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- what is author “Craig VanGrasstek,” definition of WTOExplain Production possibility frontier with an example and give explanation on why it is represented as a curved diagram(concave)Modifying Locke’s views on free markets, Adam Smith’s arguments rest on __________ arguments that unregulated markets and private property will produce greater benefits than any other system. KantianUtilitarianCommunistNone of the above
- explain in two paragraphs, why industrial rvolution didnt happen in Afghanistan?According to Adam Smith, the “invisible hand”refers to which of the following?a. The “best interests of society” (publicinterest) will occur as an outcome of themarket process coordinating the selfinterestedinteractions of buyers and sellers(private interest).b. Government interference in markets toprevent greed.c. Bribes and graft that interfere with themarket process.d. The “best interest of society” (public interest)will occur as an outcome of careful guidanceby government authorities in allocatingscarce good and services according to privateinterest.Suppose the hypothetical economy produces only car and oil using its available resources and existing technology. CombinationsUnitsProduction alternatives ABCDE OilKgs8006004002000 CarNumber0500100015002000 Using the above information, Draw the production possibility frontier/ curve of a nation.If the economy is initially operating at point C, then calculate the opportunity cost producing one more unit of car. What changes are required for the economy to shift PPF either outward or inward?
- DATA RESPONSE QUESTION ON PRODUCTION POSSIBILITY FRONTER (PPF) Consider the following data for the harvest of pineapples versus the harvest of mangoes in Jamaica. JAMAICA’S FARM POSSIBILITIES PINEAPPLES MANGOES A 100 0 B 90 15 C 70 30 D 40 45 E 0 60 a. Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on the Y axis. b. On PPF curve drawn, identify the following points: a. Unattainable (label the point U) b. Attainable and efficient (label the point AE) c. Attainable and inefficient (label the point AI) c. What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes d. If mangoes harvesting increases from 15 to 30, what is the opportunity cost of harvesting pineapples? e. What is the economic significance of choosing to harvest at 25 pineapples and 50 mangoes? f. Explain the effect of a hurricane on…DATA RESPONSE QUESTION ON PRODUCTION POSSIBILITY FRONTER (PPF) Consider the following data for the harvest of pineapples versus the harvest of mangoes in Jamaica. JAMAICA’S FARM POSSIBILITIES PINEAPPLES MANGOES A 100 0 B 90 15 C 70 30 D 40 45 E 0 60 a. Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on the Y axis. b. On PPF curve drawn, identify the following points: a. Unattainable (label the point U) b. Attainable and efficient (label the point AE) c. Attainable and inefficient (label the point AI) c. What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes d. If mangoes harvesting increases from 15 to 30, what is the opportunity cost of harvesting pineapples? e. What is the economic significance of choosing to harvest at 25 pineapples and 50 mangoes? f. Explain the effect of a hurricane on…Table 1: Production Capacity of COVID-FREE LAND.Toilet Rolls 30,000 28,000 24,000 18,000 10,000 0Sanitizers 0 1,000 2,000 3,000 4,000 5,000Use information in Table 1 above to answer the following questions:a. Using the above figures, graph the production possibilities Frontier (PPF) of COVID_FREELAND (Hint! Use Microsoft Excel, for accuracy)b. In your own words, while making use of the graph that you have created in part a, explain what the PPF is. Cleary state all assumptions and properties of the PPF. c. Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is an outbreak of COVID- 19 and the demand for sanitizers and toilet rolls has increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities or ways. State all appropriate assumptions made.
- Imagine a society that produces military goods andconsumer goods, which we’ll call “guns” and “butter.”a. Draw a production possibilities frontier for gunsand butter. Using the concept of opportunity cost,explain why it most likely has a bowed-out shape.b. Show a point on the graph that is impossible forthe economy to achieve. Show a point on thegraph that is feasible but inefficient.c. Imagine that the society has two political parties,called the Hawks (who want a strong military)and the Doves (who want a smaller military).Show a point on your production possibilitiesfrontier that the Hawks might choose and a pointthat the Doves might choose.d. Imagine that an aggressive neighboring countryreduces the size of its military. As a result, boththe Hawks and the Doves reduce their desiredproduction of guns by the same amount. Whichparty would get the bigger “peace dividend,”measured by the increase in butter production?Explain.Can you pls give your insights or reflection regarding this video on how to solve economic problems? https://youtu.be/xenGlbOHR1kPlease explain the Road and Belt Initiative of China which was formed in 2013.Explain what lies behind China’s Belt and Road initiative.What will be the impact of the initiative onEuropean Union countriesMercosur member countries?