Suppose that Slovenia and Luxembourg both produce boots and wheat. Slovenia's opportunity cost of producing a bushel of wheat is 5 pairs of boots while Luxembourg's opportunity cost of producing a bushel of wheat is 11 pairs of boots. By comparing the opportunity cost of producing wheat in the two countries, you can tell that production of wheat and has a comparative advantage in the production of boots. has a comparative advantage in the Suppose that Slovenia and Luxembourg consider trading wheat and boots with each other. Slovenia can gain from specialization and trade as long as it receives more than of boots for each bushel of wheat it exports to Luxembourg. Similarly, Luxembourg can gain from trade as long as of wheat for each pair of boots it exports to Slovenia. it receives more than Based on your answer to the last question, which of the following prices of trade (that is, price of wheat in terms of boots) would allow both Luxembourg and Slovenia to gain from trade? Check all that apply. 1 pair of boots per bushel of wheat 2 pairs of boots per bushel of wheat 7 pairs of boots per bushel of wheat 15 pairs of boots per bushel of wheat

Suppose that Slovenia and Luxembourg both produce boots and wheat. Slovenia's opportunity cost of producing a bushel of wheat is 5 pairs of boots while Luxembourg's opportunity cost of producing a bushel of wheat is 11 pairs of boots. By comparing the opportunity cost of producing wheat in the two countries, you can tell that production of wheat and has a comparative advantage in the production of boots. has a comparative advantage in the Suppose that Slovenia and Luxembourg consider trading wheat and boots with each other. Slovenia can gain from specialization and trade as long as it receives more than of boots for each bushel of wheat it exports to Luxembourg. Similarly, Luxembourg can gain from trade as long as of wheat for each pair of boots it exports to Slovenia. it receives more than Based on your answer to the last question, which of the following prices of trade (that is, price of wheat in terms of boots) would allow both Luxembourg and Slovenia to gain from trade? Check all that apply. 1 pair of boots per bushel of wheat 2 pairs of boots per bushel of wheat 7 pairs of boots per bushel of wheat 15 pairs of boots per bushel of wheat

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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