Question: Please state if the answers selected for the questions below are correct Question 3 Person 1 can allocate her 8-hour day between the production of

 Please state if the answers selected for the questions below arecorrect Question 3 Person 1 can allocate her 8-hour day between theproduction of two goods: A and B. Each hour devoted to GoodB yields 2 units whereas each hour devoted to Good A produces4 units. (a) State whether 9 units of Good B and 12

Please state if the answers selected for the questions below are correct

units of Good A are attainable, unattainable, efficient or inefficient. [State allthat applies.] Select one or more: attainable O unattainable efficient O inefficient{b}Person 2, can produce 3 units of Good B or 4 unitsof Good A per hour (i) Who has the absolute advantage in_ the Person 2 produce more than Person 1 using less resources

Question 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: attainable O unattainable efficient O inefficient{b} Person 2, can produce 3 units of Good B or 4 units of Good A per hour (i) Who has the absolute advantage in _ the Person 2 produce more than Person 1 using less resources = production of Good E? {ii} Who has the absolute advantage in the production of Good A? 0 Neither they both produce same quantity \f(v) Who has the comparative advantage in the production of Good B? (vi) Who has the comparative advantage in the production of Good A? (v) Who has the comparative advantage in Person 1 produce with lower opportunity cost the production of Good B? (vi) Who has the comparative advantage in Person 1 produce with lower opportunity cost $ the production of Good A?(c) A tropical storm creates a shortage of the items needed in the production of Good B. Explain how this would affect the production possibilities curve. Select one: O PPF shifts inwards O PPF shifts outwards O Move to a point inside the PPF O Move outwards on Good A axis only O Move outwards on Good B axis only O Move inwards on Good A axis only O Move inwards on Good B axis only

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!