Question
In: Economics
If the United States could produce five televisions per hour of labor and China could produce...
If the United States could produce five televisions per hour of labor and China could produce three televisions per hour of labor, would it necessarily follow that the United States should specialize in television production? Why or why not?
Please do not copy and paste, thank you.
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
If the United States could produce five televisions per hour of labor and China could produce...
If the United States could produce five televisions per hour of
labor and China could produce three televisions per hour of labor,
would it necessarily follow that the United States should
specialize in television production? Why or why not?
Country A can produce 2 televisions per hour of labor or 6 tables per hour. Country...
Country A can produce 2 televisions per hour of labor or 6
tables per hour. Country B can produce 1 television per hour of
labor or 4 tables per hour.
A) Which country has an absolute advantage with televisions?
With tables? Explain your answer.
B) Which country has an comparative advantage with televisions?
With tables? Explain your answer
C) Which country should produce televisions? Which country
should produce tables? Explain your answer.
Background information: A worker in the United States and a worker in China can each produce...
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.
Part A: If each country attempted to produce both jeans and cell
phones, how many jeans and cell phones could each country
produce?...
During recent decades, the rate of increase in the output per hour in the United States...
During recent decades, the rate of increase in the output per
hour in the United States has been lower than in the early 1960s.
This development has caused enormous concerns in Washington and
elsewhere. In recent years, some observers have asserted that the
productivity slowdown has been due in part to a decline in the rate
of innovation in the United States. Have you seen this trend in
your industry? If so, identify the cause and effects. If not, what...
Alyssa states: “when capital per hour worked increases in the United States the Natural Unemployment rate...
Alyssa states: “when capital per hour worked increases in the
United States the Natural Unemployment rate increases but economic
growth increases at an increasing rate.” Do you agree or disagree?
Carefully Explain your answer.
The population of cities in the United States reports 30 crimes per hour. A researcher believes...
The population of cities in the United States reports 30 crimes
per hour. A researcher believes that regions lower in socioeconomic
status will have more crimes per hour. A sample of cities crimes
per hour are listed below. Compare these scores to the population
(? = .05).
Cities low in SES
Crimes per hour
1
24
2
32
3
29
4
31
5
33
6
34
7
31
8
32
9
30
10
30
Will we need a one- or...
The federal minimum wage in the United States is currently $7.50 per hour. Joe Biden, the...
The federal minimum wage in the United States is currently $7.50
per hour. Joe Biden, the Democratic candidate for President,
proposes to increase it to $15. Based on your knowledge of the
elasticity of labour demand for low-wage workers, how would you
expect Biden’s plan to affect:
a. Employment of low-wage workers. Be precise.
b. Earnings of low wage workers. Be precise.
c. Prices of goods produced with low-wage labour. Explain and
illustrate.
d. Summarize the effects of this tax...
Compare and contrast nursing in the United States and China.
Compare and contrast nursing in the United States and
China.
Mexico United States Bottles of Tequila produced per hour 15 4 Pounds of Rice produced per...
Mexico
United States
Bottles of Tequila produced per hour
15
4
Pounds of Rice produced per hour
4
6
(a) Determine the pre-trade relative price of tequila in Mexico
and the United States.
(b) Given your answer in part (a), which country has a
comparative advantage in the production of rice?
(c) What is the lowest international relative price of tequila
Mexico is willing to accept in order to engage in trade with the
United States? Explain why.
Now suppose...
Assume the following information for the United States and Mexico. The United States can produce a...
Assume the following
information for the United States and Mexico. The United States can
produce a maximum of 600 bushels of barley or a maximum of 600
bushels of corn. Mexico can produce a maximum of 200 bushels of
barley or 400 bushels of corn. Which country has a comparative
advantage in the production of barley? Which country has a
comparative advantage in the production of Corn? Show your work for
the calculation of opportunity cost. (4 Points)
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