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