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7 . Gains from trade Consider two neighboring island countries called Bellissima and Felicidad. They each have 4 million labor hours available per month that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor. Jeans Corn Country (Pairs per hour of labor) (Bushels per hour of labor) Bellissima 8 16 Felicidad 20 Initially, suppose Bellissima uses 1 million hours of labor per month to produce jeans and 3 million hours per month to produce corn, while Felicidad uses 3 million hours of labor per month to produce jeans and 1 million hours per month to produce corn. Consequently, Bellissima produces 8 million pairs of jeans and 48 million bushels of corn, and Felicidad produces 15 million pairs of jeans and 20 million bushels of corn. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and corn it produces. a)1/2, 1/4, 2 or 4 bushels Bellissima's opportunity cost of producing 1 pair of jeans is of corn, and Felicidad's opportunity cost of producing 1 pair of jeans is b)1/2,1/4,2 or 4 bushels of corn. Therefore, has a comparative advantage in the production of jeans, and has a comparative advantage in the production of corn.c) Bellissima or Felicidad d) Bellisimma or Felicidad Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In this case, the country that produces jeans will produce million pairs per month, and the country that produces corn will produce million bushels per month. In the following table, enter each country's production decision on the third row of the table (marked "Production"). Suppose the country that produces jeans trades 18 million pairs of jeans to the other country in exchange for 54 million bushels of corn. In the following table, select the amount of each good that each country exports and imports in the boxes across the row marked "Trade Action, " and enter each country's final consumption of each good on the line marked "Consumption."Suppose the country that produces jeans trades 18 million pairs of jeans to the other country in exchange for 54 million bushels of corn. In the following table, select the amount of each good that each country exports and imports in the boxes across the row marked "Trade Action, " and enter each country's final consumption of each good on the line marked "Consumption." When the two countries did not specialize, the total production of jeans was 23 million pairs per month, and the total production of corn was 68 million bushels per month. Because of specialization, the total production of jeans has increased by million pairs per month, and the total production of corn has increased by million bushels per month. Because the two countries produce more jeans and more corn under specialization, each country is able to gain from trade. Calculate the gains from trade-that is, the amount by which each country has increased its consumption of each good relative to the first row of the table. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption"). Bellissima Felicidad Jeans Corn Jeans Corn (Millions of pairs) (Millions of bushels) ( Millions of pairs) (Millions of bushels) Without Trade Production Co 48 15 20 Consumption 8 48 15 20 With Trade Production Trade action Consumption Gains from Trade Increase in Consumption a) exports 18 or b) exports 54 or imports 18 imports 54 Grade It Now Save & Continue Continue without saving8 . Specialization and production possibilities Suppose Germany produces only tablets and smartphones. 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 smartphones and tablets. The shape of Germany's production possibilities frontier (PPF) should reflect the fact that as Germany produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone . increase, decrease, or remain constant The following graphs show two possible PPFs for Germany's economy: a straight-line PPF (PPF1 ) and a bowed-out PPF (PPF2). ? (?) Graph 1 Graph 2 PPF- PPF TABLETS TABLETS SMARTPHONES SMARTPHONES graph 1 or graph 2 Based on the previous description, the trade-off Germany faces between producing smartphones and tablets is best represented by Grade It Now Save & Continue9 . Inflation and unemployment Suppose that the government believes the economy is not producing goods and services at its optimal level. In an attempt to stimulate the economy, the government increases the quantity of money in the economy by printing more money. decrease or increase higher or lower This monetary policy the economy's demand for goods and services, leading to product prices. In the short run, the change in prices induces firms to produce goods and services. This, in turn, leads to a level of unemployment. fewer or more higher or lower In other words, the economy faces a trade-off between inflation and unemployment: Higher inflation leads to unemployment. higher or lower Grade It Now Save & Continue Continue without saving10 . Determining opportunity cost Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, Discounted price located 15 minutes away from where she works, and pay a Marked-up price marked-up price of $114 for the skirt: Juanita's office Original price Travel Time Each Way Price of a Skirt Store (Minutes) ( Dollars per skirt) Local Department Store 15 114 Across Town 30 86 Neighboring City 60 60 Juanita makes $30 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $30 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Opportunity Cost of Time Price of a Skirt Total Cost Store (Dollars) ( Dollars per skirt) ( Dollars) Local Department Store 114 Across Town 86 Neighboring City 60 Assume that Juanita takes opportunity costs and the price of the skirt into consideration when she shops. Juanita will minimize the cost of the skirt if she buys it from the a) local department store b) store in the neighboring city c) store across town Grade It Now Save & Continue Continue without saving