During the Second World War, Germany's factories were decimated and fered many human casualties, both soldiers and civilians. How did the war ect Germany's production possibilities curve?
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- Chile's Production Possibilities Frontier Colombia's Production Possibilities Frontier ↑soydeans TEx pounds) ↑ soydeans 20 (in pounds) 18 18 16 16 14 14 12 12 10 10 6 4- +%> 16 18 20 coffee (in pounds 2 4 8 10 12 14 2 4 6 8 10 12 14 16 18 20 coffee spunod ng) Refer to Figure 3-8. If the production possibilities frontiers shown are each for one day of production, then which of the following combinations of pounds of coffee and pounds of soybeans could Chile and Colombia together not make in a given day? O a. 4 pounds of coffee and 17 pounds of soybeans O b. 8 pounds of coffee and 14 pounds of soybeans O . 16 pounds of coffee and 9 pounds of soybeans O d. 24 pounds of coffee and 3 pounds of soybeansSteel (millions of tons) 8 30 20- 10 0 Country A Production possibilition curve 10 20 30 40 Chemicals (millions of tons) From the diagrams, it can be seen that 50 Steel (millions of tons) 8 20 10 0 Country B Production possibilities curve 10 20 30 40 Chemicals (millions of tons) O the slopes of the two curves indicate both countries will specialize in chemicals. O country B has an absolute advantage in both commodities. O it is more costly in terms of resources to produce steel in country A. O country B has a comparative advantage in chemicals. O country A has a comparative advantage in both commodities. 50During the second world war, Germany's factories were decimated. It also suffered many human casulaities, both soldiers and civilians. How did the war affect Germany's production possibility curve?
- 1.a Explain the economic link between scarcity, choice and opportunity cost. 1.b Suppose there are two countries (South Africa and Chile) producing two products(Capital goods and consumer goods) with production possibilities per person inSouth Africa lower than in Chile. Use the PPF to substantiate how the future growthof the two countries will change if South Africa devoted a lot of its resources toproducing capital goods today.The table below presents production schedule of apples and bananas in the country of mistania - assume that these are the only two goods that Mistania produces. Each row represents a specific set of apples and bananas that Mistania could produce. Suppose Mistania was currently at Senario C, producing 10 bananas and 80 apples. According to the data in this table, if Mistania wanted to produc 1 more banana, how many fewer apples will it need to produce? Scenario Bananas Apples A 0 100 B 5 90 C 10 80 D 15 70 E 20 60|4. Help Samanthaville prioritize Using the chart below, graph a production possibilities frontier plotting Samanthaville’s points of efficiency. Place studying Economics Textbooks on the x-axis and piggy banks on the y-axis. Economics Textbooks Piggy Banks Hours 60 85 95 50 75 2 3 90 4 100 100 a) What are the 5 possible points of efficiency for Samanthaville? Create a production possibilities graphing these 5 points of efficiency. b) Evaluate the following statement: "Samanthaville should spend 2 hours making Economics Textbooks and 2 hours making Piggy Banks." Is this a positive or normative statement? Explain. c) What is Samanthaville's marginal opportunity cost making the 4th Econ Textbook? d) What is Samanthaville's marginal opportunity cost of making the 2nd Piggy Bank
- An economy produces two goods ,X and Y .lt uses two means of production, labour and capital. A unit of labour can produce either 1unit of X or 4units of Y (or linear combination of the two).A unit of capital can produce either 4units of X or 1unit of Y (or linear combination of the two)there are 100units of each means of production. (i) Draw the production possibility frontier of the economy when the two goods can only be produced by a mixture of both factors. (ii)What will be the opportunity cost of X if the economy produces 50units of X ? (iii) Given that the production technology is linear ,will the opportunity cost of X remain unchanged when we produce 90units of X ? (iv)Briefly explain the difference between the PPC with a constant opportunity cost and the PPC with an increasing opportunity cost as more output of one good is produced. Use a well labeled diagram to explain your answer?Suppose that the nation of Costa Rica produces Coffee and Bananas. Below are the possible combinations of Coffee and Bananas that Costa Rica can produce. Combination 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 11,000 tons of coffee to 20,000 tons of coffee ? ________________ What is the opportunity cost (amount & item )of increasing production from 20,000 tons of coffee to 27,000 tons of coffee? _____________ 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 coffee ? _____________Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules Production Possibilities Schedules Geppetto Puzzles 80 64 48 32 16 0 Puppets 0 Geppetto: 10 20 30 40 50 Puzzles 50 40 30 20 10 8 puzzles and Lewis Puppets e Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles (Click to select)) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis puzzles and puppets 30 45 60 75 90 puppets
- 1. According to Juan Bosch, what percentage of the Dominican population depended upon Rafael Trujillo for their economic livelihood? What percentage of the Dominican population worked in a business directly owned by Trujillo?2. Assume a Ricardian, constant-cost world. There are two countries, the United Kingdom and France. Each country can produce cameras and milk. The table below shows production per man-hour for each country. United France Kingdom Cameras Milk 1 2 The United Kingdom has a labor force of 1,000 workers, and France has a labor force of 500 workers. a) Use this information to graph production possibilities frontiers for both countries. Put cameras on the horizontal axis. b) Assuming that a world price is established at which both countries can gain from trade, show possible consumption frontiers for each country.Problem 1: Production Possibilities Frontier Consider an economy that produces bicycles and autos. The production possibilities schedule shown below denotes the points on the production possibilities frontier. Points Amount Bicycles Amount Autos A 10 B 8 D E 5 8 12 14 15 a) Draw the production possibilities frontier in a clearly labelled graph. You can assume the points on the frontier are connected by straight lines. Please put bicycles on the x-axis and autos on the y-axis. b) Is point E more efficient in production than point C? Explain. c) Based on this production possibility frontier, can the economy currently produce 8 bicycles and 10 autos? If not, explain what would need to happen to allow the economy to produce 8 bicycles and 10 autos. d) True/False/Uncertain (and explain): Point B more efficient in allocation than point A. e) Does this production frontier have increasing opportunity costs? Explain, and also explain why it is common for production frontiers to have increasing…