User Account

All Pages

Why use economic terminology you have learned in the unit

Assignment Help Macroeconomics
Reference no: EM132995025

Background information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information.

Question 1: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? (Show your work.)

Question 2: Calculate the opportunity cost of producing jeans for each country. (Show your work.)

Question 3: Calculate the opportunity cost of producing cell phones for each country. (Show your work.)

Question 4: Determine how many jeans should be produced by each nation. (Show your work).

Question 5: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology you have learned in this unit in your explanation.

Question 6: Finally, how many total jeans and cell phones will be produced by the two nations combined after specialization?

Reference no: EM132995025

Questions Cloud

Determine the value of a one-year european call option : Using a two-step Binomial model determine the value of a one-year European call option with a strike price of $100
How does the handgun control debate demonstrate : If you were assigned the task of bringing these two opposing groups into a meaningful dialogue, how could you evoke shared goals to further negotiations?
How does the accounting alternative differ : How does the accounting alternative differ from the measurement requirements for companies that do not (or cannot) elect this treatment
Prepare the journal entry for the stock issuance : Aragon Consulting issued 1,300 shares of previously unissued common stock with a par value of $1. Prepare the journal entry for the stock issuance
Why use economic terminology you have learned in the unit : If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology you have learned in this unit in your explanation.
How much safety stock should the sydney warehouse hold : Geox Ltd has decided that it should maintain enough safety stock to cover any demand level. How much safety stock should the Sydney warehouse hold
What decisions were made concerning the jeans purchased : According to the circular flow diagram, what decisions were made concerning the jeans you purchased, and who made decisions about the jeans you bought?
Demonstrate one real-life application of your chosen concept : Demonstrate one real-life application of your chosen concept. Describe a real-life experience that relates to this OB concept. This can be your own experience i
Outline relevant awards and certified agreements : You must be able to outline relevant awards and certified agreements for the industry in which you work. From what sources will such information come?

Reviews

Write a Review

Macroeconomics Questions & Answers

  Summarize population-related problems affect your community

Population Growth Search your local newspaper for articles related to population issues. Summarize the population-related problems affecting your community.

  An idea regarding our taxation system

ECO 201 Unit 5 Discussion Board This week I would like you to comment on an idea regarding our taxation system called the "Fair Tax". There is nothing about this in the book but there is a good amount of information available on the Internet. Take a ..

  Market structure with few producers

What do we call a market structure with few producers, high barriers to entry and little competition?

  What is the economy mpc

Suppose that disposable income, consumption, and saving in some country are $200 billion, $150 billion, and $50 billion, respectively.

  Provide a real-world business application for the game

Consider the following sequential game between two players, A and B. First, A chooses between "trust B" or "do not trust B." If A decides not to trust B the game ends and each player obtains a payoff of 0.

  Real exchange rate between canadian russian wheat

According to PPP, what would happen to the real exchange rate between Canadian Russian wheat in the long run, and why? For which types of goods is PPP

  List three economic justifications for government regulation

List and discuss three economic justifications for government regulation in your local area. Explain what happens if the government does not provide appropriate regulation.

  Find effective rate of protection for canadas steel industry

Canada's nominal tariff rates for importing these goods are 20 percent for steel and 10 percent for taconite. Given this information, calculate the effective rate of protection for Canada's steel industry. e=(n-ab)/(1-a)

  Exchange rate and the balance of payments

Use the following data to work Problems 1 to 3 The U.S. dollar exchange rate increased from $0.96 Canadian in June 2011 to $1.03 Canadian in June 2012, and it decreased from 81 Japanese yen in June 2011 to 78 yen in June 2012

  Explain why intermediate goods and services usually are not

Explain why intermediate goods and services usually are not included directly in GDP. Are there any circumstances under which they would be included directly?

  What condition would encourage research and development

If all the assumptions of perfect competition hold, why would firms in such an industry have little incentive to carry out technological change or much research and development? What condition would encourage research and development in competitive i..

  Explain how much output must firm produce to break event

A firm that has total fixed costs of $40,000 sells its output for $250 per unit and has an average variable cost of $150. If the firm's cost and revenue curves are linear, explain how much output must the firm produce to break even?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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