a further 2.7 percent in 2018; it has been estimated that the rate of increase in 2019 will be among the highest on record. The last four years have been the hottest on record, with 2019 on track to make it five. But analyses suggest that fast action now can reduce carbon emissions within 12 years and hold global increases below 2 degrees C and perhaps 1.5. Even though carbon emissions in The Gambia, Morocco and India are expected to rise, they’ll fall short of exceeding the 1.5-degree Celsius limit. But some countries, such as Saudi Arabia, Russia, and United States, are not trying hard enough. a. Explain the inefficiency in this case! Use graphics b. Why can't this problem be solved through market mechanisms as in private goods? c. Give possible public (global) solutions and private (global) solutions to this and what are the advantages and disadvantages of each.
- Assume a Ricardian, constant-cost world. There are two countries, the United States andCanada. Each country can produce cameras and milk. The table below shows production perman-hour for each country. US Canada cameras 6 2 milk 1 2 The United States has a labor force of 1,000 workers, and Canada has a labor force of 500workers.a) Graph the world supply curve for cameras.b) Show a possible world demand curve and price (assuming that both countries completelyspecialize).1. Name three combinations of corn and soybean that would be on the line, on the Production Possibilities Frontier. 2. Name three combinations of corn and soybean that would be inside the Production Possibilities Frontier (to the lower left of the line). 3. Name three combinations of corn and soybean that would be beyond the Production Possibilities Frontier (to the upper right of the line). 4. Consider now a third 100-acre field. Field 3 corn yields are 120 bushels per acre, and soybean yields are also 120 bushels per acre. a. What is the maximum amount of corn that could be grown on this field? b. What is the maximum amount of soybean that could be grown on this field? c. What is the opportunity cost, on this field, of growing a bushel of corn? d. What is the opportunity cost, on this field, of growing a bushel of soybean? e. Draw the Production Possibilities Frontier for this third field.8. Assume a no trade situation of a country, such as Country X, with an abundance of labor and scarce natural resources. With trade the domestic income distribution of the said country will favor:a. Natural resourcesb. Laborc. Both labor and landd. Neither labor nor land
- Concern over politically controlled supply and finite availability of non-renewable energy resources such as crude oil and natural gas has prompted large crude oil-consuming nations to seek alternate renewable energy sources. Furthermore, environmental concerns associated with carbon dioxide and other greenhouse gas emissions have prompted countries with large agricultural tracts of land to seek and develop clean, renewable biofuels that are not only environmentally friendly, but which also contribute to sustainable eco-nomic growth and energy security. Developing biofu-els does not need to be a panacea, however, real chal-lenges must be overcome to prevent economic costs from exceeding social benefits. For example, countries should take extreme care in implementing national biofuel policies because in the rush to energy indepen-dence, more pollution may occur, and resources…Sketch 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 numberA nation’s population size and the affluence of its citizenseach influence its resource consumption and environmentalimpact. As of 2013, the world’s population passed 7.1 billion,average per capita income was $11,690 per year, and the latest estimate for the world’s average ecological footprint was2.7 hectares (ha) per person. The sampling of data in the tablewill allow you to explore patterns in how population, affluence,and environmental impact are related. Calculate the total impact (national ecological footprint)for each country.
- Assume a Ricardian, constant-cost world. There are two countries, the United States andCanada. Each country can produce cameras and milk. The table below shows production perman-hour for each country. US Canada cameras 6 2 milk 1 2 The United States has a labor force of 1,000 workers, and Canada has a labor force of 500workers.a) Graph the world supply curve for cameras.b) Show a possible world demand curve and priceHow does "Coconut Coir" production help our society's economyPalawan is an ideal place when it comes to Government Policy for the protection of the natural resources. A major project from the United States of the construction of highways, bridges, ports; installation of a hybrid network sites, and solar panels will be initiated, provided, the Philippines enters into an international agreement with the U.S. on the construction of an international trading hub in the northern part of Palawan. 1. In case the Philippine government agrees and conform by the Senate. How will the international trading improve the per capita income of the people? 2. How is the income relevant to buying power of Peso?