What is the opportunity cost of teapot in arcadia

Assignment Help Other Subject
Reference no: EM13797015

Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces only teapots, it can make 80 per day. If Arcadia produces only surfboards, it can make 30 per day. What is the opportunity cost of 1 teapot in Arcadia?

A. 3/8 of a surfboard

B. 8/3 surfboards

C. 30 surfboards

D. 80 surfboards

As a whole, nations are better off after trade and specialization because __________ .

A. nations can consume along their consumption possibilities curve, which is outside of their production possibilities curve

B. nations can consume along their consumption possibilities curve, which is inside of their production possibilities curve

C. nations can consume along their production possibilities curve, which is outside of their consumption possibilities curve

D. nations experience an inward shift of their production possibilities curve Suppose there are only two nations, Atlantis and Pacifica, and only two goods, surfboards and kayaks. If Atlantis produces only surfboards, it can make 50 per day. If Atlantis produces only kayaks, it can make 75 per day. If Pacifica produces only surfboards, it can make 75 per day. If Pacifica produces only kayaks, it can make 75 per day. After trade begins, __________ will specialize in the production of surfboards and __________ will specialize in the production of kayaks.

A. Atlantis; Atlantis

B. Pacifica; Pacifica

C. Atlantis; Pacifica

D. Pacifica; Atlantis

Which of the following statements is true?

A. Free trade will benefit all workers in a nation equally.

B. As a result of specialization some workers will be displaced and harmed in the short run by free trade.

C. Free trade leads to lower wages for all workers in both nations.

D. Specialization will result in a decline in an industry, and none of those workers will be able to find other jobs. Suppose Panama produces only two goods, bananas and hats. If Panama has a comparative advantage in bananas, a move toward free trade will __________ .

A. harm hat workers, benefit banana workers, but benefit the nation as a whole

B. harm hat workers, harm banana workers, but benefit the nation as a whole

C. benefit hat workers, harm banana workers, but harm the nation as a whole

D. benefit hat workers, harm banana workers, but benefit the nation as a whole An import ban results in __________ .

A. a decrease in the supply of the product

B. an increase in the product's price

C. a decrease in the quantity of the product bought and sold

D. all of the above

Import bans, import quotas, voluntary export restraints, and tariffs on goods all _______________.

a. Increase equilibrium quantity and prices b.decrease equilibrium quantity and prices c. Increase equilibrium quantities but decrease prices

d. decrease equilibrium quantities but increase prices

Reference no: EM13797015

Questions Cloud

Aviation, auto racing and the military related health care : How teams are used in other industries, such as aviation, auto racing, and the military
Market structure and real-world competition : How does innovation and technology impact the cost of production, market structure and real-world competition? Use a specific example.
Presentation on water - an overlooked essential nutrient : The title of your presentation is "Water: An Overlooked Essential Nutrient." A law firm has requested that you introduce yourself, explain why you are at the firm, and discuss the value of hydration
How the internet can facilitate project communication : Discuss how the Internet can facilitate project communications, Discuss at least 10 common features of project management information systems.
What is the opportunity cost of teapot in arcadia : Increase equilibrium quantity and prices - decrease equilibrium quantity and prices c. Increase equilibrium quantities but decrease prices.
What type of expression would you use in an essay : What type of information do you need to support your thesis statement? What type of expression would you use in an essay if you wanted to connect a new sentence to one that precedes it?
Communication methods within organizational structure : What is the importance of these communication methods within this organizational structure?
Why does the number change : Choose a metal and choose a wavelength that ejects electrons at a reasonable speed. Turn the light intensity up and down. Make note of the number of electrons ejected. Why does the number change
Assignment on effective communication : Assignment Effective Communication

Reviews

Write a Review

Other Subject Questions & Answers

  Cross-cultural opportunities and conflicts in canada

Short Paper on Cross-cultural Opportunities and Conflicts in Canada.

  Sociology theory questions

Sociology are very fundamental in nature. Role strain and role constraint speak about the duties and responsibilities of the roles of people in society or in a group. A short theory about Darwin and Moths is also answered.

  A book review on unfaithful angels

This review will help the reader understand the social work profession through different concepts giving the glimpse of why the social work profession might have drifted away from its original purpose of serving the poor.

  Disorder paper: schizophrenia

Schizophrenia does not really have just one single cause. It is a possibility that this disorder could be inherited but not all doctors are sure.

  Individual assignment: two models handout and rubric

Individual Assignment : Two Models Handout and Rubric,    This paper will allow you to understand and evaluate two vastly different organizational models and to effectively communicate their differences.

  Developing strategic intent for toyota

The following report includes the description about the organization, its strategies, industry analysis in which it operates and its position in the industry.

  Gasoline powered passenger vehicles

In this study, we examine how gasoline price volatility and income of the consumers impacts consumer's demand for gasoline.

  An aspect of poverty in canada

Economics thesis undergrad 4th year paper to write. it should be about 22 pages in length, literature review, economic analysis and then data or cost benefit analysis.

  Ngn customer satisfaction qos indicator for 3g services

The paper aims to highlight the global trends in countries and regions where 3G has already been introduced and propose an implementation plan to the telecom operators of developing countries.

  Prepare a power point presentation

Prepare the power point presentation for the case: Santa Fe Independent School District

  Information literacy is important in this environment

Information literacy is critically important in this contemporary environment

  Associative property of multiplication

Write a definition for associative property of multiplication.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd