Consider two countries: Alland and Georgeland. Say that Alland can produce 48 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 68 units of food per person per year or 17 units of clothing per person per year. Compute each country's opportunity cost for each product. Tip: The list below contains the correct answers. Enter the correct amount for each of the 4 boxes making sure it is entered exactly as written below. Don’t omit or add space, digits or other characters. 0.25, 0.33, 1.33, 1.25, 1.40, 3, 4, 30, 40 Alland’s opportunity cost of 1 unit of food is [a] unit(s) of clothing Alland’s opportunity cost of 1 unit of clothing is [b] unit(s) of food Georgeland’s opportunity cost of 1 unit of food is [c] unit(s) of clothing Georgeland’s opportunity cost of 1 unit of clothing is [d] unit(s) of food Enter Alland or Georgeland in the appropriate box. Please make sure to enter each name exactly as written here. Don’t omit or add space or other characters. Which country has an absolute advantage in the production of food? [e] Which country has an absolute advantage in the production of clothing? [f] Which country has a comparative advantage in the production of food? [g] Which country has comparative advantage in the production of clothing? [h] Which country should specialize in the production of food? [i] Which country should specialize in the production of clothing? [j]
Consider two countries: Alland and Georgeland.
Say that Alland can produce 48 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 68 units of food per person per year or 17 units of clothing per person per year.
Compute each country's
Tip: The list below contains the correct answers. Enter the correct amount for each of the 4 boxes making sure it is entered exactly as written below. Don’t omit or add space, digits or other characters.
0.25, 0.33, 1.33, 1.25, 1.40, 3, 4, 30, 40
Alland’s opportunity cost of 1 unit of food is [a] unit(s) of clothing
Alland’s opportunity cost of 1 unit of clothing is [b] unit(s) of food
Georgeland’s opportunity cost of 1 unit of food is [c] unit(s) of clothing
Georgeland’s opportunity cost of 1 unit of clothing is [d] unit(s) of food
Enter Alland or Georgeland in the appropriate box.
Please make sure to enter each name exactly as written here. Don’t omit or add space or other characters.
Which country has an
Which country has an absolute advantage in the production of clothing? [f]
Which country has a
Which country has comparative advantage in the production of clothing? [h]
Which country should specialize in the production of food? [i]
Which country should specialize in the production of clothing? [j]
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