Question 2 (1 point) The U.S. and Canada both produce aircraft engines and tons of chemicals, which are sold for the same price in both countries. Suppose that with one unit of labor and one unit of capital, the U.S. can produce either 22 engines or 37 tons of chemicals and Canada can produce either 14 engines or 32 tons of chemicals. What is the opportunity cost of producing one ton of chemicals (in terms of engines) for the U.S.? Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "$." "="%" or ","in your answer. Your Answer: Answer Canada. 6 Question 4 (1 point) Consider Iran and Iraq and their production of oil and olive oil. Relatively recent OPEC estimates indicate that in July 2012, Iran produced about 4.1 million barrels of oil per day and Iraq produced about 3.2 million barrels of oil per day, making them the second- and third-largest oil producers in OPEC, behind Saudi Arabia (and the 4th and 7th largest oil producing countries in the world). Suppose that Iran and Iraq both produce barrels of oil and bottles of olive oil, which are sold for the same price in both countries. These are the combinations of the two goods that each country can produce in one day using the same amounts of capital and labor (with all measures in millions throughout): o 12 4 15 Oil (Barrels) 0 2 4 6 8 Iran Olive Oil (Bottles) 12 9 6 3 0 (Barrels) 0 2 4 6 8 Iraq Olive Oil (Bottles) 8 6 4 2 7 18 0 21 Suppose that without specialization, Iran produces 4 barrels of oil and 6 bottles of olive oil, and Iraq produces 4 barrels of oil and 4 bottles of olive oil (in millions per day). Are the countries better off or worse off with specialization and trade? Suppose that the terms of trade with specialization are 4 barrels of oil for 4.5 bottles of olive oil, and that 4 barrels of oil are indeed traded for 4.5 bottles of olive oil. With specialization and trade, how many additional bottles of olive oil can the two countries produce (when considered together)? Provide your answer as a number measured in millions rounded to two decimal places. Use to indicate negative amounts. Do not include any symbols, such as "$." %," or "." in your answer 24 Your Answer: MacBook Air Question 5 (1 point) Consider Iran and Iraq and their production of oil and olive oil. Relatively recent OPEC estimates indicate that in July 2012, Iran produced about 4.1 million barrels of oil per day and Iraq produced about 3.2 million barrels of oil per day, making them the second- and third-largest oil producers in OPEC, behind Saudi Arabia (and the 4th and 7th largest oil producing countries in the world). Suppose that Iran and Iraq both produce barrels of oil and bottles of olive oil, which are sold for the same price in both countries. These are the combinations of the two goods that each country can produce in one day using the same amounts of capital and labor (with all measures in millions throughout): Oil (Barrels) 0 2 4 6 8 Iran Olive Oil (Bottles) 12 9 6 3 0 Oil (Barrels) 0 2 4 6 8 Iraq Olive Oil (Bottles) 8 6 4 2 0 Suppose that without specialization, Iran produces 4 barrels of oil and 6 bottles of olive oil, and Iraq produces 4 barrels of oil and 4 bottles of olive oil (in millions per day). Are the countries better off or worse off with specialization and trade? Suppose that the terms of trade with specialization are 4 barrels of oil for 4.9 bottles of olive oil, and that 4 barrels of oil are indeed traded for 4.9 bottles of olive oil. With specialization and trade, how many additional barrels of oil can Iran consume? Provide your answer as a number measured in millions rounded to two decimal places. Use "-" to indicate negative amounts. Do not include any symbols, such as "$""=" "%," or ","in your answer. Your Answer: Answer m/ %," or "," in Question 13 (1 point) Suppose a small island near the Middle East produces oil, which is extracted from the ground, and olive oil, from all of the olives grown on the island. The information in the following table shows the amount of oil, olive oil, and olives produced in 2008, 2018, and 2019. Calculate nominal GDP for 2019 using 2008 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "$," your answer. 2008 2018 2019 Product Quantity Price Quantity Price Quantity Price Oil (in barrels) 25 $90 32 $119 40 $91 Olive Oil (in bottles) 100 130 135 12 Olives (in bushels) 50 65 5 65 7 10 Your Answer: Answer Answer Question 14 (1 point) Suppose a small island near the Middle East produces oil, which is extracted from the ground, and olive oil, from all of the olives grown on the island. The information in the following table shows the amount of oil, olive oil, and olives produced in 2008, 2018, and 2019. Calculate real GDP for 2018 using 2008 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "$" "%," or ", " in your answer. 2008 Quantity Price 28 $81 2018 2019 Quantity Price Quantity Price 32 $115 41 $97 Product Oil (in barrels) Olive Oil (in bottles) Olives in bushels) 100 50 10 4 135 130 65 10 6 65 14 8 Your Answer: Answer Question 15 (1 point) Suppose a small island near the Middle East produces oil, which is extracted from the ground, and olive oil, from all of the olives grown on the island. The information in the following table shows the amount of oil, olive oil, and olives produced in 2008, 2018, and 2019. Calculate the GDP deflator for 2018. Use 2008 as the base year for the calculations. Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "$," or "," in your answer. 2008 2018 2019 Product Quantity Price Quantity Price Quantity Price Oil (in barrels) 30 $87 33 $116 41 $98 Olive Oil (in bottles) 100 10 130 10 135 14 Olives (in bushels) 50 4 65 5 65 8 Your