Figure 3-11 The graph below represents the various combinations of ham and cheese (in pounds) that the nation of Ukraine could produce in a given month. Cheese s tin pn 320- 280+ 240+ 200 160+ 120 * 0 120 160 200 20 280 320 360 400 Ha Refer to Figure 3-11. For Ukraine, what is the opportunity cost of a pound of cheese? a. 0.8 pounds of ham b. none of the other answers. c. 8 pounds of ham d. 16 pounds of ham e. 1.25 pounds of ham

Figure 3-11 The graph below represents the various combinations of ham and cheese (in pounds) that the nation of Ukraine could produce in a given month. Cheese s tin pn 320- 280+ 240+ 200 160+ 120 * 0 120 160 200 20 280 320 360 400 Ha Refer to Figure 3-11. For Ukraine, what is the opportunity cost of a pound of cheese? a. 0.8 pounds of ham b. none of the other answers. c. 8 pounds of ham d. 16 pounds of ham e. 1.25 pounds of ham

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter2: Production Possibilities Frontier Framework

Section: Chapter Questions

Problem 3WNG

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American and Japanese workers can each produce 4 cars per year. An American worker can produce 10 tons of grain per year, whereas a Japanese worker can produce 5 tons of grain per year. To keep things simple, assume that each country has 100 million workers. For this situation, construct a table analogous to the table in Figure 1. Graph the production possibilities frontiers for the American and Japanese economies. For the United States, what is the opportunity cost of a car? Of grain? For Japan, what is the opportunity cost of a car? Of grain? Put this information in a table analogous to Table 1. Which country has an absolute advantage in producing cars? In producing grain? Which country has a comparative advantage in producing cars? In producing grain? Without trade, half of each country’s workers produce cars and half produce grain. What quantities of cars and grain does each country produce? Starting from a position without trade, give an example in which trade makes each country…
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