Exercise on the Principle of Comparative Advantage The table shows the number of hours of labor it takes to produce one unit of each product in each country. Note that this is a bit different from the exmple in class which showed the quantities that could be produced in one day of work. 1. Which country has an absolute advantage in the production of phones? 2. Which country has an absolute advantage in the production of wheat? 3. What is China's opportunity cost of producing one phone? 4. What is Korea's opportunity cost of producing one phone? 5. What is China's opportunity cost of produxing one bushel of wheat? 6. What is Korea's opportunity cost of producing one bushel of wheat? 7. If each country specializes in the production of the product in which it has a comparative advantage, who should produce phones? Q. If each country specializes in the production of the product in which it has a comparative advintage, who should produce wheat? 9. If each country has a total of 9000 taboe hours to devote to the production of the two goods, draw the prodiction possibilities frontier for each country. Put Phones on the horitontal axis and Whest on the vertical axis. Be sure to identify the intercept values on your graphs.
Answers
Korea produces only phones, it will produce 50 phones) and end at 20 bushels of Wheat and 0 Phones (if Korea produces only wheat, it can produce 40 bushels of wheat). So, the intercept values are: China (0, 50), (30, 0) and Korea (0, 25), (20, 0).
1. China has an absolute advantage in the production of phones. China has a lower labor requirement to produce one unit of a phone than Korea.
2. Korea has an absolute advantage in the production of wheat. Korea has a lower labor requirement to produce one bushel of wheat than China.
3. The opportunity cost of producing one phone in China is 3.33 bushels of wheat (20/6).
4. The opportunity cost of producing one phone in Korea is 2 bushels of wheat (10/5).
5. The opportunity cost of producing one bushel of wheat in China is 0.18 phones (6/20).
6. The opportunity cost of producing one bushel of wheat in Korea is 0.5 phones (5/10).
7. China should produce phones because it has a lower opportunity cost.
8. Korea should produce wheat because it has a lower opportunity cost.
9. See the graph below: On the vertical axis we will plot Wheat production and on the horizontal axis we will plot Phone production. China’s PPF will start from 0 bushels of Wheat and 50 Phones (China’s maximum production level of phones is 150, therefore if China produces only phones, it will produce 150 phones) and end at 30 bushels of Wheat and 0 Phones (if China produces only wheat, it can produce 180 bushels of wheat).Korea’s PPF will start from 0 bushels of Wheat and 25 Phones (Korea’s maximum production level of phones is 50,
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Related Questions
How important is money
Answers
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.
If Sabrina’s Soccer makes three nets, how many balls can the company produce?
a. 2 b. 4
c. 6 d. 8
Answers
The correct answer to this question is none of the options provided (a, b, c, or d) because it is impossible to determine the number of balls Sabrina's Soccer can produce based solely on the information provided.
The fact that the company makes three nets does not directly correlate to the number of balls that can be produced. The number of balls that can be produced would depend on several factors such as the resources available, the production capacity, and the demand for the product.
To calculate the number of balls that can be produced, we would need to know more details about the company's manufacturing process, the time required to produce each ball, and the resources at their disposal. Additionally, the company's sales projections and market demand would also play a crucial role in determining the number of balls to produce. Gather more information and conduct a thorough analysis to arrive at a reasonable estimate of the company's production capacity.
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Answer:
it would be four balls
Explanation:
Peter is planning his finances for the next couple of years. He wants to save money to eventually buy a house because he will be getting married
soon. He has created a savings plan revolving around his necessary expenses, and he has set a target of three years to save up a down payment
for a house. At which phase of the financial life cycle is Peter in?
Peter is in the________
phase of the financial life cycle.
Fill in the blank
Answers
Answer:
Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer
Explanation:
Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer
Select the TWO False statements about Requirements to Obtain Funding.
Answers
Aurora township is asking all of its citizens to chip in and donate money to build a new library. tommy thinks he already pays enough money in taxes, so he chooses not to donate. he knows that even if he does not contribute he will be able to use the library once it is built. This is an example of:
a. Adserve selection
b. The free rider problem
c. Asymmetric information
d. Tragedy of the commons
e. Moral hazard
Answers
Since Tommy knows that even if he does not contribute he will be able to use the library once it is built, this is an example of: B. The free rider problem.
