If countries X and Y produce only either baseballs or golf balls, their maximum outputs are shown in the accompanying production possibilities schedules.CountryXBaseballs15050Golf balls75200YIn country X the opportunity cost of 1 golf ball isMultiple Choice75 baseballs2 baseballs.150 baseballs05 baseballs

Opportunity cost refers to the cost of what is being given up in order to produce what you want to…

If countries X and Y produce only either baseballs or golf balls, their maximum outputs are shown in the accompanying production possibilities schedules. Country X Baseballs 150 50 Y Golf balls 75 200 In country X the opportunity cost of 1 golf ball is Multiple Choice 75 baseballs 2 baseballs. 150 baseballs 05 baseballs

If countries X and Y produce only either baseballs or golf balls, their maximum outputs are shown in the accompanying production possibilities schedules. Country X Baseballs 150 50 Y Golf balls 75 200 In country X the opportunity cost of 1 golf ball is Multiple Choice 75 baseballs 2 baseballs. 150 baseballs 05 baseballs

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter7: Economic Growth: Theory And Policy

Section: Chapter Questions

Problem 4TY

See similar textbooks

Similar questions

Countries A and B currently consume 400 units of food and 400 units of textiles each and currently do not trade with one another. The citizens of country A have to give up one unit of food to gain two units of textiles, while the citizens of country B have to give up one unit of textiles to gain two uni food. Their production possibilities curves are shown. textiles 1200 Cauntry A Slopedf 2 line 600 400 Country B Slopeof line To200 400 600 Under the theory of comparative advantage: O a. The citizens of country A should make textiles and trade with the citizens of country B for food. Ob. There are no gains from trade in this example. O. The citizens of country A should make food and trade with the citizens of country B for textiles. O d. A is twice as good as B at making food and B is twice as good as A at making textiles.
Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 What is the opportunity cost of swords if total sword production is 40?
The following graph is the production possibilities curve of a nation. А 10 9 8 7 6 D 4 3 2 1 2 3 4 Bread Which of the following combinations would be unattainable? Multiple Cholce 4 drill presses and 3 bread 9 drill presses and O bread 9 drill presses and 3 bread 8 drill presses and 1 bread Drill Presses ++
Elif can produce 6 pies or 30 cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1hour A) What is the opportunity cost of producing cakes for Elif? What is the opportunitycost of producing cakes for Ahmet?B) Who has a comparative advantage in producing pies and who has a comparativeadvantage in producing cakes?C) On the PPF lines, show what Elif produces and what Ahmet produces when theyspecialize.D) Suppose that they set the exchange price as 1 Pie = 3 Cakes. If they specialize andtrade, show an exchange situation that is beneficial for both (compared to thesituation you found at part (b))?F) What is the minimum and maximum exchange price they could have determined foran exchange that will be beneficial for both of them?
Bread В A • Steel The graph shows the production possibility frontier for a country that can use it's resources to make either bread or steel. According to the graph, the opportunity cost of shifting reasources from making bread to making steel is increasing constant decreasing
Meat (pounds) 120 A 90 В 60 30 Vegetables (pounds) 20 60 80 100 120 140 160 The opportunity cost of meat when moving from C to B is: 1/3 of a lb of vegetables per Ib of meat 60 Ibs of meat per lb of vegetables 3 Ibs of vegetables per Ib of meat 20 Ibs of vegetables per lb of meat 40
scenario Production Advantage and Opportunity CostsAssume there are two countries, the United States and France, and two goods, automobiles andcomputers.The table presented below shows the number of automobiles and computers that the United States andFrance can produce with the same amount of resources.United States FranceAutomobiles 120 100Computers 60 55Source: Pearson Education Inc. 1.1 Which country has an absolute advantage in computer production? Motivate your answer.1.2 Which country has a comparative advantage in the production of automobiles? Motivateyour answer. 1.3 Assume these countries trade with one another under the conditions of free trade. Whichcountry will specialise in the production of automobiles? Motivate your answer. 1.4 If free trade exists between the United States and France, what are the highest and lowestlevels for the price of an automobile (expressed in terms of computers)? Motivate youranswer by stating which level favours the United States and France.
Using a production possibilities frontier (PPF) diagram, determine how does the PPF changein response to the following events:Make sure to explicitly indicate what sectors you are representing, and what sort ofassumptions each event implies (i.e., a neutral effect vs a sector-biased effect). The latterfollows from your assumptions on the factor intensity of the sector you are representing. c) Decreasing the expenditure on research and developmentd) Implementation of easier rules for foreign investmente) The effects of a pandemic
Depicted below is the Joint PPF of the three. If currently 400 units of salt r being produced, what is the opportunity cost of the salt? Asap plz
The following table and production possibilities frontier provide information about the production possibilities of Apple, a manufacturer of electronics. Use it to answer questions 15-19. Point HEUREK iPhone 600 500 400 iPhone iPod Touch 0 100 200 300 400 500 420 400 360 300 200 0 300 200 100 0 Apple's Production Possibilities 100 200 B 300 400 500 600 iPod Touch
What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes
Assume that Andy and Henry, without trading with each other, will produce and consume the following number of steel bars and ketchup bottles. The Gains from Trade Without trade Person Good Production Consumption Gains from Trade Andy Steel bars 60 60 +35 Btl. Ketchup 60 60 +15 Henry Steel bars 20 20 +5 Btl. Ketchup 20 20 +5 Now, Assume that both Andy and Henry decide to specialize, and then Andy trades 25 steel bars to Henry for 75 Btls. ketchup. This outcome is shown in the table below. Compared to the result without trade, what are the gains from trade that Andy experiences when he and Henry specialize and trade? The Gains from Trade With specialization Person Good Production Consumption Gains from Trade Andy Steel bars 120 95 (keep) +35 Btl. ketchup 0 75 (from Henry) +15 Henry Steel bars 0 25 (from Andy) +5 Btl. ketchup 100 25 (keep) +5