wine Portugal England 50 40 88285432 90 80 90 80 70 70 60 wine 30 CPF 20 PPF 10. 0 8885432 60. CPF 50 40 30 PPF 20 10. 0+ 0 10 20 30 40 50 60 cloth 0 10 20 30 40 50 60 10. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what are the resource costs of wine and cloth? O (a) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in Portugal. O (b) cloth costs 4 man-hours/yard and wine costs 2 man-hours/bottle in Portugal. O (c) cloth costs 4 man-hours/yard and wine costs 2 man-hours/bottle in England. (d) wine costs 2 man-hours/bottle and cloth costs 3 man-hours/yard in England. O (e) wine costs 4/3 man-hours/bottle and cloth costs 4 man-hours/yard in Portugal cloth

wine Portugal England 50 40 88285432 90 80 90 80 70 70 60 wine 30 CPF 20 PPF 10. 0 8885432 60. CPF 50 40 30 PPF 20 10. 0+ 0 10 20 30 40 50 60 cloth 0 10 20 30 40 50 60 10. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what are the resource costs of wine and cloth? O (a) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in Portugal. O (b) cloth costs 4 man-hours/yard and wine costs 2 man-hours/bottle in Portugal. O (c) cloth costs 4 man-hours/yard and wine costs 2 man-hours/bottle in England. (d) wine costs 2 man-hours/bottle and cloth costs 3 man-hours/yard in England. O (e) wine costs 4/3 man-hours/bottle and cloth costs 4 man-hours/yard in Portugal cloth

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 29P: France and Tunisia both have Mediterranean climates that are excellent for producing/harvesting...

See similar textbooks

Similar questions

QUESTION 12 wine 88185432 90 80 70 60 50 40 30 20 PPF Portugal CPF 10 0 0 10 20 30 40 50 60 cloth wine 8818588 90 80 70- 60 +09 40 30- 20 England PPF CPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.
What are some examples of innovative products that have disrupted their industries for the better?
France and Tunisia both have Mediterranean climates that are excellent for producing/harvesting green beans and tomatoes. In France it takes two hours for each worker to harvest green beans and two hours to harvest a tomato. Tunisian workers need only one hour to harvest the tomatoes but four hours to harvest green beans. Assume there are only two workers, one in each country, and each works 40 hours a week. Draw a production possibilities frontier for each country. Hint: Remember the production possibility frontier is the maximum that all workers can produce at a unit of time which, in this problem, is a week. Identify which country has the absolute advantage in green beans and which country has the absolute advantage in tomatoes. Identity which country has the comparative advantage. How much would France have to give up In terms of tomatoes to gain from trade? How much would it have to give up in terms of green beans?
1. Suppose there are two countries Peru and Japan that produce Food and Fuel. Peru can produce 7,523 units of Food or 17,853 units of Fuel using a labour force of 8000. Japan can produce 5,733 units of Food or 24,156 units of Fuel using a labour force of 5000. a) If Japan and Peru employ half its workers to produce Food and half to produce Fuel how much of each good can they consume? Label this point A and A* respectively.
To determineThe ability of a country to produce a commodity with fewer resources.
Green Gardens Berry Farms is facing some harvesting decisions in order to decide how many tons berries to harvest and supply to local markets. They face the following situation: Their FIXED COSTS in terms of existing harvesting tools, land rents, etc. is: $20 Their main variable cost is to hire farmworkers, whom they must pay as per the region's minimum living wage laws at $15 per worker hour. They are able to coordinate production given their existing infrastructure at the following cost structure. Berry harvests are measured in Metric Tons harvested per worker hour. Green Gardens Berry Farm Quantity of Farmworker (quantity in metric tons harvested)|hours needed for Harvest 13 2. 114 20
Germany 300 900 T-shirts per year Turkey 500 250 T-shirts per year The opportunity cost of producing an optical instrument in Germany is| t-shirts per year. Optical instruments per year Optical instruments per year
wine 90 80 70 60 50 40 30 20 10 PPF ܝܝܝܕܘ Portugal CPF 0 10 20 30 40 50 60 cloth wine Ob) Production of cloth in England will fall to zero, while the price of wine will increase to %ydbo O (c) Production of wine in Portugal will increase to 90 while the price of cloth will tail to 2 yabole O() Production of wine in England will increase to 60, while the price of cloth will tall to 3 bottleslyd 88284821 90 80 70 60 50 40 30 20 10 England PPF 0 0 10 20 30 40 50 60 cloth 13. According to the above sel of production possibiles and consumption (trade) possibites onders, what will happen to production and relative prices once trade is opened between these two countes? O(x) Production of cloth in Portugal will fall to zero, while the price of wine will fall to % ydb CPF
70,000 Norway 60,000 United States 50,000 Netherlands Denmark • Germany France 40,000 UK Japan. Italy South Korea Spain 30,000- Greece Russla 20,000 Mexico Chile Turkey 10,000- 6,400 6,500 6,600 6,700 6,800 6,900 7,000 7,100 7,200 7,300 7,400 7,500 Average annual hours of free time per worker According to the graph: Select one or more: a. UK workers have more free time than Greek workers. Ob. UK workers have lower GDP per capita than Spanish workers. O c. The relationship between GDP per capita and free time is downward sloping. O d. US workers work longer hours than French workers. GDP per capita (USD PPPS)
QUESTION 22 20 EN 50 PPF 40 30 20 10 50 10 20 cloth 22. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the absolute advantage in wine? Oa) Portugal b) England 70 60 50 40 30 20 10 "T Oc) Both Ⓒd) Nether Ⓒ) Can't tel QUESTION 23 80 70 60 50 England 70 80 50 PPF PP 40 KE 30. 20 10 30 40 50 60 10 30 30 cloth 23. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the absolute advantage in cloth? 40 30 20 10 10 O a) Portugal b) England Oc) Both Ⓒd) Nether Ⓒe) Cannot tell England QUESTION 24 60 50 40 30 20 10 70 KN 50 PPI 40 30 20 10. 50 60 10 cloth cloth 24. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in cloth? O a) Portugal b) England 10 30…
How can you say that a country participates in the global market?
QUESTION 11 Wine 90 80 70 Portugal 60 50 40 30 20 10 0 0 10 20 30 40 50 60 cloth PPF CPF 90 wine 888888888 80 70 60 50+ 40+ 30 20 10 England Click Save and Submit to save and submit. Click Save All Answers to save all answers. PPF 0 0 10 20 30 40 50 60 cloth 11. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what is the relative price (opportunity cost) of wine in England, before trade begins? O (a) 1/2 yard of cloth O (b) 2 man-hours/bottle O (c) 1 yard of cloth O (d) 1/3 yard of cloth O(e) 3 yards of cloth CPF MacBook Air Save All Answe