What is the free rider problem?In Economics, the free rider problem can be defined as a type of market failure and burden that typically occurs when people who benefit from public goods (products) or shared resources refuse to pay for them or financially contribute to their development.
This ultimately implies that, a free rider problem simply refers to a type of problem that typically exists or arises when people who cannot be excluded from using a good (product) choose not to pay for it.
In this context, we can reasonably infer and logically deduce that the refusal of Tommy to donate money to build a new library because he knows he would be able to use it once it is built, is an example of the free rider problem.
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I immediately need help with this please help me someone please solve it for me it’s pretty urgent if u write unnecessary things I’ll report so pleasee
Answers
Hello there ☺️,
Please check the attached image of the answer.
By Benjemin ☺️
Workplace diversity describes differences among workers in any of the following areas:
attitude
education
ethnicity
industry
Answers
Answer:
industry because here based the all the business in whole world
What percentage of your gross salary does the consumer financial protection bureau.
Answers
Answer:
16% of total income
Hope it helps!
Answer:
16% of total income in month
Explain disadvantages of glass in window glazing( 100
to 150 words)
2) suggest polymer than can be used to replce glass in window
glazing and explain the product properties
Answers
Disadvantages of glass in window glazing: Glass can have a few disadvantages in window glazing. One of the main disadvantages of glass is that it is fragile and can break easily, leading to safety issues, particularly in public areas where large windows are involved.
Glass also has a high thermal conductivity, which can cause heat loss in buildings, increasing heating costs. It is also less effective than other types of glazing in insulating sound and is less impact resistant than some other materials.Polymer that can replace glass in window glazing: Poly car bonate is a polymer that can be used to replace glass in window glazing. Poly car bonate is a lightweight, shatterproof plastic that is virtually unbreakable, making it a much safer alternative to glass.
It is also a good insulator, which means it can help reduce heat loss and lower energy costs. Poly car bonate is also much more effective than glass in sound insulation, making it a popular choice for noise control in buildings. Lastly, it is impact resistant and can withstand a wide range of temperatures, making it an excellent choice for use in harsh environments.
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The ideal metallurgical bond, for which there would be no noticeable or detectable interface, would require?
Answers
The ideal metallurgical bond, for which there would be no noticeable or detectable interface, would require:
(a) Perfectly smooth, flat, or matching surfaces.
(b) Surfaces that are clean and free from oxides, absorbed gases, grease, and other contaminants.
(c) Metals with no internal impurities.
(d)The joining of single crystals with identical crystallographic structure and orientation.
What is a metallurgical bond?
Also referred to as a metallic bond, a metallurgical bond is the primary bond that holds metal together. This bond is formed during welding processes between base and filler metals.
Metallurgical bonding is the result of chemical bonding that occurs between a substrate and coating areas that are in close contact or diffused evenly. This process can be augmented by heat treatments, mainly post-spraying dispersion.
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Activity What impact has social media had on your recent movie or play viewing experiences? Have you seen or not seen a film or play because of something you read or saw on social media? Give at least two examples.
Answers
The impact that social media has had on my recent movie or play viewing experience is that the advancement in social media ads, it has strongly informed my choice of which movies to watch or not.
What is the impact of social media on Movies Generally?Film has the potential to reach a large number of people, to inform and inspire change by engaging audiences and reflecting society. Social film drama brings people together in a shared sense of humanity and responsibility, giving it additional power to help foster positive change.
Social media allows filmmakers to build excitement for new releases like never before. Teaser trailers, behind-the-scenes looks, and media images that audiences can interact with can help build a following long before the release date.
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Difference between assets and liabilities.
Answers
Answer:
see below
Explanation:
Assets are the things a person or a company owns. They are items precious to a business or an individual. Assets are things that can be assigned a monetary value. They are in the form of cash, properties, money market securities, machinery, plants and equipment, intellectual property rights, and many others.
Liabilities are money a business or person owes others. They are loans, debts, and obligations that need to be paid. Common liabilities include bank loans, unpaid utilities, and creditors such as suppliers.
