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- 17. Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit opportunity cost of cloth in Portugal is ____ bottles/yard. (Please do NOT reduce fractions to decimals.)16.Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit opportunity cost of wine in Portugal is ____ yards/bottle. (Please do NOT reduce fractions to decimals.)Case: Suppose you are watching a news report with a friend. The news report points out that a certain African nation generates a GDP per capita of only $1300 per year. Since your friend knows that Slovenia’s GDP per capita is approximately $26 000, he suggests that Slovenians are materially 20 times better off than the people of the African nation. 4. Why would the exclusion of this type of production affect the measurement of African output more than Slovenian output?
- 3.1 Robert Solow added.......................... to the conventional production function to account for technological change.Consider a small island country whose only industry is fishing. The following table presents information about this small economy in two different years. Complete the table by calculating physical capital per worker and labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Year Physical Capital Labor Force Physical Capital per Worker Labor Hours Output Labor Productivity (Fishing poles) (Workers) (Fishing poles) (Hours) (Fish) 2027 120 60 1x 3,000 21,000 3x 2028 400 100 2x 3,500 49,000 4x Based on your calculations, (an increase/a decrease) in physical capital per worker from 2027 to 2028 is associated with (an increase/a decrease) in labor productivity from 2027 to 2028. Suppose you're in charge of establishing economic policy for this small island country. Which…5. US exports are labour intensive compared with US imports. But, it is assumed that the USA has abundant capital relative to labour. This surprise finding is known as---------
- Economic 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?What is the opportunity cost of investing in Capital? Do you think a country can overinvest in capital? What is the opportunity cost of investing in human capital? Do you think a country can overinvest in human capital? Explain with your own language and give the example of country that overinvest in capital and human capital!Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 If each person specialized according to comparative advantage and later decides to move 4 units of labor to comparative disadvantage, what would be the result? Total soup production increases by 160, total sword production increases by 220 Total soup production decreases by 80, sword production increases by 220. Total soup production decreases by 20, total sword production increases by 160 Total soup production increases by 80, total sword production decreases by 220
- 5. Is globalization leading to cultural convergence (i.e., grow similar over time)? If so how?34. To obtain good A in which one does not have a comparative advantage, it is better to acquire it by "indirect production" – producing good B, in which one does have a comparative advantage, and trading it for good A. True False Falsea.) Looking at these graphs, suppose that the good 'X' is labour-intensive, while 'Y' is capital-intensive. Which nation is relatively more capital abundant? Why? b.) What is likely to happen to wages in the capital abundant nation when it trades with other nations? c.) Will the outcome of the above question change if capital was immobile in the nation?
