9 The following data outline production choices (A or b. in two nations, Gamma and Sigma. Each nation has aworkforce of 10.Output per worker in GammaOutput per worker in SigmaA120TeaPotsTeaPots40120120Refer to the data in the table above to answer the following question.Assume that before specialization and trade, each nation devoted half of its workforce to each product. Ifthese two nations fully specialize in accordance with comparative advantage, the total gains fromspecialization would be:200 units of tea and 200 pots400 pots400 units of tea400 units of tea and 400 pots600 units of tea and 600 pots Refer to the data in the table above to answer the following question.On the basis of this information, we can say that:Gamma should export both tea and pots to SigmaSigma should export tea to Gamma and Gamma should export pots to SigmaGamma should export tea to Sigma and Sigma should export pots to GammaGamma should export tea to Sigma, but it will not be profitable for the two nations to exchange potsSigma should export both tea and pots to GammaRefer to the data in the table above to answer the following question.What are the limits of the terms of trade between Gamma and Sigma?1 unit of tea 1 pot to 3 units of tea - 1 potI unit of tea - 3 pots to 1 unit of tea - 6 pots1 unit of tea - 1 pot to 1 unit of tea - 3 pots%3D6 units of tea -1 pot to 1 unit of tea-I pot6 units of tea = 1 pot to 6 pots -1 unit of tea

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The following data outline production choices (A or b. in two nations, Gamma and Sigma. Each nation has a workforce of 10. Output per worker in Gamma A Output per worker in Sigma B Tea Pots Tea Pots 120 40 0. 120 120 Refer to the data in the table above to answer the following question. Assume that before specialization and trade, each nation devoted half of its workforce to each product. If these two nations fully specialize in accordance with comparative advantage, the total gains from specialization would be: 200 units of tea and 200 pots 400 pots 400 units of tea 400 units of tea and 400 pots 600 units of tea and 600 pots

The following data outline production choices (A or b. in two nations, Gamma and Sigma. Each nation has a workforce of 10. Output per worker in Gamma A Output per worker in Sigma B Tea Pots Tea Pots 120 40 0. 120 120 Refer to the data in the table above to answer the following question. Assume that before specialization and trade, each nation devoted half of its workforce to each product. If these two nations fully specialize in accordance with comparative advantage, the total gains from specialization would be: 200 units of tea and 200 pots 400 pots 400 units of tea 400 units of tea and 400 pots 600 units of tea and 600 pots

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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