What, if anything, can advertising sales tell us about the state of various types of media? Advertising sales cannot tell us anything useful about the state of various types of media. Advertising sales can tell us many things about various types of media, but it depends entirely on the type of ads sold. Advertising sales can tell us how well a type of media is doing—if ad sales are high, then the media is doing well. Advertising sales can tell us about who is buying the media—if ad sales are low, then people are not buying the media for the ads.
Answers
Answer:
The thing advertising sales can tell us about the state of various types of media is:
Advertising sales can tell us how well a type of media is doing—if ad sales are high, then the media is doing well.
Explanation:
Advertising sales (or ad sales) are the sales of media spaces for advertising purposes. Organizations create awareness of their products and services by buying media spaces. The proceeds from an advertising business are known as Advertising Sales. The business is usually conducted by Advertising agencies and representatives of media houses.
What are some ways to use a range name in a formula? Check all that apply.
Answer:In the Defined Names group, click Use in Formula, and then select the desired name.
Begin typing the name in the formula, select a name from the AutoComplete list, and use the arrow keys and Tab key to enter the name in the formula.
Answers
Answer:
A
Explanation:
Define store records
Answers
Answer:
this is an important document that helps an organisation to determine the rate of use of raw materials
which word best describes the writing process in business writing ?
Answers
Answer: Brainstorm Pre-write. Write rough draft. Peer-review. Revise ideas. Edit Publish Establish constructive purposes for student writing. Find real audiences, beyond the teacher, for students' writing
The journal entry a company uses to record accrued vacation privileges for its employees at the end of the year is:.
Answers
The record of accrued vacation privileges in Journal entry will includes a Debit of Cash& Interest Expense and Credit of Notes Payable
What is a Journal entry?The Journal entry helps to record all basic financial transaction.
In conclusion, the record of accrued vacation privileges in Journal entry will includes a Debit of Cash& Interest Expense and Credit of Notes Payable
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why might it be difficult to measure success using market share?
Answers
Answer: Certified answer
Explanation: Measuring success using market share may be difficult for several reasons. One reason is that market share does not take into account the profitability of a business. A company may have a high market share but still have low profitability due to high costs or low margins. On the other hand, a company with a low market share may be highly profitable due to low costs and high margins.
Another reason why market share may not be a reliable measure of success is that it does not consider the size of the market itself. A company may have a high market share in a small market but still have lower revenues and profits than a company with a smaller market share in a larger market.
Moreover, market share may not account for other important factors such as customer satisfaction, brand reputation, and innovation. A company with a high market share may be losing customers due to poor customer service or a negative brand reputation, which could lead to a decline in future sales.
Finally, market share can be affected by external factors such as changes in the market or economic conditions, which can make it difficult to maintain or increase market share even if a company is performing well in other areas.
Therefore, while market share can be a useful indicator of a company's competitive position, it should not be the only measure used to assess success.
Answer:
Measuring success using market share can be difficult for several reasons:
Market growth: Even if a company's market share remains the same or increases, it does not necessarily mean the company is successful. This is because the overall market might be growing, and other companies may be gaining market share at a faster rate. So, even though a company's market share might increase, its actual sales and revenue might be decreasing.
Market saturation: In mature markets, it may be challenging for a company to increase its market share significantly. This is because the market is already saturated, and there is limited room for growth. In this case, measuring success based solely on market share may not be an accurate representation of a company's success.
Fragmented markets: In fragmented markets with many small competitors, market share might not be an accurate measure of success. This is because a company's market share might be small, but it could still be profitable and successful.
Different market segments: A company might have a large market share in one segment of the market but be relatively insignificant in another segment. In this case, measuring success based on overall market share might not provide an accurate picture of the company's success in specific segments.
Price competition: A company might increase its market share by lowering prices, but this strategy might not be sustainable in the long term. In this case, measuring success based on market share might not be an accurate reflection of the company's profitability or overall success.
Therefore, while market share is an essential metric for companies, it should not be the sole measure of success. Other factors such as profitability, customer satisfaction, and brand reputation should also be taken into account when measuring success.
why is training important
Answers
These reasons include:-
Increased job satisfaction and morale among employees.Increased employee motivation.Increased efficiencies in processes, resulting in financial gain.Increased capacity to adopt new technologies and methods.Increased innovation in strategies and products.Reduced employee turnover.Explain why you might not want to have passive income as your only source of income.
