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In a two-country world of Japan and Korea

24 / 01 / 2019 Assignments

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In a two-country world of Japan and Korea

In a two-country world of Japan and Korea, suppose Japan can produce either 600 radios or 300TV sets in one day with all its available resources, while Korea can produce 100 radios or 200TV sets in one day with all its available resources.A) Graph the Production Possibilities Frontier for each.B) Calculate the opportunity cost of producing one radio in each country. Which countryshould specialize in producing radios?C) Calculate the opportunity cost of producing one television in each country. Whichcountry should specialize in producing televisions?D) Both countries need 100 television sets and allocate any extra production towardsradios. Therefore, if they cannot trade, Japan will produce 100 television sets and 400radios, while Korea will produce 100 television sets and 50 radios. Now assume thatthey specialize. Korea produces only televisions and Japan produces only radios. Howmany more radios and television sets are produced?E) Are they both better off? Indicate the new consumption points on the PPF graph.Page 1Explain in detail, using graphs and written explanation, the ways in which monetary and fiscal policiesare similar and the ways in which they are different. You should mention what makes the policiessuccessful and what makes them less than perfect.


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