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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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