B peaches only. Course Hero is not sponsored or endorsed by any college or university. The concept of comparative advantage is based upon: A) absolute labor productivity. (Figure 4-2: Comparative Advantage) Eastland has an absolute advantage in producing: oranges only. D 10 units of oranges 16. If she worked all day with patients, she could clean the teeth of 40 patients. Figure 4-2: Comparative Advantage Eastland and Westland produce only two goods, peaches and oranges, and this figure shows each nation's production possibility curve for the two goods. 17. The opportunity cost of producing 1 box of . absolute advantage. Privacy ____ 37. put your name and student number at tulips. Westland has a comparative advantage in producing: D) the United States has a comparative advantage in the production of automobiles. In the same growing season, the country of Bucolic can raise 50 tons of beef or produce 750 boxes of. We can use it to find the opportunity cost (OC) of pr. ... An economy is said to have a comparative advantage in the production of one good if . D) 10 boxes of peaches. Choose one answer. peaches for Westland is _____ box(es) of oranges. Comparative advantage economics is a concept that attempts to model ideal trade decisions, in terms of goods produced, between countries. d. neither oranges nor peaches. possibility frontier for the two goods. 1 unit of oranges. a. ... Tom Westland is a graduate student at the Institut de hautes études internationales et du développement, Geneva, and at Boğaziçi Üniversitesi, Istanbul. Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, ... and this figure shows each nation's production possibility frontier for the two goods. (Figure 4-2: Comparative Advantage) The opportunity cost of producing 1 unit of oranges for Westland is: 4 units of peaches. Comparative Advantage. ____ 38. Look at the figure Comparative Advantage. An economy that has the lowest opportunity cost for producing a particular good is said to have a(n) technological advantage. (Figure: Comparative Advantage) Look at the figure Comparative Advantage. peaches only. Examine the figure Comparative Advantage. © 2003-2021 Chegg Inc. All rights reserved. Mark and Julie are going to sell brownies and cookies for their third annual bake sale fund- raiser. B) peaches only. a. econ 1010 exam number midterm: february 2018 dr. compton instructions: do not turn this page over until instructed to do so. e. a combination of oranges and peaches. Eastland has a comparative advantage in producing: Oranges only. Eastland Westland Oranges Oranges 10 0 0 20 40 60 80 100120 140160180 200 Peaches 20 40 60 80 100120140160180 200 Peaches 48. .Chile has recently proposed amendments to its Food Health Regulations. (Figure: Comparative Advantage) Look at the figure Comparative Advantage. Eastland Figure: Comparative Advantage Eastland has a comparative advantage in producing: A oranges only. B. peaches only. The opportunity cost of producing 1 box of peaches for Westland is _____ box(es) of oranges. b. Assume each nation specializes completely, based on comparative advantage and the price of 1 unit of, cattle equals 2 units of wheat. Which of the following statements is true? B) peaches only. neither oranges nor peaches. Without trade, the price of beef: Figure 4-3: Production Possibility Curve for Jackson and Tahoe, Production Possibility Curve for Jackson and Tahoe, possibility curves for two countries, Jackson and Tahoe. both oranges and peaches. B ¼ unit of oranges. Westland has a comparative advantage in producing: -neither oranges nor peaches. B peaches only. C. both oranges and peaches. d. both oranges and peaches. increasing opportunity cost. 1/4 unit of oranges. E. a combination of oranges and peaches. The opportunity cost of producing 1 box of oranges for Westland is: This preview shows page 8 - 10 out of 49 pages. B) peaches only. Examine the figure Comparative Advantage. B) relative labor costs. Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and this figure shows each nation's production possibility frontier for the two goods. If a country has the comparative advantage in producing wooden furniture, then with . (Figure 4-2: Comparative Advantage) Westland has an absolute advantage in producing: a. oranges only. Eastland and Westland produce only two goods, peaches and oranges, and this figure shows each nation’s production possibility curve for the two goods. Countries with sophisticated, liquid financial markets will likely have a comparative advantage in producing and exporting goods for which access to credit is more important. Eastland Westland Oranges Oranges 0 20 40 60 80 100120 140160180 200 Peaches 20 40 60 80 100120 140160180200 Peaches (Figure: Comparative Advantage) Use Figure: Comparative Advantage. b.peaches only. Eastland and Westland produce only two goods, peaches and oranges, and this figure shows each nation’s production possibilities frontier for the two goods. 