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 Assume Nebraska and Virginia each have 100 acres of farmland
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Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states
Nebraska Virginia
Wheat 9 5
Cotton 7 2
21. Who has the comparative advantage in the production of wheat?A) Nebraska
B) Virginia
C) Both of the above
D) None of the above
22. Who has the comparative advantage in the production of cotton?A) Nebraska
B) Virginia
C) Both of the above
D) None of the above
23. Suppose the two states decide that they want to produce 590 units of wheat together (not 590 units of wheat each). What is the maximum amount of cotton that they could produce?A) 700 units of cotton
B) 630 units of cotton
C) 200 units of cotton
D) 90 units of cotton
24. Draw the PPF for Nebraska, putting wheat on the vertical axis and cotton on the horizontal axis. What is the vertical intercept of Nebraska’s PPF?A) 900
B) 700
C) 500
D) 200
25. Draw the PPF for Nebraska, putting wheat on the vertical axis and cotton on the horizontal axis. What is the horizontal intercept of Nebraska’s PPF?A) 900
B) 700
C) 500
D) 200
26. Draw the PPF for Virginia, putting wheat on the vertical axis and cotton on the horizontal axis. What is the vertical intercept of Virginia’s PPF?A) 900
B) 700
C) 500
D) 200
27. Draw the PPF for Virginia, putting wheat on the vertical axis and cotton on the horizontal axis. What is the horizontal intercept of Virginia’s PPF?A) 900
B) 700
C) 500
D) 200
28. (graph is attached)
The combined PPF for Nebraska and Virginia is shown in the picture above. What is the value of vertical intercept, Y?
A)
1800
B)
1400
C)
1000
D)
400
E)
1600
29. The combined PPF for Nebraska and Virginia is shown in the picture above. What is the value of horizontal intercept, X?A)
1800
B)
900
C)
500
D)
1200
E)
1400
30. The combined PPF for Nebraska and Virginia is shown in the picture above. What is the amount of wheat being produced at point Z?A)
300
B)
400
C)
500
D)
600
E)
700
31. The combined PPF for Nebraska and Virginia is shown in the picture above. What is the amount of cotton being produced at point Z?A)
300
B)
400
C)
450
D)
600
E)
700
32. The combined PPF for Nebraska and Virginia is shown in the picture above. What is the slope of the PPF between points Y and Z?A)
– (7/9)
B)
– (9/7)
C)
– (2/5)
D)
– (5/2)
33. The combined PPF for Nebraska and Virginia is shown in the picture above. What is the slope of the PPF between points Z and X?A)
– (7/9)
B)
– (9/7)
C)
– (2/5)
D)
– (5/2)
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