If there is no trade, the opportunity cost. HSQ 1 - 2.pdf - Dashboard My courses ECON 102 CA1\/CA2 FA17 Production and Trade HSQ 1 Started on State Completed on Time taken Question 1 Correct 1.00, 4 out of 4 people found this document helpful, You have $2 to spend on a drink from the vending machine. Consider a hypothetical world with two countries, Saudi Arabia and the United States, and two products, oil and corn. 275 automobiles. Adam Smith taught the importance of specialization and trade when he taught: “It is the maxim of every prudent master of a family, never to attempt to make at home what will cost him more to make than to buy. production of both goods. The average hospital emergency department (ED) patient in the United States waits more than an hour and half to be taken to his or her room and 2.25 hours before being discharged. Oats Bagpipe United States 3 hours 2 hours Scotland 4 hours 5 hours (A) (The United States / Scotland) has an absolute advantage in the production of oats. University of Illinois, Urbana Champaign • ECON 102. For Each Country Compute The Opportunity Cost Ratios For Cars And Steel. opportunity cost of buying the bottle of water is: Say you have two assignments due tomorrow: a MATH assignment, and an ECON, assignment. Which Country Has The Absolute Advantage In The Production Of Steel? a) No, the United States should produce both products itself. So I decided to make one. After four hours, of study, you realized you had been studying all the wrong material. Based on the given information, should the United States trade with Mexico? Which of the following statements about absolute advantage is true? Nuclear power supplied 8.4% and renewable energy supplied 8%, mainly from hydroelectric dams and biomass; however, this also includes other renewable sources like wind, geothermal, and solar. In the US, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In fact, just one hour of noontime summer sun is equal to the annual U.S. electricity demand. (b) the United States has an absolute advantage in the If took an average of 13 minutes to answer an ECON problem, and 18, minutes to answer a MATH problem. In France, it requires 25 labor hours to produce one bushel of wheat and 75 labor hours to produce one computer. Get step-by-step explanations, verified by experts. 1. B.the United States has an absolute advantage in the production of steel. This information implies that: A.Japan has a comparative advantage in the production of automobiles. This information implies that: A) Japan has a comparative advantage in the production of both goods. In one hour, the United States can produce 25 tons of steel or 250 automobiles. Suppose the United States and Taiwan produce only cell phones and digital music players. Thanks to prison labor, the United States is once again an attractive location for investment in work that was designed for Third World labor markets. A bottle of water costs $2 and, the bottle of orange juice will also cost you $2. Question: In One Hour, The United States Can Produce 25 Tons Of Steel Or 250 Automobiles. above. This is compared to an estimated 4.45 U.S. dollars per hour in Mexico, and 2.73 U.S. dollars in Vietnam. Given this discovery, which of the following you should. production of cars and the United States has an ab-solute advantagein the production of food. Electricity generation. To answer this question, Nino should determine whether Nino or Tony can produce each good at a lower opportunity cost. 128. The United States and the Global Economy Section 01: Specialization and Trading Absolute Advantage. a) 1 shirt for 1 bushel of corn b) 1 shirt for 2 bushels of corn c) 1 shirt for 6 bushels of corn d) 1 shirt for 4 bushels of corn. B) the United States has an absolute advantage in the production of steel. the United States has a comparative advantage in the production of automobiles. In Table 33.1, Saudi Arabia has an absolute advantage in producing oil because it only takes an hour to produce a barrel of oil compared to two hours in the United States. This information implies that: Japan has a comparative advantage in the production of both goods. If you are willing to pay $80 to have, someone else do your laundry, what would be the opportunity cost of a. third option: going out drinking with your friends. Suppose that in a day a worker in the United States can produce 10 bushels of corn or 2 shirts. On average, and particularly in the Sunbelt regions of the Southwestern United States, every square meter area exposed to direct sunlight will receive about 1 kilowatt-hour per hour of solar energy. Each nation has 3000 labor hours. Inequality has grown thanks to outsourcing and companies replacing workers with technology. In one hour, Japan can produce 30 tons of steel or 275 automobiles. In one hour, Japan can produce 30 tons of steel or 275 automobiles. Question: Suppose both US and France can produce computers and wine, using only labor. To show that specialization of production, cou-pled with international trade flows according to ab-solute advantage, can be advantageous, in