Question 2 Wouldn't let me post right side up sorry but need answered asap pls and thank you . ...... Olives (millions of tons)12108201II11a10ItalyPPF20 30 40Tea (millions of tons)Olives (millions of tons)121086201020 30 40 50Tea (millions of tons)IndiaO India would produce both tea and olives.Italy would specialize in tea and India would specialize in olives.Italy would produce both tea and olives.O India would specialize in tea and Italy would specialize in olives.PPF(Figure: Production Possibilities for Italy and India) The figure shows the production possibilities frontiers (PPFs) for Italy and India for their domestic production ofolives and tea. Without trade, assume that each is consuming olives and tea at point a. If Italy and India were to consider specialization and trade, which of thesestatements would be TRUE?60

Opportunity cost is the cost of producing one good in terms of other. Opportunity cost shows the…

Olives (millions of tons) 12 10 2 0 Italy PPF 10 20 30 Tea (millions of tons) 40 Olives (millions of tons) India would produce both tea and olives. 12 10 8 0 10 India 20 30 40 50 60 Tea (millions of tons) (Figure: Production Possibilities for Italy and India) The figure shows the production possibilities frontiers (PPFs) for Italy and India for their domestic production of olives and tea. Without trade, assume that each is consuming olives and tea at point a. If Italy and India were to consider specialization and trade, which of these statements would be TRUE? O Italy would specialize in tea and India would specialize in olives. Italy would produce both tea and olives. PPF O India would specialize in tea and Italy would specialize in olives.

Olives (millions of tons) 12 10 2 0 Italy PPF 10 20 30 Tea (millions of tons) 40 Olives (millions of tons) India would produce both tea and olives. 12 10 8 0 10 India 20 30 40 50 60 Tea (millions of tons) (Figure: Production Possibilities for Italy and India) The figure shows the production possibilities frontiers (PPFs) for Italy and India for their domestic production of olives and tea. Without trade, assume that each is consuming olives and tea at point a. If Italy and India were to consider specialization and trade, which of these statements would be TRUE? O Italy would specialize in tea and India would specialize in olives. Italy would produce both tea and olives. PPF O India would specialize in tea and Italy would specialize in olives.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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