The table below lists the labor requirements for producing USB cables and AC adapters. Labor Hours Needed to Make a(n) USB cable AC adapter West Virginia 14 Kentucky 15 7 Which of the following are true? O West Virginia has an absolute advantage in producing USB cables O West Virginia has an absolute advantage in producing AC adapters West Virginia has a comparative advantage in producing USB cables O West Virginia has a comparative advantage in producing AC adapters
Q: The following goods and services are commonly traded in Australia. For each good or service explain…
A: Internal economies of scale will measure a company's production efficiency and will occur due to the…
Q: 3. Consider the following table that presents the labour requirements for production in the East and…
A: Given, Labor requirements for production in the West and East (labors hours per unit of output):…
Q: Read the following excerpt from a 2010 Wall Street Journal article about the WTO: The World Trade…
A: The job of the WTO is to work with arrangements in troublesome reciprocal and multilateral exchange…
Q: Consider two neighboring island countries called Arcadia and Dolorium. They each have 4 million…
A: Since you have posted multiple sub-parts, we are answering the first three for you. If you want…
Q: Consider two neighboring island countries called Contente and Felicidad. They each have 4 million…
A: Initially, we need to go through the opportunity cost of the countries producing the corns and the…
Q: Suppose there was previously an import tariff imposed on imported shoes, but the government decides…
A: Tariff increase the price of imported goods. Domestic consumers have to pay high price for imported…
Q: Show what happens to producer surplus, worker surplus, and the gains from trade as workers migrate…
A: The migration of labor is considered to be an essential part of the economy where the workers…
Q: Consider two neighboring island countries called Contente and Euphoria. They each have 4 million…
A: We are going to use Opportunity cost and Comparative advantage concept to answer this question.
Q: In 2010, Switzerland-based Nestlé began sailing supermarket barges up and down parts of the Amazon…
A: Here, it is given that the Switzerland-based Nestlé started sailing supernatural barges with…
Q: France and Tunisia both have Mediterranean climates that are excellent for producing/harvesting…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Consider two neighboring island countries called Dolorium and Arcadia. They each have 4 million…
A: Introduction Two countries: Dolorium and Arcadia has produces corn and jeans. Table of production of…
Q: Explain the simultaneous general equilibrium of production and exchange. When the product market is…
A: To achieve general equilibrium within the economy, general equilibrium in trade must be compatible…
Q: Consider two neighboring island countries called Euphoria and Contente. They each have 4 million…
A: Euphoria can either produce 5 bushels of Rye or 20 pairs of jeans. In the time Euphoria produces 1…
Q: Suppose Italy and Portugal produce only cloth and wine. Assume that each country uses only labor to…
A: Comparative advantage refers to the situation where one party can produces the goods and services at…
Q: Consider two neighboring island countries called Euphoria and Contente. They each have 4 million…
A: Economic transactions happen between countries. Among the goods commonly traded are consumer goods,…
Q: 16 Dolorium 5 20 Initially, suppose Arcadia uses 1 million hours of labor per month to produce jeans…
A: *SOLUTION :-
Q: Consider the following hypothetical workers Soy Vietnamese Worker Soy U.S. Worker 40 10 10 (20 Shoes…
A: Question Number 21: If Vietnam produces only shoes then the production of soy is zero so we see the…
Q: See the table here below: Labor Input: Tables and Chairs Production Country X Country Y Chair 2…
A: Answer: Opportunity cost: opportunity cost refers to the production of one good sacrificed to…
Q: Consider two neighboring island countries called Bellissima and Dolorium. They each have 4 million…
A: Opportunity Cost: Direct expenditures, such as tuition, books, and school supplies, might be added…
Q: Alec and Ellie are the only detectives in the town of Broadchurch. Assume efficient production.…
A: In the question above, it is given that : There are only two detectives in the town of broadchurch.…
Q: The country A has an endowment (total supply) of 160 units of labor and 14 units of land, whereas…
A: Land/labor intensive good is the good which needs large amount of land/labor than any other factor…
Q: Consider two neighboring island countries called Felicidad and Contente. They each have 4 million…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Explain your answer in up to 200 words and using a diagram: In the Pure Specific Factors model with…
A: Given that it is a two-factor model, and a tax is applied on W imports, W will become more…
Q: Consider two neighboring island countries called Euphoria and Bellissima. They each have 4 million…
A: The transfer from one person or entity to another, of goods or services being in exchange for money,…
Q: Consider two neighboring island countries called Euphoria and Contente. They each have 4 million…
A: Euphoria's opportunity cost of producing 1 bushel of corn is _______of jeans, and Contente's…
Q: Alec and Ellie are the only detectives in the town of Broadchurch. Assume efficient production. Each…
A: A nation or an individual spends significant time in a decent that it can create at a lower…
Q: Because all points on a contract curve are efficient, they are all equally desirable from a social…
A: The contract curve, also known as the Pareto set, is a set of points in microeconomics that…
Q: 3. Gains from trade Consider two neighboring island countries called Contente and Euphoria. They…