our ex-ample suppose that the United States produces one carless.Thisfreesupeightunitsoflabor,whichcan Well-spaced … In one hour the united states can produce 25 tons of School University of Illinois, Urbana Champaign; Course Title ECON 102; Type. Refer to Table 1. & In one hour, Tony can make 6 pizzas or prepare 12 salads. In France, one hour of a worker’s labor can produce either 5 cloths or 10 wines. By one report’s measure, more than half of the inmates in jails and prisons in the United States are suffering from mental illness of some kind. In One Hour, Japan Can Produce 30 Tons Of Steel Or 275 Automobiles. Manufacturing in the United States may never return to the heights it reached in the 1980s, and the industries that come back onshore today are much more automated, creating fewer jobs overall. In one hour, Japan can produce 30 tons of steel or They also can help reduce food waste. Total Water Use in the United States. b) Yes, because Mexico has an … this - 4456107 The taylor does not attempt to make his own shoes, but buys them of the shoemaker.” In one hour, the United States can produce 25 tons of steel or 250 automobiles. Many other petroleum products are … Because Nino can make more pizzas in an hour and prepare more salads in an hour than Tony, he has a dilemma. In one hour, Japan can produce 30 tons of steel or 275 automobiles. Terms Test Prep. As a result, the average generating capacity of newly installed wind turbines in the United States in 2016 was 2.15 megawatts, up 11 percent from the average over the previous 5 years. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! In the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. Don't let worries about what you can and cannot bring home to the US stop you from enjoying the many markets, Christmas markets and farmers' markets around the UK.US Customs and Border Protection - a department of Homeland Security, has clear cut regulations about what foods you can and cannot bring home to the USA for your personal use. Assume that each country uses only labor to produce each good, and that the cell phones and digital music players made in the United States and South Korea are exactly alike. Learn about salaries, benefits, salary satisfaction and where you could earn the most. B) the United States has a comparative advantage in the production of automobiles. 250 automobiles. Since the United States can produce 12 computers in an hour while Japan can only produce 10 computers in an hour, the United States has an absolute advantage in computers (12>10). Despite the monstrous proportions of this market sector and the firms therein, production of tobacco has actually decreased quite significantly in the U.S. in recent decades. Draw The Production Possibility Frontiers. Australia has an absolute advantage in the production of both food and electronics. You are deciding whether to stay home to do your laundry rather than, work at your job and make $60. In other words, the number of weekly hours needed to produce the 1950 worker's output declined by almost one hour per year until the mid-1970's, and has been declining by about half an hour per year since then. advantage in the production of automobiles. In one hour the United States can produce 25 tons of steel or 250 automobiles. While most cans and bottles can be recycled, they require a lot of energy to be produced, shipped to the bottling facility and then to the store for purchase. In the United States, the top 10% receive more than 50% of total income. automobiles. If you chose the bottle of water, the. For example, in the area of corn, the United States has an absolute advantage over country B because it only takes the United States 2 worker hours to produce a single unit of corn but it takes Country B 8 worker hours to produce a single unit of corn. In one hour, Japan can produce 30 tons of steel or 275 automobiles. Let's say that a worker in the United States can produce either 1 pound of rice or 2 bananas per hour. This information implies that. In one hour, the United States can produce 25 tons of steel or 250 automobiles. Most states in the United States have good-to-excellent solar resource. Grapes account for more than one third of the total amount of fresh fruit produced in the United States. In one hour,Japan can produce 30 tons of steel or 275 automobiles. in one hour, japan can produce 30 tons of steel or 275 automobiles. In total, they estimate that there are a little over 8 billion square meters of suitable roofs in the US. B) 3 tons of chemicals. In one hour the united states can produce 25 tons of In one hour, the United States can produce 25 tons of steel or 250 automobiles. The United States Environmental Protection Agency states that the average amount of carbon dioxide emitted per gallon of fuel burned in American cars is 8.887 x 10-3 metric tons. In One Hour, Japan Can Produce 30 Tons Of Steel Or 275 Automobiles 2. If both countries have 60 labor hours available, completely specialize according to comparative advantage, and trade 7.5 shirts for 7.5 computers, what is the value of the average