Attempts Average/3 5. The price of trade Suppose that Ireland and Slovakia both produce boots and shoes. Ireland's opportunity cost of producing a pair of shoes is 5 pairs of boots while Slovakia's opportunity cost of producing a pair of shoes is 11 pairs of boots. By comparing the opportunity cost of producing shoes in the two countries, you can tell that production of shoes and has a comparative advantage in the production of boots. receives more than has a comparative advantage in the Suppose that Ireland and Slovakia consider trading shoes and boots with each other. Ireland can gain from specialization and trade as long as it of boots for each pair of shoes it exports to Slovakia. Similarly, Slovakia can gain from trade as long as it receives of shoes for each pair of boots it exports to Ireland. more than Based on your answer to the last question, which of the following prices of trade (that is, price of shoes in terms of boots) would allow both Slovakia and Ireland to gain from trade? Check all that apply. 9 pairs of boots per pair of shoes 15 pairs of boots per pair of shoes 2 pairs of boots per pair of shoes 7 pairs of boots per pair of shoes

Attempts Average/3 5. The price of trade Suppose that Ireland and Slovakia both produce boots and shoes. Ireland's opportunity cost of producing a pair of shoes is 5 pairs of boots while Slovakia's opportunity cost of producing a pair of shoes is 11 pairs of boots. By comparing the opportunity cost of producing shoes in the two countries, you can tell that production of shoes and has a comparative advantage in the production of boots. receives more than has a comparative advantage in the Suppose that Ireland and Slovakia consider trading shoes and boots with each other. Ireland can gain from specialization and trade as long as it of boots for each pair of shoes it exports to Slovakia. Similarly, Slovakia can gain from trade as long as it receives of shoes for each pair of boots it exports to Ireland. more than Based on your answer to the last question, which of the following prices of trade (that is, price of shoes in terms of boots) would allow both Slovakia and Ireland to gain from trade? Check all that apply. 9 pairs of boots per pair of shoes 15 pairs of boots per pair of shoes 2 pairs of boots per pair of shoes 7 pairs of boots per pair of shoes

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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