needs to speed up structural reforms, say the IMF and the One aspect of those reforms is guiding the Trans- t Businessweek article: 15. The following is an excerpt from a recen e prime minister U.S-Japan Business Council. Pacific Partnership trade pact through the Diet Abe argued in a January Diet speech that the trade deal wo Japan's largest farmm rs speech that the trade deal would generate jobs lobby, the JA-Zenchu, is demanding that the government in farming regions. boost growth, and usher in a "new era in agricultural policy Japn snoducers of unease and anger compensate produce hurg by the deal and warned in October of "growing voices of uneasead ang Based on the above, which of the following statements is most likely true regarding Japan and the global agriculture market? a) Japan is able to produce food at lower costs than the rest of the world, causing them to b) Japan is able to produce food at lower costs than the rest of the world, causing them to e) Jacan proctuces food at higher costs than the rest of the world, causing them to import import much food export much food Japan produces food at higher costs than the rest of the world, causing them to import much food rt Japan produces food at higher costs than the rest of the world, causing them to export much food d) can prepare and serve burgers). She needs your help to decide what is the most efficient way to Both guys, Pedro and Kunal, are hired to work from 6:00 pm to 2:00 am. Kunal can produce 12 per hour Scenario 2: Susan is opening a bar and she hired two guys to work as bartenders (they also allocate the hours of work each guy is going to use doing either preparing burgers or drinks burgers per hour or 10 drinks per hour and Pedro can produce 30 drinks per hour or 3 burgers 16. Refer to Scenario 2: Suppose Susan wants to produce 250 drinks per night. If Pedro and Kunal work together efficiently, how many drinks would Kunal produce? a) 80 drinks c) 12 drinks d) 40 drinks b) 10 drinks 17. Refer to Scenario 2: Suppose the only economic activities that Kunal and Pedro are good at doing is making food plates and drinks. What is Pedro's opportunity cost of making 60 drinks? a) Making 10 burgers b) Making 6 burgers c) Making 1/10 burgers d) Making 12 burgers 18. Which of the following will cause a decrease in producer surplus? a) the imposition of a nonbinding price ceiling in the market b) buyers expect the price of a good to be higher next month c) the price of an input decreases d) the government imposes a tax on consumption 19. Buyers of a product vwill bear the larger part of the tax burden and sellers will bear a smaller part of the tax burden when the a) tax is placed on the sellers of the product. b) tax is placed on the buyers of the product. c) supply of the product is more elastic than the demand for the product. d) demand for the product is more elastic than the supply of the product
