4. In a two-person, two-good economy, the benefits of labor specialization will be larger when A. one person has an absolute advantage in both goods. B. neither person has an absolute advantage. C. the difference in their respective opportunity costs are small for both goods. D. there is a large difference in their opportunity costs. 5. Amr and Badr comprise a two-person economy. Their hourly rates of production are shown below. Good Amr Badr Computers 10 6 Calculators 100 120
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- LEMONADE 500 450 400 Alice's PPF 350 300 250 200 150 100 50 50 100 150 200 250 300 350 400 450 500 PIZZAS LEMONADE 500 450 400 350 300 250 200 150 100 50 Betty's PPF L a. There are no circumstances under which both Alick and Betty can benefit from specialization and trade. b. Alice produces more lemonade and Betty produces more pizzas. O c. Both Alice and Betty produce only pizzas. O d. Alice produces more pizzas and Betty produces more lemonade. B (180, 180) 50 100 150 200 250 300 350 400 450 500 PIZZAS Figure 3-4 Refer to Figure 3-4. If point A represents Alice's current production and point B represents Betty's current production, under what circumstances can both Alice and Betty benefit from specialization and trade?1. The countries France and Italy produce Perfumes and Leather Coats using only labor as an input. AvailableLabor for France and Italy is 3000 and 1000 respectively. Unit of labor per Leather Coat in France is 6 units and inItaly are 2 units. France needs 2 units of labors to produce 1 bottle of Perfume and Italy needs 4 unit of labor. a) Draw the Production Possibility Curve by using relevant information. b) Which country has the comparative advantage in producing Perfume?22. If two persons are trading in two different categories, he would get best output from one and a little less from the other, this process is known as: a. Comparative advantage b. Gains from trade c. Specialization d. Comparative disadvantage
- Consider an economy with just one technique available for the production of each good. Good Labor per unit output Land per unit output Food 1 2 Cloth a. Suppose land is unlimited but labor equals 100. Write and sketch the production possibility frontier. b. Suppose labor is unlimited but land equals 150. Write and sketch the production possibility frontier. c. Suppose labor equals 100 and land equals 150. Write and sketch the production possibility frontier. Hint: What are the intercepts of the production possibility frontier? When is land fully employed? Labor? Both d. Explain why the production possibility frontier of part (c) is concave. e. Sketch the relative price of food as a function of its out put in part (c). f. If consumers insist on trading 4 units of food for 5 units of cloth, what is the relative price of food? Why? g. Explain why production is exactly the same at a price ratio of pr/pc = 1.1 as at pr/pc = 1.9. h. Suppose that capital is also required for producing food…. Diego and Darnell are roommates. They spend mostof their time studying (of course), but they leavesome time for their favorite activities: making pizzaand brewing root beer. Diego takes 4 hours to brewa gallon of root beer and 2 hours to make a pizza.Darnell takes 6 hours to brew a gallon of root beerand 4 hours to make a pizza.a. What is each roommate’s opportunity cost ofmaking a pizza? Who has the absolute advantagein making pizza? Who has the comparativeadvantage in making pizza?b. If Diego and Darnell trade foods with each other,who will trade away pizza in exchange for rootbeer?c. The price of pizza can be expressed in terms ofgallons of root beer. What is the highest price atwhich pizza can be traded that would make bothroommates better off? What is the lowest price?Explain.A country that has advantage in production of a good should in production of this good. a. absolute advantage; not specialize b. comparative advantage; not specialize c. comparative advantage; not get involved in international trade and specialize. d. comparative advantage; specialize e. absolute advantage; specialize
- The diagram shows Peter and Sam's possible outputs per week when they both perform the same jobs. Which of the following is true? TREES TRIMMED 40 10- Sam Peter 40 80 YARDS MOWED O Poter has a comparative advantage in performing both functions. O Peter performs yard-mowing services at a high opportunity cost than Sam O Sam can perform tree-trimming services at a lower opportunity cost than Peter. O Sam had neither an absolute nor a comparative advantage in performing either function O Peter has a comparative advantage in performing both functions.Q82 One region has an absolute advantage over another region in the production of good X when... a. The first region has a larger supply of the raw materials required to produce good X. b. An equal quantity of resources can produce more of good X in the first region than in the second region. c. The opportunity cost of one unit of X is lower in the first region than in the second region. d. The first region has a more productive labour force than the second. e. There is no demand for good X in the second regionUse the table below, which shows two flatmates' productivities on house chores. Productivity per hour 1 load of dishes or 2 loads of laundry Batman Superman 5 loads of dishes or 15 loads of laundry Which of the following is correct? O a. Superman has a comparative advantage in both chores. O b. Batman has an absolute advantage in doing laundry. Batman has a comparative advantage in both chores. Batman has a comparative advantage in doing dishes. O c. O d.
- As the manager at a local florist, you supervise two employees, Anita and Jerome. There are two tasks that need to be completed: floral arrangements and flower delivery. It takes Anita 30 minutes to finish one floral arrangement and it takes her 40 minutes to make one delivery. It takes Jerome 10 minutes to finish one floral arrangement and it takes him 30 minutes to make one delivery. a. What are Anita and Jerome’s opportunity costs of making floral arrangements? What is each of their opportunity costs of making one delivery? b. Who has a comparative advantage in floral arrangements? What about deliveries? c. Suppose, initially, Jerome and Anita each spent 4 hours each day doing floral arrangements and 2 hours each day doing deliveries. If you changed their tasks so that each individual did nothing but the task for which they had a comparative advantage, how many more floral arrangements would your store make, and how many more deliveries?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.01 20 wered For each fancy dress Cafilla produces, it gives up the opportunity to make 50 pounds of cheese. Bodoni can produce one fancy dress for every 100 pounds of cheese it produces. If specialization and trade were to occur between these two countries, which of the following would be consistent with the theory of comparative advantage? O a. Bodoni has the comparative advantage in only dresses. O b. Cafilla has the comparative advantage in only cheese. O c. Cafilla has the comparative advantage in only dresses. O d. Bodoni has the comparative advantage in dresses and cheese. O e. Cafilla has the comparative advantage in dresses and cheese. D AssignmentMain.do?takeAssignmentSession Locator assignment-take,0896c4f4-0518-431a-b10a-1cd73a8289c4# Show -9 bike 2 bike jpg.jpg bike 2.jpg T ▬▬ 6:5 6/12/2 ➡+ prt so R % 5 L G B O Y I & 7 x 8 l J C IAA 00 M 9 K fio ► 11 O ENG S D