Answers
Answer:
Passive income is dependent on the actions of others, and you have little influence over the amount of money you earn. Without doing anything different, the money you receive from it might be extremely excellent or very awful. If, for example, you are a novelist and your book is panned, you may not be able to make a living from it. If people like it, on the other hand, you may make a lot of money.
____________OAmalOHopeO
______________
Answer:
Passive income relies on what others do and you dont really have control over the amount of money you make
An electronics store sells specialty headphones for $100. They usually sell 5
pairs per day and purchase 150 pairs from their suppliers per month.
According to the law of supply, which outcome would be most likely if the
store could sell the headphones for $120 without losing customers?
A. The store would purchase 175 pairs per month,
B. The store would sell 3 pairs per day.
C. The store would sell 7 pairs per day,
D. The store would purchase 100 pairs per month.
Answers
D. The store would purchase 100 pairs per month
As the electronics store sells specialty headphones for $100. They usually sell 5 pairs per day and purchase 150 pairs from their suppliers per month. According to the law of supply, if the store could sell the headphones for $120 without losing customers then it would have to sell 7 pairs per day.
What is Law of supply?
Law of supply is a fundamental principal of Economic theories. It states that keeping all the other factors at constant, an increase in the the price of the product results in the increased supply of that product.
What is the Formula of Law of Supply?Qs = x + yP
Where:
n Qs = the quantity supplied
n X = quantity
n P = price
n Y = variable
Hence option C is the correct answer.
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Explain why unions have declined in power in the last few decades.
Answers
Answer: See explanation
Explanation:
There are a number of reasons for the reduction in the power of unions in the last few decades.
One reason attributed to this is due to the shift in the composition of the economy of the United States. Nowadays, there are more people whom work in the service industries, and these sector usually have lower unionization rate.
Also, there is a reduction in the number of unions in the ndustrial sector. Some states have a right to work laws in place which has also led to reduction in the power of the unions.
Lastly, thecemployer reactions are also a contributory factor as they're more aggressive so as to keep unions from their companies.
The main purpose of all criticism is to _______.
a. encourage growth and improvement
b. discourage growth and improvement
c. showcase growth and improvement
d. downplay growth and improvement
Answers
Answer: I believe it is a.
Explanation:
Criticism is supposed to encourage growth and improvement because it is showing you what you did wrong so that you can correct your mistakes. Out of that comes the growth.
The main purpose of all criticism is to encourage growth and improvement. Thus, the correct answer is option A.
What is criticism?Criticism is the act of criticizing usually unfavorably. It is the art of evaluating or analyzing works of art or literature. It is an the expression of disapproval of someone or something based on perceived faults or mistakes.
Criticism provides us with a fresh perspective and alerts us to things we may have overlooked or never considered. Whether it's a peer review or a performance evaluation, constructive criticism and feedback can help you grow by shedding light and providing opportunities for improvement.
Criticism is especially useful at work because it demonstrates that your bosses and coworkers care about you and want you to succeed.
Therefore, criticism encourages growth and improvement.
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Which of these is the correct formula to calculate labor cost?
Answers
Answer: labor cost = hourly wage × total work hours
Explanation:
The labor cost refers to the the wage that's paid to an employee and thus can include the employee benefits as well.
With regards to the question, the labor cost will be the hourly wage multiplied by the total work hours. For example of the hourly wage is $15 and the total work hours is 20. Then the labor cost will be 20 × $15 = $300.
How can the geographic location of data centers be beneficial for a company that is concerned about sustainability?.
Answers
The geographic location of data centers be beneficial for a company that is concerned about sustainability in the following ways:
by permitting the use of locally produced renewable energy sources like wind or solar power. by locating data centers in faraway locations to reduce the impact of their emissions. by spreading out the world's energy consumption among many different locations.What role do data centers have in climate change?The International Energy Agency estimates that data centers use about 200 terawatt-hours (TWh), or close to 1% of the world's electrical demand, and produce 0.3% of the world's CO2 emissions.What is sustainability in data centers?Using energy-saving technologies, a green data center, also known as a sustainable data center, is a service facility. They make use of more recent, more efficient technology, do not have antiquated systems (such idle or underutilized servers), and do not contain such systems.To learn more about data center visit:
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michelle works in retail and cant decide what products to include in the stores front window display what is the first step she should take to solve this problem
Answers
Michelle works in retail and can't decide what products to include in the store's front window display. What is the first step she should take to solve this problem?
