Suppose that Slovenia and Liechtenstein both produce olive oil and shoes. Slovenia's opportunity cost of producing a pair of shoes is 6 crates of olive oil while Liechtenstein's opportunity cost of producing a pair of shoes is 11 crates of olive oil. By comparing the opportunity cost of producing shoes in the two countries, you can tell thatSlovenia has a comparative advantage in the production of shoes and Liechtenstein has a comparative advantage in the production of olive oil. Suppose that Slovenia and Liechtenstein consider trading shoes and olive oil with each other. Slovenia can gain from specialization and trade as long as it receives more than of olive oil for each pair of shoes it exports to Liechtenstein. Similarly, Liechtenstein can gain from trade as long as it receives more than of shoes for each crate of olive oil it exports to Slovenia. Based on your answer to the last question, which of the following prices of trade (that is, price of shoes in terms of olive oil) would allow both Liechtenstein and Slovenia to gain from trade? Check all that apply. 7 crates of olive oil per pair of shoes 10 crates of olive oil per pair of shoes 17 crates of olive oil per pair of shoes 1 crate of olive oil per pair of shoes

Argentina can produce 150 pounds of beef or 20 cars; in contrast the United States can produce 90 pounds of beef or 80 cars. Which country has the absolute advantage in producing beef? O Both countries have an absolute advantage. O United States O Argentina O Neither country has an absolute advantage.

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Brazil can produce 100 pounds of beef or 10 autos. In contrast the United States can produce 40 pounds of beef or 30 autos. Which country has the absolute advantage in beef? Which country has the absolute advantage in producingautos?WhatistheopportunitycostofproducingonepoundofbeefinBrazil?Whatistheopportunitycost of producing one pound of beef in the United States?

Assume that Germany has 1200 units of labor available and it can produce two goods: apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. France has a labor force of 800. France’s unit labor requirement in apple production is 5, while in banana production it is 1.   Suppose that Germany does not specialize in the production of the commodity in which it has a comparative advantage but it opens up for trade at the autarky production level. Compare the welfare of the country with the case when country specializes.

The following table shows the output of rice and cotton for Country A and Country B. Each country divides its resources equally between the production of rice and cotton. Based upon the law of comparative advantage, which of the following statement is correct? Units of the output of rice per year Units of the output of cotton per year 500 500 400 200 Country A Country B O a. Country B has a lower opportunity cost in producing rice. O b. Country A should produce both goods as the opportunity cost is the same. Country A has a higher opportunity cost in producing cotton. c. O d. Country B should produce both goods as they have an absolute advantage.

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Glacier has a comparative advantage in the production of a comparative advantage in the production of Congaree specialize in the production of the goods in which each After specialization, the two countries can produce a total of and million pounds of basil. Suppose that Glacier and Congaree agree to trade. Each country focuses its resources on producing only the good in which it has a comparative advantage. The countries decide to exchange 16 million pounds of corn for 16 million pounds of basil. This ratio of goods is known as the price of trade between Glacier and Congaree. The following graph shows the same PPF for Glacier as before, as well as its initial consumption at point A. Place a black point (plus symbol) on the graph to indicate Glacier's consumption after trade. Note: Dashed drop lines will automatically extend to both axes. BASIL (Millions of pounds) 64 56 BASIL (Millions of pounds) 48 40 32 24 16 8 0 64 56 40 0 48 PPF 24 8 PPF 0 8 0 16 The following graph shows the same…

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