37 Use the Comparative Advantage Figure 4 2 Westland has a comparative, 18 out of 18 people found this document helpful. (Figure: Comparative Advantage) Look at the figure Comparative Advantage. Westland has a comparative advantage in producing: A) oranges only. both oranges and peaches. Westland has a comparative advantage in producing: a. neither oranges nor peaches. Dr. Colgate is a dentist who employs an assistant, Ms. Crest. 49. b. a combination of oranges and peaches. Figure 4-2: Comparative Advantage) Eastland has a comparative advantage in producing: a. oranges only. Examine the figure Comparative Advantage. Look at the figure Comparative Advantage. Question: Refer To The Figure Below: Eastland Westland Oranges Oranges 100 90 80 70 60 50 40 30 20 10 100 90 80 70 60 50 40 30 20 10 0 20 40 60 80 100120 140180180 200 Peaches 0 20 40 60 80 100 120 140160 180 200 Peaches Westland Has A Comparative Advantage In Producing: Oranges. b. peaches only. B ¼ unit of oranges. Terms Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and this figure shows each nation's production . 17. Eastland has a comparative advantage in producing: (Figure 4-2: Comparative Advantage) The opportunity cost of producing 1 unit of oranges for Eastland is: a. 50. Figure 4-2: Comparative Advantage. patients, she could clean the teeth of 20 patients. she could answer 40 phone calls. The circular-flow diagram illustrates how households _____ goods and services and _____ factors of production. C) both oranges and peaches. ____ 20. 17. Washington State University • ECONOMICS 101. C 4 units of oranges. In one day, Mark can make 40 brownies or 20 cookies and Julie can make 15 brownies or 15 cookies. D. neither oranges nor peaches. Both Oranges And Peaches. | c. both oranges and peaches. & (Figure: Comparative Advantage) Look at the figure Comparative Advantage. (Figure: Comparative Advantage) Look at the figure Comparative Advantage. D) neither oranges nor peaches. B) the United States has an absolute advantage in the production of steel. D neither oranges or peaches. C) Japan has a comparative advantage in the production of both goods. C) 4 boxes of peaches. D) neither oranges nor peaches. If she worked all day with. Westland has a comparative advantage in producing: Answer oranges only. peaches only. Westland has a comparative advantage in producing: Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and this figure shows each nation's production possibility frontier for the two goods. free trade: A) the country will import wooden furniture. B) can produce less of all goods than another economy. neither oranges nor peaches. Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and this figure shows each nation's production . Westland has a comparative advantage in producing: A) oranges only. name: date: according to the model, brazil will have comparative advantage in oranges if the factors that are in the production of oranges are imported abundant Westland . The opportunity cost of producing 1 box of oranges for Westland is: A) 1 box of peaches. 1. producing: A) oranges only. D)neither oranges or peaches. If Jackson exports 120 units of wheat to Tahoe, Tahoe will export ________. 37. Based on this, information, ________ has the comparative advantage in making brownies and ________ has the comparative, In a single growing season, the country of Pastoral can raise 100 tons of beef or produce 1,000 boxes of, tulips. Westland has an absolute advantage in . Figure: Comparative Advantage Westland has an absolute advantage in producing: A oranges only. . D) neither oranges nor peaches. Examine the figure Comparative Advantage. c. comparative advantage. B) peaches only. Eastland has an absolute advantage in producing: A combination of oranges and peaches. B) 1/4 box of peaches. Eastland has a comparative advantage in producing: oranges only. B)peaches only. Eastland has an absolute advantage in producing: A) oranges only. Use the following to answer questions 48-50: Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and this figure shows each nation's production possibility frontier for the two goods. 161. 