Ppfs - Study guides, Class notes & Summaries

EC 231 Ch. 3 Homework Correctly Solved. Suppose Bulgaria produces only smartphones and tablets. The resources that are used in the production of these two goods are not specialized—that is, the same set of resources is equally useful in producing both tablets and smartphones. The shape of Bulgaria's production possibilities frontier (PPF) should reflect the fact that as Bulgaria produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet (rema...

Question 1 a. To produce 1 pound of grass fed beef NautralBerg gives up 1.50 pounds of organic coffee b. Based on the table we can see that NaturalBerg has absolute advantage in organic coffee but c omparative advantage in organic coffee c. Based on comparative advantage OrganicVille should specialize in producing grass fed beef d. If the NaturalBerg and OrganicVille specialize and then trade 50 pounds of organic coffee for 50 pounds of grass fed beef with each other both countries can consume o...

1. define Globalisation the process through which nation- al economies, societies and cultures are becoming increasingly intercon- nected through global networks of trade, communication, transportation and immigration 2. where are levels of globalisation the highest 3. where are levels of globalisation the lowest 4. 3 Key Characteristics of Globalisa- tion between core countries, as a result of them having sorted out major do- mestic problems, giving them spare capacity to look to solve ...

What is Medicare? - Answer Government health insurance program for people over 65 or younger people who may qualify. Who under 65 may qualify for Medicare? - Answer Individuals who have disabilities such as permanent kidney failure or ALS Medicare part A covers what? - Answer Hospital Which part of Medicare covers medical insurance? - Answer Part B Which part of Medicare is known as Medicare Advantage? - Answer Part C What criteria must be met to qualify for enrollment in Medicare...

Econ Exam 2 Reading Quiz Questions And Answers 2024If country A's (P X/P Y) in autarky is greater than the (P X/P Y) on the world market, then, as the country moves from autarky to trade, the relative price of good X facing A's producers will ________, and A's producers will hence want to shift their production toward producing ________. - correct answer-decrease; more of good Y and less of good X Given the following graph showing production-possibilities frontiers for country A and countr...

This document comprehensively summarises and teaches all content needed for Year 1 Microeconomics needed for an A*. The guide is split into 12 chapters: Lesson 1) Introduction to economics, PPFs. Lesson 2) Factors of production, Specialisation, productivity and demand. Lesson 3) Supply and market types. Lesson 4) Market equilibrium. Lesson 5) Interrelationship between markets, mechanisms, consumer surplus, and producer surplus. Lesson 6) PED & PES. Lesson 7) XED & YED. Lesson 8...

Homework #1 Question 1 a. To produce 1 pound of grass fed beef NautralBerg gives up 1.50 pounds of organic coffee b. Based on the table we can see that NaturalBerg has absolute advantage in organic coffee but comparative advantage in organic coffee c. Based on comparative advantage OrganicVille should specialize in producing grass fed beef d. If the NaturalBerg and OrganicVille specialize and then trade 50 pounds of organic coffee for 50 pounds of grass fed beef with each other both count...

Econ 4520 Exam 3 Review Questions and Answers 2023 What factors are important in determining the length of the imitation and the length of the demand lag? imitation lag influenced by: -barriers to obtaining information regarding the production process -the existence of patents -the length of time needed to learn the production process even after the information is obtained -the extent to which multinational companies exist in the industry demand lag influenced by: -the degree to which ...

This document is a summary of all the notes for the course ECON101. It provides detailed information, with definitions and graphs. It offers a good overview of microeconomics and was written by an A- student.

Grade Details1.Question: In the Dornbusch-Fischer-Samuelson graph above, a uniform improvement in labor productivity in all the home country's industries would shift the A schedule and would lead to the export of a number of goods by the home country. Your Answer: upward; greater CORRECT upward; smaller downward; greater downward; smaller Points Received:2 of 2 Comments: 2. Question: The following Classical-type table shows the number of days of labor input required to obtain one uni...