wage in the United States … The correct answer is: 1/4 In one hour, the United States can produce 25 tons of steel or 250 automobiles. [link]illustrates th… These are the intercepts of the production possibilities frontiers shown in the figure. Petroleum refineries in the United States produce about 19 to 20 gallons of motor gasoline and 11 to 12 gallons of ultra-low sulfur distillate fuel oil (most of which is sold as diesel fuel and in several states as heating oil) from one 42-gallon barrel of crude oil. Water use in the United States in 2015 was estimated to be about 322 billion gallons per day (Bgal/d), which was 9 percent less than in 2010. In the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. Summary. In one hour, the United States can produce 25 tons of steel or 250 automobiles. These are the intercepts of the production possibilities frontiers shown in the figure. (a) Japan has a comparative advantage in the production of In mid-November, frosts below 27°F (-2.5°C) can damage trunks of young vines. (c) Japan has a comparative advantage in the In 1960, a farmer fed just 26 people. Output per Hour of Labor Cell Phones Digital Music Players United States 2 Refer to Table 1. The Reshoring Initiative, a nonprofit group aimed at restoring American manufacturing jobs, reports that more than 300 companies have moved production back to the United States since 2010, creating about 240,000 new jobs. We can now examine comparative advantage by introducing opportunity costs for a second country, such as the United States. There is only one resource available in both countries, labor hours. One prominent example is foreign-made cars which, starting in 2007, accounted for more than 50 percent of all cars sold in the United States (WTO, 2009). There, they can earn $1.25 an hour and work eight hours a day, and sometimes overtime. The table below shows how much each country can produce of each good with one hour of labor. As a result, that “Made in USA” label – though still rare – is slowly making its way back onto more products. In one hour, the united states can produce 25 tons of steel or 250 automobiles. If the United States and the United Kingdom trade, the United Kingdom will gain the most from trade if a ton of steel trades for: A) 2 tons of chemicals. Current United States Data* Total number of abortions in the U.S. 1973-2018: 61.8 million+ 186 abortions per 1,000 live births (according to the Centers for Disease Control) U.S. Abortions in 2017: ~862,320 (Guttmacher Institute) Abortions per day: 2362+ (GI) Abortions per hour: 98+ (GI) 1 abortion every 96 seconds (GI) 13.5 abortions / 1000 women […] a LC = unit labor requirement in clothing production in the United States and France (hours of labor necessary to produce one rack of clothing) ∗All starred variables are defined in the same way but refer to the production process in France. They can send home $200-$300 per month. EIA estimates that an additional 35 billion kWh (or about 0.04 trillion kWh) were from small-scale solar photovoltaic (PV) systems, most of … (e) None of the The United States can produce 1,000 shoes with four-fifths as many workers as Mexico (four versus five), but it can produce 1,000 refrigerators with only one-quarter as many workers (one versus four). In Russia a worker can produce 9 bushels of corn or 3 shirts in one day. Since a Japanese worker can produce 5 tons of grain, if Japan produced only grain it would produce 500 million tons. Energy in the United States comes mostly from fossil fuels: in 2010, data showed that 25% of the nation's energy originates from petroleum, 22% from coal, and 22% from natural gas. In one hour, Japan can produce 30 tons of steel or 275 automobiles. If you had limited time left to study, and wanted to. production of steel. This information implies that In one hour, Japan can produce 30 tons of steel or 275 automobiles. Suppose that in Mexico, it takes four labor hours to produce one shirt and 12 labor hours to produce one computer. The United States could improve income inequality with employment training and investing in education. Simply google "States and Capitals Song" and choose your favorite, or take a quick spin through the hilarious book, Yo Sacramento! In One Hour, The United States Can Produce 25 Tons Of Steel Or 250 Automobiles. This information implies that: A) Japan has a comparative advantage in the production of automobiles. Japan has a comparative advantage in the production of both goods. The 2015 estimates put total withdrawals at the lowest level since before 1970, following the same overall trend of decreasing total withdrawals observed from 2005 to 2010. The United States has an absolute advantage in producing corn. Since a Japanese worker can produce 5 tons of grain, if Japan produced only grain it would produce 500 million tons. Temperatures below 10°F (-12°(C ) in mid-winter will kill all young vines and some old bearing vines. In one hour, the United States can produce 25 tons of steel or 250 automobiles. The United States can produce 1,000 shoes with four-fifths as many workers as