05-02_task1

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Economics© ACCESS Virtual Learning 2023 Name: Date: School: Facilitator: 5.02 Specialization and Comparative Advantage (48 Points) Part 1: “Other Goes Over” 1. Using the “Other Goes Over” Method presented to you in the lesson, complete the chart parts A-D for Country Y and Country Z for both peanuts and bats. Reduce the fractions so you can compare the output of the nations. (2 points each; 8 points total) Peanuts Bats Country Y 15 60 a) ¾ (show the “other goes over” fraction) b) 3/20 (show the “other goes over” fraction) Country Z 10 80 c) 2/3 (show the “other goes over” fraction) d) 1/10 (show the “other goes over” fraction) Part 2: Using the Chart Answer the following questions about the chart for Peanuts and Bats above. (#2-5 worth 2 points each; #6 worth 4 points; 12 points total) 2. Who has the absolute advantage in peanuts? (Hint: Which country produces the most peanuts?) Country Y 3. Who has the absolute advantage in bats? (Hint: Which country produces the most bats?) Country Z 4. Who has the comparative advantage in producing bats? (Hint: Compare and choose the lowest number.) Country Y 5. Who has the comparative advantage in producing peanuts? (Hint: Compare and choose the lowest number.) Country Z

Economics© ACCESS Virtual Learning 2023 6. If the terms of trade are 1 peanut for 9 bats, should the two nations trade? (Hint: Look at the chart you completed. Does 9 bats fall between or beyond the opportunity cost of peanuts for the countries? If between, trade. If beyond, do not trade.) Explain your answer. Write your answer below: Yes, the two nations should trade because the opportunity cost of producing 9 bats for Country Y is 3/20 peanuts and for Country Z is 3 peanuts, which is between the terms of trade of 1 peanut for 9 bats. Part 3: “Other Goes Over” 7. Use the data provided in the Production Possibilities Frontier Graph to complete parts A-D of the table below. 8. Next, use the “Other Goes Over” Method presented to you in the Learn section of the lesson to complete the table parts E-H for Country A and Country B for both cereal and pens. Reduce the fractions so you can compare the output of the nations. (2 points per blank; 16 total points) Cereal Pens Country A 12 (from the PPF) a) 24 (from the PPF)

Economics© ACCESS Virtual Learning 2023 e) 1/2 (show the “other goes over” fraction) f) 1/6 (show the “other goes over” fraction) Country B c) 18 (from the PPF) d) 12 (from the PPF) g) 1/3 (show the “other goes over” fraction) h) 1/2 (show the “other goes over” fraction) Part 4: Using the Chart Answer the following questions about the PPF graph for Cereal and Pens above. ( #9-11 worth 2 points each; #13 worth 4 points; 12 points total) 9. Who has the absolute advantage in cereal? (Hint: Which country produces the most cereals?) Country B 10. Who has the absolute advantage in pens? (Hint: Which country produces the most pens?) Country A 11. Who has the comparative advantage in producing cereal? (Hint: Compare and choose the lowest number.) Country A 12. Who has the comparative advantage in producing pens? (Hint: Compare and choose the lowest number.) Country B 13. If the terms of trade is 1 pen for 2 ½ cereals, should the two nations trade? (Hint: Look at the chart you completed. Does 2 ½ fall between or beyond the opportunity cost of pens for the countries? If between, trade. If beyond, do not trade.) Explain your answer. Write your answer below: No, the two nations should not trade because the opportunity cost of producing 2 ½ cereals for Country A is 5 pens, which is beyond the terms of trade of 1 pen for 2 ½ cereals. Similarly, for Country B, the opportunity cost of producing 2 ½ cereals is 6 2/3 pens, which is also beyond the terms of trade. Therefore, both countries are better off producing and consuming goods domestically.

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