The table below shows how much each country can produce of each good with one hour of labor. Further assume that consumers in both countries desire both these goods. In one hour, the United States can produce 25 tons of steel or 250 automobiles. In mid-November, frosts below 27°F (-2.5°C) can damage trunks of young vines. Consider a hypothetical world with two countries, Saudi Arabia and the United States, and two products, oil and corn. In France, one hour of a worker’s labor can produce either 5 cloths or 10 wines. Each nation has 3000 labor hours. 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). 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. Draw The Production Possibility Frontiers. Summary. B) the United States has an absolute advantage in the production of steel. Refer to Table 1. | B) 3 tons of chemicals. 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. 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. 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. Saudi Arabia can produce oil with fewer resources, while the United States can produce corn with fewer resources. The taylor does not attempt to make his own shoes, but buys them of the shoemaker.” Ten (10) states generated over $10 billion in agricultural cash receipts in 2019: California, Iowa, Nebraska, Texas, Minnesota, Illinois, Kansas, Wisconsin, North Carolina, & Indiana. In One Hour, The United States Can Produce 25 Tons Of Steel Or 250 Automobiles. To simplify, let’s say that Saudi Arabia and the United States each have 100 worker hours (see Table 33.2). 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. For Each Country Compute The Opportunity Cost Ratios For Cars And Steel. advantage in the production of automobiles. Get step-by-step explanations, verified by experts. They can send home $200-$300 per month. 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). These are the intercepts of the production possibilities frontiers shown in the figure. Suppose that in a day a worker in the United States can produce 10 bushels of corn or 2 shirts. 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. In France, it requires 25 labor hours to produce one bushel of wheat and 75 labor hours to produce one computer. 128. These are the intercepts of the production possibilities frontiers shown in the figure. Suppose the United States and Taiwan produce only cell phones and digital music players. What you studied is, not going to be in the exam! This information implies that: A) Japan has a comparative advantage in the production of both goods. So the opportunity cost of one barrel of oil is two bushels of corn—or the slope is 1/2. In fact, just one hour of noontime summer sun is equal to the annual U.S. electricity demand. For Each Country Compute The Opportunity Cost Ratios For Cars And Steel. Every hour, each square meter of the upper atmosphere receives 1.367kWh of Solar Energy. View desktop site, In one hour, the United States can produce 25 tons of steel or production of steel. Japan has a comparative advantage in the production of both goods. You are deciding whether to stay home to do your laundry rather than, work at your job and make $60. Well-spaced … 1. Refer to Table 1. In one hour, the United States can produce 25 tons of steel or 250 automobiles. This information implies that. 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. 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. Course Hero is not sponsored or endorsed by any college or university. This information implies that: A) Japan has a comparative advantage in the production of both goods. b) Yes, because Mexico has an … After four hours, of study, you realized you had been studying all the wrong material. 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 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. 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. 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. 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. 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. In one hour, Japan can produce 30 tons of steel or 275 automobiles. Many other petroleum products are … Electricity generation. The United States and the Global Economy Section 01: Specialization and Trading Absolute Advantage. If there is no trade, the opportunity cost. A bottle of water costs $2 and, the bottle of orange juice will also cost you $2. In 1960, a farmer fed just 26 people. 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. In One Hour, Japan Can Produce 30 Tons Of Steel Or 275 Automobiles 2. If you chose the bottle of water, the. So I decided to make one. In the US, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. This will eliminate the one-time use containers they come in. The average salary for a Factory Worker is $12.96 per hour in United States. In 2018, manufacturing labor costs in China were estimated to be 5.51 U.S. dollars per hour. [link]illustrates th… They also can help reduce food waste. This information implies that: 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. Since a Japanese worker can produce 5 tons of grain, if Japan produced only grain it would produce 500 million tons. In the U.S., it requires 20 labor hours to produce one bushel of wheat and 80 labor hours to produce one computer. But none of these tools I found helped us to link the state's name to its location on the map. Given this discovery, which of the following you should. 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. In one hour, Japan can produce 30 tons of steel or 275 automobiles. 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. Since a Japanese worker can produce 5 tons of grain, if Japan produced only grain it would produce 500 million tons. 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). With one labor hour, a worker can produce either 20 cloths or 20 wines in the United … This preview shows page 1 - 4 out of 17 pages. The correct answer is: 1/4 In one hour, the United States can produce 25 tons of steel or 250 automobiles. The United States could improve income inequality with employment training and investing in education. include in your decision about whether to study another hour for your ECON exam? Draw The Production Possibility Frontiers. 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). Total Water Use in the United States. To keep up with projected population growth, more food will have to be produced in the next 50 years as the past 10,000 years combined. (d) the United States has a comparative California accounts for roughly 13.5% of agricultural cash receipts in the United States. A frost-free season of 225-240 days is needed for kiwifruit since vines leaf out in March, bloom in May, and are harvested in October or early November. 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. In one hour, Japan can produce 30 tons of steel or 275 automobiles. There, they can earn $1.25 an hour and work eight hours a day, and sometimes overtime. a) No, the United States should produce both products itself. 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. Should he have Tony make pizzas or prepare salads? Question: In One Hour, The United States Can Produce 25 Tons Of Steel Or 250 Automobiles. & This information implies that: the United States has an absolute advantage in the production of steel. 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. 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 … This information implies that: A.Japan has a comparative advantage in the production of automobiles. In 2019, net generation of electricity from utility-scale generators in the United States was about 4.1 trillion kilowatthours (kWh). Because Nino can make more pizzas in an hour and prepare more salads in an hour than Tony, he has a dilemma. Australia has an absolute advantage in the production of both food and electronics. 275 automobiles. production of both goods. In one hour, Japan can produce 30 tons of steel or 275 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. The United States has an absolute advantage in producing corn. Grapes account for more than one third of the total amount of fresh fruit produced in the United States. Frost below 30°F (-1°C) in spring will kill shoots and ruin crop. Output per Hour of Labor Cell Phones Digital Music Players United States 2 EIA estimates that an additional 35 billion kWh (or about 0.04 trillion kWh) were from small-scale solar photovoltaic (PV) systems, most of … Of course, there are wonderful mnemonics for memorizing which states go with which capitals. C) Japan has a comparative advantage in the production of both … Suppose that the United States can produce 5 times more oil and 10 times as many computer chips as Mexico. Which of the following statements about absolute advantage is true? 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. 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