Mexico (four versus five), but it can produce 1,000 refrigerators with only one-quarter as many workers (one versus four). Polls and surveys have shown that people in countries with the standard of living that the US enjoyed in the 1950's are no less satisfied than today's Americans. © 2003-2021 Chegg Inc. All rights reserved. In the US, one hour of a worker’s labor can produce either 20 cloths or 20 wines. Growing the 133 billion pounds of food that retailers and consumers discard in the United States annually ... produce and mediating disputes. For our average individual, 710.6 pounds are recycled and 1,361.4 pounds of trash are tossed out every year — about the weight of a grizzly bear. Draw The Production Possibility Frontiers. Suppose that in the United States, it takes four labor hours to produce one shirt and three labor hours to produce one computer. This information implies that: the United States has an absolute advantage in the production of steel. Since a U.S. worker can produce 10 tons of grain, if the United States produced only grain it would produce 1,000 million tons. 1. This preview shows page 1 - 4 out of 17 pages. Although the number of cases of influenza can vary widely between years, approximately 36,000 deaths and more than 200,000 hospitalizations are directly associated with influenza a year in the United States. Nuclear power supplied 8.4% and renewable energy supplied 8%, mainly from hydroelectric dams and biomass; however, this also includes other renewable sources like wind, geothermal, and solar. Course Hero is not sponsored or endorsed by any college or university. solve the most problems regardless of the class, your best strategy would be to solve: Suppose are studying for your ECON exam, which takes place tomorrow. It can then be said that China has an absolute advantage in producing rice since it can produce more of it per person per hour. If the United States and the United Kingdom trade, the United Kingdom will gain the most from trade if a ton of steel trades for: A) 2 tons of chemicals. Further assume that consumers in both countries desire both these goods. But none of these tools I found helped us to link the state's name to its location on the map. C) Japan has a comparative advantage in the production of both … The average salary for a Factory Worker is $12.96 per hour in United States. Japan has a comparative advantage in the production of automobiles. For Each Country Compute The Opportunity Cost Ratios For Cars And Steel. This information implies that: A) Japan has a comparative advantage in the production of both goods. This will eliminate the one-time use containers they come in. Frost below 30°F (-1°C) in spring will kill shoots and ruin crop. the opportunity cost of 1 watch is 3 rings. To simplify, let’s say that Saudi Arabia and the United States each have 100 worker hours (see Table 33.2). In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. Ten (10) states generated over $10 billion in agricultural cash receipts in 2019: California, Iowa, Nebraska, Texas, Minnesota, Illinois, Kansas, Wisconsin, North Carolina, & Indiana. Nino plans to hire Tony. Suppose that the United States can produce 5 times more oil and 10 times as many computer chips as Mexico. Collectively, out of the 254 million tons of trash Americans can produce in one year, we recycle about 34.3 percent of it. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. (d) the United States has a comparative Japan can produce 5 cars in an hour while the United States can only produce 3 cars in an hour, Japan has an absolute advantage in cars (5>3). Should he have Tony make pizzas or prepare salads? Suppose a country's workers can produce 4 watches per hour or 12 rings per hour. Using all its resources, the United States can produce 50 barrels of oil or 100 bushels of corn. B) 3 tons of chemicals. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. In one hour, Japan can produce 30 tons of steel or 275 automobiles. These goods are homogeneous, meaning that consumers/producers cannot differentiate between corn or oil from either country. In One Hour, The United States Can Produce 25 Tons Of Steel Or 250 Automobiles. View desktop site, In one hour, the United States can produce 25 tons of steel or Every hour, each square meter of the upper atmosphere receives 1.367kWh of Solar Energy. What you studied is, not going to be in the exam! In one hour, Japan can produce 30 tons of steel or 275 automobiles. include in your decision about whether to study another hour for your ECON exam? To produce one computer only grain it would produce 500 million tons out about... And explanations to over 1.2 million textbook exercises for FREE found helped to... States farmers: • today, the United Kingdom, one worker produce. 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Had been studying all the wrong material not attempt to make his shoes. $ 2 have winter temperatures below 10°F ( -12° ( c ) the United trade! Cars and the Global Economy Section 01: Specialization and Trading absolute advantage in the production of steel 275!