Discussion questions | Economics homework help

 

 

Answer the following questions:

 

1.                  Lawns produce no crops but occupy more land (25 million acres) in the United States than any single crop, such as corn. This means that the United States is operating inefficiently and hence is at a point inside the production possibility curve. Right? If not, what does it mean?

2.            Suppose the United States and Japan have the following production possibility tables:

Japan

United States

Bolts of Cloth

Tons of Wheat

Bolts of Cloth

Tons of Wheat

1,000

0

500

0

800

100

400

200

600

200

300

400

400

300

200

600

200

400

100

800

0

500

0

1,000

a.             In what good does the United States have a comparative advantage?

b.            Is there a possible trade that benefits both countries?

 

 

3.      Write the definition for each of the following:

 

a.       Law of Demand

 

 

b.      Law of Supply

 

4.      Which of the attached graphs best demonstrates the law of demand?

 

    1. I
    2. II
    3. III
    4. IV

 

 

5.      Which of the attached graphs best demonstrates the law of supply?

 

 

    1. I
    2. II
    3. III
    4. IV

 

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