Would your answers to Problem 5 be different if a worker in the United States became more
Question:
Would your answers to Problem 5 be different if a worker in the United States became more productive and could produce 70 pounds of beef or 140 bushels of wheat per hour?
Problem 5:
Refer to the following table in answering the questions that follow. Assume each country has 100 laborers.
Transcribed Image Text:
Pounds of beef produced per hour Bushels of wheat produced per hour Comparative advantage Australia United Absolute 17 51 ? States Advantage 35 105 ? ? ?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
With the increase in productivity in the United States the two ...View the full answer
Answered By
OTIENO OBADO
I have a vast experience in teaching, mentoring and tutoring. I handle student concerns diligently and my academic background is undeniably aesthetic
4.30+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Table shows that income inequality in the United States has increased since 1970. Some factors contributing to this increase were discussed in Chapter 19. What arethey? Bottom Second Middle Fourth...
-
Assume annual hours worked per person in the United States is equal to 800. Using the data from Table 7.2 and the Country Snapshots file (snapshots.pdf), compute GDP per hour for the other countries...
-
The probability that a person in the United States has type B+ blood is 9%. Five unrelated people in the United States are selected at random. (a) Find the probability that all five have type B+...
-
Explain why b x = e x ln b .
-
What is required to accomplish an effective year-end cutoff for sales and inventory in a retail entity?
-
Discuss the emerging role of nuclear RNA metabolism in shaping gene expression programs and cellular phenotypes, including the regulation of alternative splicing, RNA editing, and non-coding RNA...
-
The modern workplace faces security challenges that include a. phishing. b. adware and spyware. c. disruption by hackers. d. all of the above.
-
Eastern University had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7,000,000. Of that amount, $4,500,000 was collected...
-
What is the profit under the "best case scenario? According to the scenario manager (output), what is the profit under the "most likely" scenario? According to the one variable DATA TABLE, what is...
-
Mr B aged 52 years, has earned rupees 75,00,000 out of his business. His ex-wife gifted him a car worth rupees 8 lakh. He spent a total of rupees 20 lakh during a family trip. He won a lottery of 16...
-
Provide an example of how the mercantilist school of thought continues to exist today.
-
Use the information provided in Problem 9, but suppose the number of laborers in the United States is 300, while the number of laborers in Mexico remains the same at 2. Data from in problem 9 Refer...
-
An investigator with the Food and Drug Administration wanted to determine whether a typical bag of potato chips contained less than the 16 ounces claimed by the manufacturer. Decide whether the...
-
Your estimate of the market risk premium is 7%. The risk-free rate of return is 4% and General Motors has a beta of 1.6. What is General Motors' cost of equity capital?
-
Consider two firms, Thither and Yon. Both companies will either make $30 million or lose $10 million every year with equal probability. The companies' profits are perfectly negatively correlated....
-
Company A and Company B operate in the same industry. Both companies plan to achieve a 3% increase in production by the end of the first quarter. At the end of the first quarter both firms were able...
-
The owners of a chain of fast-food restaurants spend $25 million installing donut makers in all their restaurants. This is expected to increase cash flows by $11 million per year for the next five...
-
Matthew is a Director of a cleaning company, Shine On Pty Ltd. His brother, Jonathan, owns Clean Up Pty Ltd, a company that manufactures chemical products used for cleaning. Jonathan's company is...
-
If a liquid only half as dense as mercury were used in a barometer, how high would its level be on a day of normal atmospheric pressure?
-
The text defined intrinsic value as the value of an asset given a hypothetically complete understanding of the assets investment characteristics. Discuss why hypothetically is included in the...
-
In the short-run specific-factors model, examine the impact on a small country following a natural disaster that decreases its population. Assume that land is specific to agriculture, capital is...
-
In Table 5-2, we show the growth in the real rental and real wages in Singapore, along with the implied productivity growth. One way to calculate the productivity growth is to take the average of the...
-
Figure 5-14 is a supply-and-demand diagram for the world labor market. Starting at points A and A*, consider a situation where some Foreign workers migrate to Home, but not enough to reach the...
-
Bryan has assessed what the members of his agribusiness team are good at doing. He thinks he has a good handle on their strengths and weaknesses. What should he do NEXT? find support for team members...
-
What are the key characteristics of System 4 management? How does adoption of System 4 management influence the process of change in an organization?
-
Third Party Report Document Completed by supervisor Instructions for completion of Third party report. Candidates, all people who verify your work are to complete the details below to ensure...
Study smarter with the SolutionInn App