5. The price of trade Suppose that Poland and Slovakia both produce boots and glass. Poland's opportunity cost of producing a pane of glass is 5 pairs of boots while Slovakia's opportunity cost of producing a pane of glass is 9 pairs of boots. By comparing the opportunity cost of producing glass in the two countries, you can tell that Poland has a comparative advantage in the production of glass and Slovakia has a comparative advantage in the production of boots. Suppose that Poland and Slovakia consider trading glass and boots with each other. Poland can gain from specialization and trade as long as it receives more than 5 pairs of boots for each pane of glass it exports to Slovakia. Similarly, Slovakia can gain from trade as long as it receives more than of glass for each pair of boots it exports to Poland. 1/9 pane Based on your answer to the last question, which of the following prices of trade (that is, price of glass in terms of boots) would allow both Slovakia and Poland to gain from trade? Check all that apply. 1 pair of boots per pane of glass 8 pairs of boots per pane of glass 3 pairs of boots per pane of glass 7 pairs of boots per pane of glass

5. The price of trade Suppose that Poland and Slovakia both produce boots and glass. Poland's opportunity cost of producing a pane of glass is 5 pairs of boots while Slovakia's opportunity cost of producing a pane of glass is 9 pairs of boots. By comparing the opportunity cost of producing glass in the two countries, you can tell that Poland has a comparative advantage in the production of glass and Slovakia has a comparative advantage in the production of boots. Suppose that Poland and Slovakia consider trading glass and boots with each other. Poland can gain from specialization and trade as long as it receives more than 5 pairs of boots for each pane of glass it exports to Slovakia. Similarly, Slovakia can gain from trade as long as it receives more than of glass for each pair of boots it exports to Poland. 1/9 pane Based on your answer to the last question, which of the following prices of trade (that is, price of glass in terms of boots) would allow both Slovakia and Poland to gain from trade? Check all that apply. 1 pair of boots per pane of glass 8 pairs of boots per pane of glass 3 pairs of boots per pane of glass 7 pairs of boots per pane of glass

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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