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