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Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states:
Nebraska VirginiaWheat 9 5Corn 7 2
A)Who has the absolute advantage in the production of wheat?
Who has the absolute advantage in the production of corn?
Who has the comparative advantage in the production of wheat?
Who has the comparative advantage in the production of corn?
B) Suppose the two states decide that they want to produce 590 units of wheat together (not 590 units of wheat each). What is the maximum amount of corn that they could produce?
C) Draw the graph of the PPC for each state, and then draw the graph for the PPC of the two states combined. On each graph, put the quantity of wheat on the vertical axis, and the quantity of corn on the horizontal axis. Be sure to label your graph carefully to receive full credit!
Suppose the above government is producing $600 of real GDP, whereas the potential real GDP (or full-employment real GDP) is $700. How large is its budget deficit Its cyclically adjusted budget deficit
Workers in Wet Seal and Forever 21 stores are considering forming unions in each store. The potential unions have information on labor demand. For Wet Seal, when the wage rises from $8 to $10, Wet Seal will reduce labor demand from 800 to 700.
(Advanced Analysis) Assume that the consumption schedule for a private open economy is such that consumption is as follows: C = 50 + 0.9 Y Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and const..
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Suppose worker productivity increased at the rate of 1.9% per year. If the labor force grew by 1.5% per year, what rate of increase in RGDP would be sustainable without increasing inflation pressures
The mayor considers engaging in direct quantity regulation (also called "command- and-control") and declares that each firm must engage in 42.5 units of pollution abate- ment. If the plants are controlled by the same firm, would it be socially optima..
competitive brand of cornfl akes, in dollars per 10- ounce box P M = price of milk, in dollars per quart A = advertising expenditures of CFC cornfl akes, in hundreds of thousands of dollars per year This year, P X = $ 2, I = $ 4, P Y = $ 2.50, P M..
Night Timers chief engineer anticipates that the product will be sold in ten-foot rolls. At present, the company's maximum production capacity is 140,000 rolls per year. The engineer believes the cost function to b be described by C= $50,000 + 0.2..
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