You just spent $50 on a pair of new jeans. What decisions were made about your jeans? Who made those decisions regarding your jeans purchase, according to the circular flow chart?
You must respond in at most 75 words
Background: An American worker can produce 1000 pairs of jeans per week, while a Chinese worker can do the same. The United States has 50 workers who can manufacture cell phones within a week. China’s workers can make 100 cells phones within a single week. Based on that information, answer the following questions.
Part A: How many cell phones and jeans could each country make if it tried to make both cell phones and jeans? How many cell phones and jeans could each country produce in total? (Show us your work.
Part B: Determine the cost opportunity of making jeans in each country. Show your work.
Part C: Find out the cost opportunity of making cell phones in every country. (Ask for help.
Part D: Determine how many jeans each nation should produce. Show your work
Part E: Let us know why each country should be a specialist in making cell phones or jeans. You can use the economic terminology we have taught you in this unit to explain.
Part F: Lastly, what number of total cell phones and jeans will the combined nations produce after specialization?
Unit 1 Econ Assessment
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