a. It takes Country A two hours to produce a unit of consumer goods and five hours to produce a unit of capital goods. Country B can produce a unit of consumer goods in one hour and a unit of capital goods in four hours. Which country has a comparative advantage in the production of consumer goods? Explain. b. Country A has the following labor market data: Employed Frictionally unemployed Structurally unemployed Cyclically unemployed 91,000 4,000 2,000 3,000 Not in the labor force, aged 16 years and over 25,000 Calculate the unemployment rate for Country A. c. Calculate the labor force participation rate for Country A. d. Illustrate Country A's current employment of resources every 10 hours on a production possibilities curve with capital goods on the vertical axis and consumer goods on the horizontal axis. Assume constant opportunity costs. Indicate the current employment based on the data from (b) with a point labeled E.

a. It takes Country A two hours to produce a unit of consumer goods and five hours to produce a unit of capital goods. Country B can produce a unit of consumer goods in one hour and a unit of capital goods in four hours. Which country has a comparative advantage in the production of consumer goods? Explain. b. Country A has the following labor market data: Employed Frictionally unemployed Structurally unemployed Cyclically unemployed 91,000 4,000 2,000 3,000 Not in the labor force, aged 16 years and over 25,000 Calculate the unemployment rate for Country A. c. Calculate the labor force participation rate for Country A. d. Illustrate Country A's current employment of resources every 10 hours on a production possibilities curve with capital goods on the vertical axis and consumer goods on the horizontal axis. Assume constant opportunity costs. Indicate the current employment based on the data from (b) with a point labeled E.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 34P: Say that the average worker in Canada has a productivity level of 30 per hour while the average...

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