A. List the options.
B. Evaluate the decision/choice.
C. State the problem.
D. Determine the pros and cons.
Answer:
C. State the problem.
Explanation:
To start with, Michelle must remember why he wants to put the product on the front window display. Next, he has to remember what he gains from displaying the products which are to advertise to potential customers.By stating this problem, Michelle now knows what products to include in the front window display because he can now sort the products that are likely to attract customers and display them.1. Name an automobile model that is positioned to satisfy customers' need for high quality
and status. Then name an automobile model that is positioned to satisfy a need for
inexpensive transportation. Describe the type of consumer who would buy each of the
brands you name. Explain how the automakers of the models you have chosen use
product features, branding, and positioning to make their products "stand out" from
others and differentiate them in the marketplace.
Answers
Answer:
1. An automobile model that is positioned to satisfy customers' need for high quality and status is the Mercedes-Benz S-Class.
2. An automobile model that is positioned to satisfy a need for inexpensive transportation is the Nissan Versa.
3. The consumer who would buy this brand is typically someone who is budget-conscious, looking for a reliable mode of transportation and prioritizes fuel efficiency.
4. Mercedes-Benz emphasizes the luxury and high-performance aspects of its vehicles, using sleek and stylish design, advanced technology features, and premium materials in its marketing campaigns. They position themselves as a symbol of status and luxury, appealing to those who want the best in terms of quality and performance.
Nissan, on the other hand, emphasizes the affordability and practicality of their vehicles, positioning themselves as a practical choice for those who are budget-conscious and value fuel efficiency. They use marketing campaigns that focus on the practical features of their vehicles, such as their low cost of ownership and fuel efficiency, as well as emphasizing their reliability and safety features.
Explanation:
Mercedes-Benz and Nissan use different product features, branding, and positioning strategies to appeal to different segments of the market. Mercedes-Benz appeals to those who value luxury and status, while Nissan appeals to those who value affordability and practicality. By using different strategies to differentiate themselves in the marketplace, they are able to capture the attention of different consumer segments and stand out in a crowded automotive market.
Mandatory government spending includes which of the following?
a. Infrastructure and science
b. Social Security and Medicare
c. Healthcare and military
d. Education and agriculture
Answers
Social Security and Medicare is the Mandatory government spending. Hence, option B is correct.
What does government spending include?The federal government spends money on many different things, including Social Security and Medicare as well as military hardware, upkeep of the country's roadways, construction development, research, and education. These expenses can be divided into two groups: necessary and discretionary.
Examples of obligatory spending include contributions to entitlement systems like Social Security and Medicare as well as required interest payments on the national debt. Nearly two thirds of all federal spending is accounted for through mandatory spending.
Thus, option B is correct.
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"How do you access the Expression Builder to add a calculated field to a report? in the Report Wizard in the Format tab through Control Source in the Property Sheet through the Group & Sort function in Design tab through the Design View dialog box under Controls
Answers
B through control source in the property sheet
Answer: absnaja
Explanation: ekaksjen
what does ""rolling the outstanding balance into a new loan"" mean?
Answers
When rolling the outstanding balance into a new loan, it implies that a borrower who has an unpaid balance on a current loan seeks to apply for a new loan and moves that balance to a new loan.
What is rolling the outstanding balance into a new loan?
Rolling the outstanding balance into a new loan is the process of moving an unpaid balance from an existing loan to a new loan with new terms and conditions.
Refinancing is the most common method of rolling the outstanding balance into a new loan, and it involves obtaining a new loan with lower interest rates and better repayment terms than the previous one.
The amount left on a current loan is added to a new loan as a new principal, and the borrower starts repaying it as part of the new loan. Consolidating several debts into a single, more affordable payment, this strategy assists borrowers in managing their debts more effectively.
In summary, rolling the outstanding balance into a new loan refers to the transfer of a borrower's remaining debt from a previous loan to a new one, typically in the form of refinancing, which comes with more favorable terms and a lower interest rate.
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