Use the Following to Answer Questions

question 37

Essay

Use the following to answer questions :
-(Table: Production Possibilities in the United States and Colombia) Look at the table Production Possibilities in the United States and Colombia. Suppose that each nation specializes in producing the good in which it has the comparative advantage, and the two nations agree to trade. A year later we observe Colombia consuming 20 computers and 20 tons of coffee, and we observe the United States consuming 80 computers and 5 tons of coffee. How many computers does the United States export? How many tons of coffee does the United States import? If the world price of a computer is $500, what is the world price of a ton of coffee? Justify your answers.

Understand different types of outcomes and their contexts in a business environment.

Recognize various types of data (nominal, ordinal, interval, ratio) and their characteristics.

Distinguish between internal and external data sources and their uses in organizations.

Identify different metric types (continuous, discrete) and their applications.

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Definitions:

Supply

The total amount of a specific good or service that is available to consumers at a given price point and time.

Enclosed Stadium

A sports venue that is fully covered and provides spectators and participants shelter from the weather.

Excise-Tax Revenues

Government income derived from taxes imposed on specific goods, services, or activities.

Tax Rate

The percentage of income or value of goods that is collected by the government as tax.