Table: Production Possibilities for the United States and Canada U.S. Production Possibilities One Possibility Another Possibility Quantity of Cars (Millions) 10 0 Quantity of Lumber (millions of board feet) 0 10 Canada Production Possibilities One Possibility Another Possibility Quantity of Cars (Millions) 2 0 Quantity of Lumber (millions of board feet) 0 12 Reference: Ref 8-3 Table: Production Possibilities for the United States and Canada (Table: Production Possibilities for the United States and Canada) Use Table: Production Possibilities for the United States and Canada. Both nations can produce cars and lumber. If these nations trade, Canada has the comparative advantage in _____ and should trade _____ to the United States in exchange for _____.   Question 13 options:   lumber; lumber; cars   cars; cars; lumber.   lumber; cars; lumber   cars; lumber; cars

ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter2: Economic Tools And Economic Systems
Section: Chapter Questions
Problem 3.7P
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Table: Production Possibilities for the United States and Canada

U.S. Production Possibilities One Possibility Another Possibility
Quantity of Cars (Millions) 10 0
Quantity of Lumber (millions of board feet) 0 10
Canada Production Possibilities One Possibility Another Possibility
Quantity of Cars (Millions) 2 0
Quantity of Lumber (millions of board feet) 0 12
Reference: Ref 8-3 Table: Production Possibilities for the United States and Canada


(Table: Production Possibilities for the United States and Canada) Use Table: Production Possibilities for the United States and Canada. Both nations can produce cars and lumber. If these nations trade, Canada has the comparative advantage in _____ and should trade _____ to the United States in exchange for _____.

 

Question 13 options:

 

lumber; lumber; cars

 

cars; cars; lumber.

 

lumber; cars; lumber

 

cars; lumber; cars

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