Figure 2-4 shows various points on three different production possibilities frontiers for a nation. 7) Refer to Figure 2-4. A movement from ________ could occur because of an influx of immigrant labor. 7) _______ A) W to Z B) Y to W C) W to V D) X to W
Q: With reference to the production possibility frontier: a) Draw a production possibility frontier,…
A: The curve for production possibilities shows various pairings of two commodities that can be…
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: Minerals 25 (millions of tons) 20 15 10 5 0 5 10 15 20 25 Grapes (millions of tons) Figure 1…
A: An economy is always confronted with the issue of resource allocation, or choosing which resources…
Q: Which is the correct interpretation of the Invisible Hand? (A) The corporations associated with…
A: Invisible Hand is referred to as a metaphor used in a free market economy where the individuals who…
Q: 3) Refer to Figure 2-4. A movement from X to Y 13) ______ A) could occur because of an influx of…
A: PPF(Production Possibility Frontier) shows different levels of combination of two goods (here, food…
Q: Consider the following information about the production possibilities for countries A. Pie…
A: The opportunity cost (OC) of producing cake can be found out by the formula:= number of pie/number…
Q: a. from point V to point W b. from point W to point Y c. from point Y to point Z Which of the…
A: Production possibility curve refers to the graph which shows the combination of two goods that can…
Q: The graph below represents the Production Possibility Frontier for the country of Sandia for 2…
A: Production possibility frontier is a graphical representation which shows the different combinations…
Q: Question 1 Using a production possibilities frontier (PPF) diagram, determine how does the PPF…
A: Since you have posted multiple questions, we solve the first one for you. If you want any specific…
Q: An outward shift of a nation's production possibilities frontier can occur due to A B a reduction in…
A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: Question 9 of 10 Which element of a command economy is also used in a mixed economy? O A.…
A: The economy is an economic system in which the choice is made because of scarcity. The choices are…
Q: Which of the following resources is the most rival? A- A music concert at a city park. B-A full…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: 1. The output per laborer per day in the production of steel and tin for Russia and China are given…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Country Airplanes produced in 100 worker hrs Dishwashers produced in 100 worker hrs Microtania…
A: The opportunity cost of 1 unit of good = what we sacrifice / what we get It takes 100 hours to…
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: “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: 3. Assume a country produces bag and potato only and follows "law of increasing opportunity cost".…
A: According to the "law of increasing opportunity cost", as the production of one good is increasing,…
Q: 5. Cuba dictates and decides most of the economic decisions. Identify the type of economic system in…
A: The economic system depends on the various types of control over the resources and the economic…
Q: 2. Assume a Ricardian, constant-cost world. There are two countries, the United Kingdom and France.…
A: Absolute advantage refers to the situation where one party can produce the same amount of goods and…
Q: Figure 14.4 383.Figure 14.4 shows three possible shifts in the production possibilities frontier of…
A: The production possibility frontier (PPF) is a curve that is used to discover the mix of products…
Q: Consider two countries, Spain and Russia and two goods, wine and vodka. Labour is the only factor of…
A: STEP 1 SPAINUnit labour requirement for wine = 2Unit labour requirement for vodka =22 Wages = W…
Q: Suppose that Country 1’s capital stock increases. Show the pregrowth and after growth production and…
A: Country 1 is capital abundant and X is relatively capital-intensive. Country 2 is labor abundant and…
Q: Question 11. Labour intensive technique is chosen in a (a) Labour surplus economy. (b) Capital…
A: According to the given question Labour intensive technique in economics is that technique with…
Q: Table 2 Product per labourer Zambia Malawi Cloth (metres) 100 40 Maize (kilograms) 50 10 Q.2.2.1…
A: Opportunity cost = What is sacrificed / What is gained
Q: Which of the below statements is INCORRECT about about a specific market economy such as the U.S.…
A: In a market economics government bureaucrats direct everything from a number of bars of soap a…
Q: Graphing: Using the Production Possibilities Schedule above, make a Production Possibilities…
A: Combination Unit of bracelets Units of rings A 0 205 P 10 200 L 20 194 I 30 187 E 40 179…
Q: or service must find another person who is able and willing to make an exchange Exercise 1.…
A: 1. Concept An economical system is a method by which communities or gov'ts organise and distribute…
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: Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is…
A: Opportunity cost is the benefit that is derived from the not chosen alternative.
Q: three examples to argue that the desire for economic opportunity motivated people more to settle in…
A: Economic opportunity implies youngsters can get to the education, training, guidance,Increasing…
Q: QUESTION 22 Figure 2-4 Food products W Plastic products Figure 2-4 shows various points on three…
A:
Q: Let suppose in the world there is two-country, Country X and Country Y. In country X there is only…
A: Hi. Since there are multiple questions, we will do the first three.
Q: Combinations Rice Shoe A 50 0 B 45 1 C 37 2 D 27 3 E 15 4 F 0…
A: Answer: (C). Opportunity cost refers to the units of a good sacrificed in order to increase the…
Q: A clothing accessory company produces scarves and earrings. Below are the production possibility…
A: Given Scarves (000 units) Earrings (000 units) 10 0 9 50 8 90 7 120 6 145 5 165 4…
Q: An increase in the labor force would be reflected in a society's production possibilities frontier…
A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…
Q: If country A produces 6,000 units of goods and services using 600 hours of labor, and country B…
A: Given the information for production and units of labor used. We can find the marginal productivity…
Q: Production possibility concept is useful in macroeconomics to ____________. a. Know the production…
A: The production possibilities curve “is a frontier between all combinations of products that can be…
Q: 3. If you have the following information: Unit labor requirement in Unit labor requirement in Wages…
A: As per given question, Unit labour needed for one unit production Goods 1 Goods 2 Wages…
Q: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week.…
A: Given: The US produces: 1,000 pairs of jeans per week 50 cell phones in a week China produces:…
Q: 5) Ricardo's simplified trade model is based on all of the assumptions except a. costs do not vary…
A: Ricardo's simplified trade model believe in comparative advantage of a country in a specific product…
Q: The productivity of a country is given by f(x,y)=15.21x0.438y0.562, where x is the amount of labor…
A: A firm generally uses two inputs, labor and capital, to produce the output for the firm.