A: According to comparative advantage theory, the producer who has a smaller opportunity cost of…
Q: Consider two neighboring island countries called Contente and Euphoria. They each have 4 million…
A: Disclaimer :- as you posted multipart questions we are supposed to solve the first 3 questions only…
Q: The following graph represents the world market for oil. The Organization of Petroleum Exporting…
A: OPEC produces a large portion of the world's oil. The decision to limit the production of oil by all…
Q: Country X has 100 units of labour and country Y has 200 units of labour. Both countries produce…
A: The cost which depicts the cost of the next best alternative that is being foregone is known as the…
Q: Figue AAA Q' Qt Q" Q Question 45 Consider Figure AAA, which is a diagram we built to study the…
A: A) in perfect competitive market:- 1) in perfect competitive market, there are many number of…
Q: 3. Consider the following table that presents the labour requirements for production in the East and…
A: * SOLUTION :- Given that , (3)
Q: Alec and Ellie are the only detectives in the town of Broadchurch. Assume efficient production. Each…
A: A country or a person specializes in the good which it can produce at a lower opportunity cost than…
Q: Consider two neighboring island countries called Bellissima and Dolorium. They each have 4 million…
A: We have given Country Jeans (Pairs per hour of labor ) Rye (Bushels per hour of labor)…
Q: Alec and Ellie are the only detectives in the town of Broadchurch. Assume efficient production. Each…
A: Introduction: The amount of potential benefit that an investor foregoes while committing to one…
Q: Consider two neighboring island countries called Bellissima and Felicidad. They each have 4 million…
A: We can calculate the opportunity cost of B and F for their production of 1 bushel of corn using the…
Q: Consider two neighboring island countries called Bellissima and Dolorium. They each have 4 million…
A: Amount of rye sacrificed Amount of jeans gained Given, Total labor hours= 4 million hour The…
Q: Consider two neighboring island countries called Felicidad and Contente. They each have 4 million…
A: Comparative advantage means being able to produce a good at a lower opportunity cost compared to…
Q: (Figure: Gains from Trade) Refer to the figure. What are the unexploited gains from trade at the…
A: Gains from trade is the total surplus or the net benefit. Total Surplus is the sum of consumer…
Q: Bill has an absolute advantage in
A: Absolute advantage is the advantage which a country or an individual producer has when he can…
Q: Consider two neighboring island countries called Contente and Euphoria. They each have 4 million…
A: Since you have posted multi-subparts questions, As per answering guidelines, we are supposed to…
Q: 2. Suriname and Paraguay consume two goods, coffee and machines, and labour is the only input into…
A: Amount of production of both the goods in both countries can be stated as : Number of units produced…
Q: (Figure: Gains from Trade) Refer to the figure. What are the unexploited gains from trade at the…
A: Economic equilibrium is a state in which economic forces such as supply and demand are balanced, and…
Q: Consider two neighboring island countries, Charisma and Fiatstan. Each has 72,000 labor hours…
A: each country has 72,000 labor Note:- Since you have posted multiple subparts, as per the guideline…
Q: In the United States, dumping a. is encouraged by domestic consumers who benefit from lower prices.…
A: Dumping happens when a foreign maker sells an item in the United States at a value that is…
Learn your way
Includes step-by-step video
Step by step
Solved in 2 steps
- The table below shows the number of labor minutes it takes for each employee to produce one pizza and one salad. Compare all 3 employees to one another and determine which one of the following statements is true? Select one: a. Carter has a comparative advantage in making Salad b. Carter has an absolute advantage in both products c. Melanie has a comparative advantage in making Pizza d. Jackson has a comparative advantage in making Salad e. Melanie has a comparative advantage in making Salad f. Jackson has an absolute advantage in both products g. Carter has a comparative advantage in making PizzaThe countries of Nickeltown and Lykesville each produce two goods: Ovens and Dishwashers. The table below lists the production for each good, for each country per year when each country uses half of their resources to produce each good. Country Production of Ovens Production of Dishwashers Nickeltown 105 Lykesville 147 What is the opportunity cost of producing 1 Ovens in Nickeltown Dishwashers 70 42 What is the opportunity cost of producing 1 Ovens in Lykesville Dishwashers ONickeltown OLykesville ONot enough information Which country has a comparative advantage in producing Ovens?Comparative and absolute advantage Elijah and Aneesha are farmers. Each one owns an 18-acre plot of land. The following table shows the amount of squash and maize each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing squash or maize or to produce squash on some of the land and maize on the rest. Squash Maize (Pounds per acre) (Pounds per acre) Elijah 12 3 Aneesha 18 6 On the following graph, use the blue line (circle symbol) to plot Elijah's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Aneesha's PPF. Elijah's PPF Aneesha's PPF 0 90 180 270 360 450 540 630 720 810 900 180 162 144 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Consider two neighboring island countries called Felicidad and Contente. They each have 4 million labor hours available per week that they can use to produce jeans, rye, or a combination of both. The following table shows the amount of jeans or rye that can be produced using 1 hour of labor. Country Jeans Rye (Pairs per hour of labor) (Bushels per hour of labor) Felicidad 5 20 Contente 8 16 Initially, suppose Contente uses 1 million hours of labor per week to produce jeans and 3 million hours per week to produce rye, while Felicidad uses 3 million hours of labor per week to produce jeans and 1 million hours per week to produce rye. Consequently, Felicidad produces 15 million pairs of jeans and 20 million bushels of rye, and Contente produces 8 million pairs of jeans and 48 million bushels of rye. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and…Consider two neighboring island countries called Euphoria and Contente. They each have 4 million labor hours available per week that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor. Country Rye Jeans (Bushels per hour of labor) (Pairs per hour of labor) Euphoria 5 20 Contente 8 16 Initially, suppose Contente uses 1 million hours of labor per week to produce rye and 3 million hours per week to produce jeans, while Euphoria uses 3 million hours of labor per week to produce rye and 1 million hours per week to produce jeans. Consequently, Euphoria produces 15 million bushels of rye and 20 million pairs of jeans, and Contente produces 8 million bushels of rye and 48 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of rye and jeans…Consider two neighboring island countries called Euphoria and Contente. They each have 4 million labor hours available per week that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Country Corn Jeans (Bushels per hour of labor) (Pairs per hour of labor) Euphoria 8 32 Contente 12 24 Initially, suppose Contente uses 1 million hours of labor per week to produce corn and 3 million hours per week to produce jeans, while Euphoria uses 3 million hours of labor per week to produce corn and 1 million hours per week to produce jeans. Consequently, Euphoria produces 24 million bushels of corn and 32 million pairs of jeans, and Contente produces 12 million bushels of corn and 72 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of corn…
- Questions 1-8. Use the information in the following table on labor productivities (output per hour) in France and Germany to answer the following questions. Output per hour cheese Wine Labor Endowment O Cheese only O Wine only 1. Which good does France have an absolute advantage in? Both cheese and wine France 2 kg 2.5 bottle 100 hours ONeither cheese nor wine Germany 1 kg 5 bottles 100 hoursThe following table shows the amount of good A and good B that two countries could produce if they devoted all their resources to that good. Assume both countries have the same quantity of resources and the trade-off between good A and good B remains constant as resources are shifted from one good to another. Answer the questions below and show calculations where appropriate. Canada India Good A 600 500 Good B 950 1200 Draw a straight-line PPF graph for Canada. Draw a straight-line PPF graph for India. Which country has the comparative advantage in good A? In good B? Explain. What is India’s marginal opportunity cost of producing good A? Good B? Based on the data given, what is the terms of trade range for good A in terms of units of good B?Consider two neighboring island countries called Contente and Felicidad. They each have 4 million labor hours available per month that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Country Corn Jeans (Bushels per hour of labor) (Pairs per hour of labor) Contente 8 16 Felicidad 5 20 Initially, suppose Contente uses 1 million hours of labor per month to produce corn and 3 million hours per month to produce jeans, while Felicidad uses 3 million hours of labor per month to produce corn and 1 million hours per month to produce jeans. Consequently, Contente produces 8 million bushels of corn and 48 million pairs of jeans, and Felicidad produces 15 million bushels of corn and 20 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of…
- The following table describes the number of yards of cloth and barrels of wine that can be produced with a week’s worth of labor in England and Portugal. Assume that no other inputs are needed. In England In Portugal Cloth 8 yards 12 yards Wine 2 barrels 6 barrels d.Which country has an absolute advantage in the production of which good(s)? Which country has a comparative advantage in the production of which good(s)? e.If the countries start trading with each other, which country will specialize and export which good? f.What can be said about the price at which trade will take place?Consider two neighboring island countries called Dolorium and Contente. They each have 4 million labor hours available per week that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor. Country Rye Jeans (Bushels per hour of labor) (Pairs per hour of labor) Dolorium 5 20 Contente 8 16 Initially, suppose Contente uses 1 million hours of labor per week to produce rye and 3 million hours per week to produce jeans, while Dolorium uses 3 million hours of labor per week to produce rye and 1 million hours per week to produce jeans. Consequently, Dolorium produces 15 million bushels of rye and 20 million pairs of jeans, and Contente produces 8 million bushels of rye and 48 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of rye and jeans…Consider two neighboring island countries called Euphoria and Contente. They each have 4 million labor hours available per month that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor. Rye Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Euphoria 5 20 Contente 8 16 Initially, suppose Contente uses 1 million hours of labor per month to produce rye and 3 million hours per month to produce jeans, while Euphoria uses 3 million hours of labor per month to produce rye and 1 million hours per month to produce jeans. Consequently, Euphoria produces 15 million bushels of rye and 20 million pairs of jeans, and Contente produces 8 million bushels of rye and 48 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of rye and jeans it produces. of jeans,…