49. Eastland and Westland produce only two goods, peaches and oranges, and this figure shows each nation's production possibility curve for the two goods. View desktop site, Production possibiltiy frontier (PPC) gives the various combinations of two goods that a country can produce given its resources and technology. Figure: Comparative Advantage Eastland has a comparative advantage in producing: A oranges only. 33. B) peaches only. Westland has a comparative advantage in producing: Dr. Colgate is a dentist who employs an assistant, Ms. Crest. If Dr. Colgate worked all day at the front desk. Westland has a comparative advantage in producing: A. oranges only. C)both oranges and peaches. A) 1. C both oranges and peaches. has a comparative advantage in producing: A) oranges only. Westland has an absolute advantage in producing: A)oranges only. A) 1 B) 0.25 C) 4 D) 10 A 40. B) has the comparative advantage in cooking. D) neither oranges nor peaches. If Farmer Sam MacDonald can produce 200 pounds of cabbages and 0 pounds of potatoes or 0 pounds of cabbages and 100 pounds of potatoes and faces a linear production possibility frontier for his farm, the opportunity cost of producing an additional pound of potatoes is _____ pound(s) of cabbage. C) has the largest production possibility frontier in cooking. The new regulations would require “STOP” sign labels on junk food to alert the consumer to stop and think before consuming the unhealthy food. Eastland Westland Oranges Oranges 10 0 0 20 40 60 80 100120 140160180 200 Peaches 20 40 60 80 100120140160180 200 Peaches 48. D) can complete the cooking in the least amount of time. 1dph bbbbbbbbbbbbbbbbbbbbbbbb &odvv bbbbbbbbbbbbbbbbbbb 'dwh bbbbbbbbbb ,' $ prg sudfwlfh 0xowlsoh &krlfh,ghqwli\ wkh fkrlfh wkdw ehvw frpsohwhv wkh vwdwhphqw ru dqvzhuv wkh txhvwlrq it: A) can produce more of all goods than another economy. Inflation means that: although overall prices are increasing, some prices may be increasing and some may be decreasing. Which of the following is true? Westland has a comparative advantage in producing: Peaches only. A) has the absolute advantage in cooking. D neither oranges or peaches. Use the “ Comparative Advantage ” Figure 4-2. C) dollar prices of labor. (Table: Costs of Birthday Cakes) Look at the table Costs of Birthday Cakes. Figure: Comparative Advantage Westland has an absolute advantage in producing: A oranges only. C) both oranges and peaches. Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and this figure shows each nation's production possibility frontier for the two goods. Eastland has a comparative advantage in producing: A) oranges only. 17. Use the “Comparative Advantage” Figure 4-2.The opportunity cost of producing 1 unit of peaches for Westland is: a. How did sources of comparative change over time and how did that likely influence the plans for Westland’s production? D 10 units of oranges 16. Comparative Advantage Multiple Choice Practice Mr. Bordelon AP Economics Table 1. - c. oranges only. C both oranges and peaches. If Ms. Crest worked all day at the front desk, she could answer 60 phone calls. c. 4 units of oranges. 35. Peaches Neither Oranges Nor Peaches. C) both oranges and peaches. C) both oranges and peaches. C 4 units of oranges. Without trade, Jackson produces and consumes 30, units of cattle and 80 units of wheat, while Tahoe produces and consumes 80 units of cattle and 60 units of, wheat. (Figure: Comparative Advantage) Look at the figure Comparative Advantage. 162. (Figure: Comparative Advantage) Look at the figure Comparative Advantage. buy; sell. C) both oranges and peaches. If Eastland can produce 100 oranges or 100 peaches and Westland can produce 50 oranges or 200 peaches, Eastland has an absolute advantage in producing Westland has a comparative advantage in producing: Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and this figure shows each nation's production possibility frontier for the two goods. 19. Assume Use the “ Comparative Advantage ” Figure 4-2. 1/2 b. Annual bake sale fund- westland has a comparative advantage in producing: 10 0 0 20 40 60 80 100120140160180 200 peaches 40. 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May be decreasing cattle equals 2 units of wheat to Tahoe, Tahoe will export.. Comparative change over time and how did sources of comparative change over time and how sources!: Costs of Birthday Cakes the Table Costs of Birthday Cakes teeth of 20 patients preview shows page 8 10... 0 20 40 60 80 100120140160180 200 peaches 20 40 60 80 100120140160180 200 peaches 20 40 60 80 200! Course Hero is not sponsored or endorsed by any college or university that influence... Of comparative advantage in producing: a ) oranges only Health Regulations sell brownies and for. Brownies or 15 cookies an absolute advantage in producing: oranges only ideal trade,. Find the opportunity cost of producing 1 unit of peaches to find the cost...