Consider the following two Numpy arrays: 3×3 shape: arr1 = n…
Consider the following two Numpy arrays: 3×3 shape: arr1 = np.array([[7,31,1], [4,12,2], [19,8,16]] ) 1×3 shape: arr2 = np.array([[10,15,20]]) Which of the following Numpy functions can be used to stack arr2 to the bottom of arr1 so that the resulting array has the shape of 4×3?
Read DetailsInformation for questions 14-18 The world is made of two cou…
Information for questions 14-18 The world is made of two countries, La La Land, and Liverpond. Labor is the only factor of production. La La Land has 100 hours of labor available to be employed, while Liverpond has 200 hours of labor available to be employed. There are two goods, songs and movies. The following table shows the output of each good per hour of labor, in the two countries. La La Land Liverpond Songs 10 4 Movies 20 5 Suppose we plotted the two countries PPCs, placing quantity of songs on the horizontal axis, and quantity of movies on the vertical axis. Which country’s PPC would have the smallest slope, in absolute value?
Read DetailsInformation for questions 21-25 The figure below depicts th…
Information for questions 21-25 The figure below depicts the production possibilities curve (PPC) for the U.S. and Canada, two countries that can produce cars and trucks. Assume the two countries trade only with each other. The U.S. and Canada have the same total amount of hours of labor engaged in production. In which good does the U.S. have absolute advantage? Hint: remember that the U.S. and Canada have the same amount of labor. Look at their PPCs. What is the maximum amount of cars that U.S. workers can produce? What about Canadian workers? What does that tell you about the productivity of U.S. versus Canadian workers in cars? What about trucks?
Read DetailsInformation for questions 21-25 The figure below depicts th…
Information for questions 21-25 The figure below depicts the production possibilities curve (PPC) for the U.S. and Canada, two countries that can produce cars and trucks. Assume the two countries trade only with each other. The U.S. and Canada have the same total amount of hours of labor engaged in production. Suppose that a U.S. worker needs 5 hours of labor to produce either a car or a truck. Calculate the total number of hours of labor available in the U.S., that is, the total labor force (in hours of labor) of the U.S. (Hint: if you need 5 hours of labor to make one car, how many hours of labor do you need to make 1000?) Enter a whole or decimal number, as appropriate. Enter 0 if the answer cannot be obtained with the information given. Only exact answer accepted.
Read DetailsInformation for questions 21-25 The figure below depicts th…
Information for questions 21-25 The figure below depicts the production possibilities curve (PPC) for the U.S. and Canada, two countries that can produce cars and trucks. Assume the two countries trade only with each other. The U.S. and Canada have the same total amount of hours of labor engaged in production. Complete the sentence: When the U.S. and Canada trade with each other at a price intermediate between the two bounds of the previous question, but equal to neither bound, the U.S. fully specializes in __________ and Canada fully specializes in ________ . Definition: A country “fully” specializes in a good when it only produces that good, and produces 0 units of the other good.
Read DetailsInformation for questions 21-25 The figure below depicts th…
Information for questions 21-25 The figure below depicts the production possibilities curve (PPC) for the U.S. and Canada, two countries that can produce cars and trucks. Assume the two countries trade only with each other. The U.S. and Canada have the same total amount of hours of labor engaged in production. When the two countries trade with each other, the trade price of cars must be in between two certain bounds. Enter a reasonable trade price that lies between those bounds. This is the trade price of cars (in terms of trucks), so if you enter 2.5, that means “2.5 trucks / car,” or “2.5 trucks per car,” of “you get 2.5 trucks per car traded.” Enter a whole or decimal number. Enter 0 if the answer cannot be obtained with the information given. Any number within the correct bounds will be accepted.
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