Description
Draw a production possibilities curve for China and Japan. (Assume that China and Japan produce nothing else except machines and televisions.
b.What is the opportunity cost of producing one more machine in China? In Japan?
c.Identify which country has the comparative advantage in machine production and which country has the comparative advantage in television production.
d.Show how China would benefit from trading with Japan.
e.Show how Japan would benefit from trading with China.
Answer the above questions with the data provided in the attached page.
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Running head: BASIC ECONOMIC QUESTIONS.
Basic Economics Questions
Institutional Affiliation.
Name of the student
Date
1
BASIC ECONOMIC QUESTIONS.
2
a. Draw a production possibilities curve for China and Japan. (Assume that China
and Japan produce nothing else except machines and televisions).
CHINA PRODUCTION POSSIBILITY CURVE
Machines
10 Million
60 Million
Television
s.
JAPAN PRODUCTION POSSIBILITY CURVE.
MACHINES
15 Million
5 Million
TELEVISIONS
BASIC ECONOMIC QUESTIONS....
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