Normandale Community College Microeconomics Quiz Questions is Econ Micro quiz that i need help with. i will attach picture of the quiz and please be detail

Normandale Community College Microeconomics Quiz Questions is Econ Micro quiz that i need help with. i will attach picture of the quiz and please be detailed and clear about the answers. Quiz #1
Introduction to Microeconomics
Sept. 17, 2019
20 points
1. (5 points) Think of one scenario of market transactions where the circular-flow diagram
can be used. Draw the circular-flow diagram for both examples and briefly explain..
2. (10 points) Suppose that in a year, an American worker can produce 100 shirts OR 20
computers while a Chinese worker can produce 100 shirts OR 10 computers. So our
production possibilities for ONE worker over ONE year is:
Shirts per Worker per Year
U.S.
China
100
100
Computers per Worker per
Year
20
10
(a) Suppose the U.S. has 100 workers (recall the table above shows the production of ONE
worker) and China has 100 workers. Draw the PPF for the U.S. and China with shirts on
the X-axis and Computers on the Y-axis.
(b) In the U.S., what is the opportunity cost of producing an additional shirt. In China, what is
the opportunity cost of producing an additional shirt. Who has comparative advantage in
producing shirts? Producing computers?
(c) Recall both countries have 100 workers each. What happens if each country devotes half
its workers to each industry. How many shirts and computers does each country produce?
Graph these.
(d) Suppose the countries decide to trade. They produce only the good in which they have
comparative advantage. The country that specializes in shirts exports 5,000 shirts. The
country that specializes in computers exports 750 computers. Graph these points for each
country. Compared to your answer in part (d), what does each country gain from trade?
3. Describe the wealth tax. Who are its proponents? What is its purpose? What are the
potential costs and benefits? (5 points)

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