Question : Figure 2-13 Figure 2-13 shows the production possibilities frontiers for Tahiti : 1387324

 

Figure 2-13

 

 

Figure 2-13 shows the production possibilities frontiers for Tahiti and Bora Bora. Each country produces two goods, milk and honey.

 

 

27) Refer to Figure 2-13.  What is the opportunity cost of producing one gallon of honey in Bora Bora?

A) 2/3 gallon of milk

B) 0.9 gallon of milk

C) 1 1/3 gallons of milk

D) 1.5 gallons of milk

 

 

28) Refer to Figure 2-13.  Which country has a comparative advantage in the production of milk?

A) Bora Bora

B) They have equal productive abilities.

C) Tahiti

D) neither country

 

29) Refer to Figure 2-13.  Which country has a comparative advantage in the production of honey?

A) Bora Bora

B) They have equal productive abilities.

C) Tahiti

D) neither country

 

 

30) Refer to Figure 2-13.  If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of milk?

A) Bora Bora

B) They have the same advantage.

C) Tahiti

D) cannot be determined

 

 

31) Which of the following statements is true?

A) Individuals who have never been the best at doing anything cannot have a comparative advantage in producing any product.

B) Individuals who have never been the best at doing anything can still have a comparative advantage in producing some product.

C) Individuals who have never been the best at doing anything perform all tasks at a higher opportunity cost than others.

D) Individuals who have never been the best at doing anything must have an absolute advantage in at least ones task.

 

Table 2-11

 

 

One Digital Camera

Wheat (per pound)

China

100 hours

4 hours

South Korea

60 hours

3 hours

 

Table 2-11 shows the number of labor hours required to produce a digital camera and a pound of wheat in China and South Korea.

 

32) Refer to Table 2-11.  Does either China or South Korea have an absolute advantage and if so, in what product?

A) South Korea has an absolute advantage in wheat.

B) China has an absolute advantage in wheat.

C) South Korea has an absolute advantage in both products.

D) China has an absolute advantage in digital cameras.

 

 

33) Refer to Table 2-11.  What is China’s opportunity cost of producing one digital camera?

A) 0.04 pounds of wheat

B) 4 pounds of wheat

C) 25 pounds of wheat

D) 40 pounds of wheat

 

 

34) Refer to Table 2-11. What is South Korea’s opportunity cost of producing one digital camera?

A) 0.05 pounds of wheat

B) 20 pounds of wheat

C) 25 pounds of wheat

D) 60 pounds of wheat

 

35) Refer to Table 2-11.  What is China’s opportunity cost of producing one pound of wheat?

A) 0.04 units of a digital camera

B) 4 digital cameras

C) 25 digital cameras

D) 40 digital cameras

 

 

36) Refer to Table 2-11.  What is South Korea’s opportunity cost of producing one pound of wheat?

A) 60 digital cameras

B) 20 digital cameras

C) 5 digital cameras

D) 0.05 units of a digital camera

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more