Posted: November 26th, 2014

Macro & Micro economics chapter questions

Macro & Micro economics  chapter questions

Chapter 20
2. Brazil can produce 100 pounds of beef or 10 autos; in contrast the United States can produce 40 pounds of beef or 30 autos. Which country has the absolute advantage

in beef? Which country has the absolute advantage in producing autos? What is the opportunity cost of producing one pound of beef in Brazil? What is the opportunity

cost of producing one pound of beef in the United States?

22. You just got a job in Washington, D.C. You move into an apartment with some acquaintances. All your roommates, however, are slackers and do not clean up after

themselves. You, on the other hand, can clean faster than each of them. You determine that you are 70% faster at dishes and 10% faster with vacuuming. All of these

tasks have to be done daily. Which jobs should you assign to your roommates to get the most free time overall? Assume you have the same number of hours to devote to

cleaning. Now, since you are faster, you seem to get done quicker than your roommate. What sorts of problems may this create? Can you imagine a trade-related analogy

to this problem

Chapter 21
3. Explain how trade barriers save jobs in protected industries, but only by costing jobs in other industries.
10. Why do low-income countries like Brazil, Egypt, or Vietnam have lower environmental standards than high income countries like the Germany, Japan, or the United

States?

57. The country of Pepperland exports steel to the Land of Submarines. Information for the quantity demanded (Qd) and quantity supplied (Qs) in each country, in a

world without trade, are given in table 21.6 and 21.7

Table 21.7 Land of Submarines

PRICE ($)    QD    QS
60    230    180
70    200    200
80    170    220
90    150    240
100    140    250
Table 21.6  Pepper land

PRICE ($)    QD    QS
60    430    310
70    420    330
80    410    360
90    400    400
100    390    440
.Table 21.7 Land of Submarines

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