1. Recall the productivity and wage information in Lecture 11.1 for Australia and Foreign. Suppose the wage ratio is w/w = 2. Hours needed per unit Wheat (tonnes) Toys (1000's) Australia Foreign 20 60 6 8 a) Calculate how many hours an AUS worker would have to work to afford a unit of wheat and a unit of toys without trade. b) Calculate how many hours an AUS worker would have to work to afford a unit of wheat and a unit of toys with trade. c) Can trade improve the workers standard of living?

1. Recall the productivity and wage information in Lecture 11.1 for Australia and Foreign. Suppose the wage ratio is w/w = 2. Hours needed per unit Wheat (tonnes) Toys (1000's) Australia Foreign 20 60 6 8 a) Calculate how many hours an AUS worker would have to work to afford a unit of wheat and a unit of toys without trade. b) Calculate how many hours an AUS worker would have to work to afford a unit of wheat and a unit of toys with trade. c) Can trade improve the workers standard of living?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 13P

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