Based on the information below, Nation A should specialise in the production of good, while Nation B should specialise in the production of good LA = = 100; LB = 200 aLx = 6; aLY = 2 bLX = 10; bLY = 5 X;Y Y;X X;X Y;Y
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- To determineThe ability of a country to produce a commodity with fewer resources.Who has a comparative advantage at either good x or yA worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information. Determine how many jeans should be produced by each nation.
- (Parts a-c) Assume two countries, Gisslovia and Gerardania, both have 1200 units of labor that can be used to produce food or clothing. In Gisslovia it takes 4 units of labor to produce one unit of food and 3 units of labor to produce one unit of clothing. In Geradania it takes 3 units of labor to produce one unit of food and 2 units of labor to produce one unit of clothing. a) If each country allocated one-half of its labor to food production how much food would be produced? b) If each country allocated one-half of its labor to clothing production how much clothing would be produced? c) Suppose Gisslovia only produced food. If Gerardania produced enough food to keep the total amount equal to part a, how much clothing would they produce?Comparative advantage is a comparison among producers based on opportunity cost. True FalseA country produces two goods: coconuts and umbrellas. Their production possibilities frontier (PPF) places coconuts on the x-axis and umbrellas on the y-axis. How would a drought that makes it difficult to grow coconuts but does not affect the production of umbrellas change the PPF? Neither the value of the x-intercept nor the y-intercept would change The value of the y-intercept would increase but the value of the x-intercept would not change The value of the x-intercept would increase but the value of the y-intercept would not change Both the value of the x-intercept and the y-intercept would increase The value of the y-intercept would decrease but the value of the x-intercept would not change The value of the x-intercept would decrease but the value of the y-intercept would not change
- Which of the following situations best exemplifies a relationship between nations that results from one country's concentration of a specific production? Japan imports steel to build cars. Ecuador imports textiles so they can export bananas. China exports inexpensive goods around the world.In the specific factor model, suppose that Nation 1 and Nation 2 have identical labor endowments, and identical capital in production of good Y, but nation 1 has more capital in the production of good 1. Technologies and tastes are the same across both nations. Can we predicts the trade pattern between countries? What factors(s) in Nation 1 benefits from the opening of trade, and which factor(s) loses?Which country has the comparative advantage in production of Good B? Group of answer choices: Neither country has a comparative advantage in producing Good B Country Y Country X
- Considering that resources are scarce, is it a good decision to allow China to explore and use up the resources in the West Philippine Sea in exchange of financial aid? Is it a good “trade off”? (Trade off is an economic principle which means “giving up one thing to get another thing”.France can produce either 50 units or 80 units of wine per labour hour. Canada can produce either 87 units of cheese or 49 units of wine per labour hour. Suppose Canada follows its competitive advantages in deciding what to produce and trade with France at a trade of wine per unit of cheese. For every 3500 units of goods that Canada produces and trades with France, what are the gains from trade in terms of the other goods?Explain how each of the following situations would affect a nations production possibility curve. A technological innovation allows the nation to more efficiently convert solar energy to electricity.
