# ECON 101 HW 2 HW 3 Macroeconomics

Anonymous
timer Asked: Feb 4th, 2019
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### Question Description

Attached are two worksheets for my macroeconomics class. Most of it is multiple choice questions with a few fill in the blank!

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Dr12123
School: Duke University

Hey, here is the assignment. Kindly let me know in case you want any changes to be made. Thanks.

HW 2 Due Monday January 4, 2019 (25 points)
I. Suppose Frank and Nelson can produce pears and apples in a month as shown in the
production possibilities table below.

Frank
Nelson

Pears (pounds)
100
176

OR
OR
OR

Apples (pounds)
200
44

Frank’s opportunity cost of producing a pound of pears is 0.5 pounds of apples. (0.5 pt)
Nelson’s opportunity cost of producing a pound of pears is 4 pounds of apples. (0.5 pt)
(Frank, Nelson) has the lower opportunity cost of producing pears. (0.5 pt)
(Frank, Nelson) has a comparative advantage in producing pears. (0.5 pt)
Frank’s opportunity cost of producing a pound of apples is 2 pounds of pears. (0.5 pt)
Nelson’s opportunity cost of producing a pound of apples is 0.25 pounds of pears. (0.5 pt)
(Frank, Nelson) has the lower opportunity cost of producing apples. (0.5 pt)
(Frank, Nelson) has a comparative advantage in producing apples. (0.5 pt)
Suppose that Frank and Nelson specialize according to their comparative advantage.
Suppose that before specialization Frank and Nelson were producing pears and apples as shown
below. Figures are in pounds.

Frank
Nelson

Production Before Specialization (pounds)
Pears
Apples
AND
50
100
AND
88
22

Suppose that Frank and Nelson agree to trade 86 pounds of pears for apples at the rate of 1
pound of pears for 1 pound of apples. CO...

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Anonymous
Good stuff. Would use again.

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