Q: explains that specialization and trade makes people (and the world) better off. Please explain this…
A: Importance of specialization:- Specialization may improve productivity and give a company or nation…
Q: table 1 shows that region IV A or Calabar Zone has the greatest population compared to other regions…
A: Luzon is the most populous of the Philippine Archipelago's three island groups. The Luzon mainland,…
Q: Suppose country A has 5000 units of capital and 2000 units of labor while country B has 6000 units…
A: Let the capital and labor endowment in country A be denoted by 'Ka' and 'La' respectively.…
Q: In 2017, Nepal’s production of rice and machinery was published by the Nepal Bureau of Statistics…
A: The point on PPF shows the efficient uses of resources, therefore point V represents efficient…
Figure 2-4 shows various points on three different
7) Refer to Figure 2-4. A movement from ________ could occur because of an influx of immigrant labor. 7) _______
- A) W to Z B) Y to W C) W to V D) X to W
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Figure 2-4 shows various points on three different production possibilities frontiers for a nation. 13) Refer to Figure 2-4. A movement from X to Y 13) ______ A) could occur because of an influx of immigrant labor. B) is the result of advancements in food production technology only, with no change in the technology for plastic production. C) is the result of advancements in plastic production technology only, with no change in food production technology. D) could be due to a change in consumers' tastes and preferences.Production possibility concept is useful in macroeconomics to ____________. a. Know the production possibility of a company b. Know the production possibility of one product c. Know the production possibility of a nation d. All of the optionsQuestion 4 There is now also another country, Foreign, there is a labor force of 800. Foreign's unit labor requirement in watermelon production is 5, while in kiwi production it is 1. a) how many units of watermelon can be produced? when the labor in Foreign country only produce watermelon. b) how many units of kiwi can be produced? When all the labor in Foreign country only produce kiwi. c) What is the opportunity cost of watermelon in terms of kiwi in Foreign country? d) Describe the pattern of trade. Home country should produce? Foreign country should produce? Why? e) Show that how both Home and Foreign country gain from trade.
- Review the numbers for Canada and Venezuela from Table 33.12 which describes how many barrels of oil and tons of lumber the workers can produce. Use these numbers to answer the rest of this question. a. Draw a production possibilities frontier for each country. Assume there are 100 workers in each country. Canadians and Venezuelans desire both oil and lumber. Canadians want at least 2,000 tons of lumber. Mark a point on their production possibilities where they can get at least 3,000 tons. b. Assume that the Canadians specialize completely because they figured out they have a comparative advantage in lumber. They are willing to give up 1,000 tons of lumber. How much oil should they ask for in return for this lumber to be as well off as they were with no trade? How much should they ask for if they wanttogainfromtrading withVenezuela? Note: Wecanthinkofthis“ask”astherelativepriceor trade price of lumber. c. Is the Canadian “ask” you identified in (b) also beneficial for Venezuelans? Use…More than 200 years ago, Adam Smith argued that the wealth of nations depends upon gains from (a) specialization and trade, (b) expanding the size of the market, and (c) discovering better (more productive) ways of doing things. Explain why you either agree or disagree with Smith's view.explains that specialization and trade makes people (and the world) better off. Please explain this in your own words and give one example each, one from the film and one of your own that helps clarify the importance of specialization and trade as key underpinnings of successful economic systems.
- Consider two countries, Zerka and Xena. In Zerka total annual output is worth $500 million and people work 40 million hours. In Xena total annual output is worth $600 million and people work 50 million hours. A) From the information above, in which country is productivity higher? B) Economists use the term ______________________________ to refer to the ability to produce a good using fewer inputs than another producer. C) Economists use the term ______________________________ to refer to the ability to produce a good at a lower opportunity cost than another producer.(Essay) Illustrate and explain with diagram of a production possibility curve, the following; - Opportunity cost - Unattainable output level - Underutilization of resourcesCombination Bananas metric tons (X axis) Coffee metric tons (Y axis) A 20,000 0 B 18,000 11,000 C 14,000 20,000 D 8,000 27,000 E 0 30,000 What is the opportunity cost (amount & item) of increasing production from 27,000 tons of coffee to 30,000 tons of coffee ? ________________ What is happening to the opportunity cost as Costa Rica produces more coffee
- Question 1Assume that during the years 2022 to 2025 Woodland Republic could produce only two commodities: tractors and rice. Also, assume that Woodland Republic can procuce at any of the positions represented by the production possibility schedule below. ABCDEFGH Tractors 02479111314 Rice (in tons)1009585706050300 Suppose in 2022 the economy is producing at point D. What is the opportunity cost of producing 6 more tractors in 2023Economic Scenario: Country A has one of the highest real GDP while Country B has one of thehighest real GDP per capita in the world respectively. a.what are the (3) comparative differences between real GDP and real GDP per capita. b.What does this tell us, about the well-being of the residents of Country A and B?Q82 One region has an absolute advantage over another region in the production of good X when... a. The first region has a larger supply of the raw materials required to produce good X. b. An equal quantity of resources can produce more of good X in the first region than in the second region. c. The opportunity cost of one unit of X is lower in the first region than in the second region. d. The first region has a more productive labour force than the second. e. There is no demand for good X in the second region