ECON.TODAY (COMPLETE)-TEXT ONLY
18th Edition
ISBN: 9780133920161
Author: Miller
Publisher: PEARSON
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Chapter 32, Problem 1CTQ
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Suppose that there are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. what is the opportunity cost of producing a car in Canada?
What is the reason for increasing opportunity costs? Why do the production frontiers of different nations have different shapes ?
Suppose that the productivity per worker in the apple juice and grape juice industries of Westlake and Eastlake are as follows: (a) (b) Westlake Eastlake Number of Litres per day Apple Juice 5 1 Or Or Grape Juice I 1 3 a) What is the opportunity cost of 1 litre of apple juice for Westlake? For Eastlake? b) What is the opportunity cost of 1 litre of grape juice for Westlake? For Eastlake?
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- Understand why even in a society in which one person is better than a second at all tasks, it is still beneficial for the two to specialize and trade. For each of the following, describe some of the potential opportunity costs: A) A foreign government subsidizes its national airline to keep airfares down B) Upgrading to a balcony suite for your cruise around the Mediterranean Sea C) Staying up all night to watch season 5 of Game of Thronesarrow_forwardCombination 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 coffeearrow_forwardSuppose in one hour, 10 kilograms of rice or 5 meters of cloth is produced in India; while 5 kilograms of rice or 2 meters of cloth is produced in Thailand. What is the opportunity cost of cloth in Thailand?arrow_forward
- Which of the below statements is INCORRECT about about a specific market economy such as the U.S. (America), or market economies in general? Group of answer choices In market economies government bureaucrats direct everything from the number of bars of soap a factory can produce to the number who students who may study electrical engineering. Complex economies in which billions of transactions every day, the vast majority of which happen withou any direct government involvement. In the twentieth century in one market economy life expectancy increased from forty-seven years to seventy-seven, and infant mortality plunged by 93%..arrow_forwardIn Exhibit above, Ireland's opportunity cost of producing one unit of wheat isarrow_forwardEngland and Scotland both produce scones and sweaters. Suppose that an English worker can produce 50 scones per hour or 1 sweater per hour. Suppose that a Scottish worker can produce 40 scones per hour or 2 sweaters per hour.What is an English worker's opportunity cost for 1 sweater?arrow_forward
- Consider two countries: Alland and Georgeland. Say that Alland can produce 48 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 68 units of food per person per year or 17 units of clothing per person per year. Compute each country's opportunity cost for each product. Tip: The list below contains the correct answers. Enter the correct amount for each of the 4 boxes making sure it is entered exactly as written below. Don’t omit or add space, digits or other characters. 0.25, 0.33, 1.33, 1.25, 1.40, 3, 4, 30, 40 Alland’s opportunity cost of 1 unit of food is [a] unit(s) of clothing Alland’s opportunity cost of 1 unit of clothing is [b] unit(s) of food Georgeland’s opportunity cost of 1 unit of food is [c] unit(s) of clothing Georgeland’s opportunity cost of 1 unit of clothing is [d] unit(s) of food Enter Alland or Georgeland in the appropriate box. Please make sure to enter each name exactly as written here. Don’t omit or add…arrow_forwardComparing your answers in the previous questions suggests that the opportunity cost of producing 50 million additional garments of clothing at point B is______ (choose between these: less than, greater than or equal to). and the opportunity cost of producing 50 million additional garments of clothing at point A. This reflects the________ (choose between: notion that countries can gain from trade, fact that resources are scarce or law of increasing opportunity costs)arrow_forwardWhich of the following can expand a nation's production possibilities boundary (curve)? [select all that apply] expanding the quantity of resources realizing technological progress enacting trade barriers decreasing the price of productsarrow_forward
- Is it true or false for each part. Part A. The negative slope of a production possibilities frontier is a graphic representation of opportunity cost. Part B. Since it is a centrally planned economy, China does not face opportunity costs when economic decisions are made. Part C. Scarcity can be measured only through the use of monetary costs.arrow_forwardWatch the following video clip about fair trade co-operatives in South America: www.youtube.com/watch?v=yu5DhOHLJ-s Based on this clip, consider the following issues: What western business norms are modified by the social and solidarity economy? What charitable norms are modified by the social and solidarity economy? How would you explain 'endogenous development' to another person?arrow_forwardThe opportunity cost on a Production Possibilities Frontier in moving from one point to another can be calculated by taking the Sacrifice, and dividing it by the Gain. Select one: True Falsearrow_forward
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