Use the following information to answer the questions below: China requires 9 hours to produce 1 ton of rice and 3 to produce 1 ton of lentils. India requires 3 hours to produce 1 ton of rice and 6 to produce 1 ton of lentils. What is the opportunity cost of rice for both nations? (Round your answer 2 decimal places) The opportunity cost of 1 ton of rice is (Click to select) in China. Who should specialize in the production of lentils? (Click to select) should produce lentils. If the terms of trade were 1 ton of rice for 2 tons of lentils, would the countries engage in trade? (Click to select)
Use the following information to answer the questions below: China requires 9 hours to produce 1 ton of rice and 3 to produce 1 ton of lentils. India requires 3 hours to produce 1 ton of rice and 6 to produce 1 ton of lentils. What is the opportunity cost of rice for both nations? (Round your answer 2 decimal places) The opportunity cost of 1 ton of rice is (Click to select) in China. Who should specialize in the production of lentils? (Click to select) should produce lentils. If the terms of trade were 1 ton of rice for 2 tons of lentils, would the countries engage in trade? (Click to select)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Use the following information to answer the questions below:
China requires 9 hours to produce 1 ton of rice and 3 to produce 1 ton of lentils.
India requires 3 hours to produce 1 ton of rice and 6 to produce 1 ton of lentils.
What is the opportunity cost of rice for both nations? (Round your answer 2 decimal places)
The opportunity cost of 1 ton of rice is (Click to select) in China.
Who should specialize in the production of lentils?
(Click to select) should produce lentils.
If the terms of trade were 1 ton of rice for 2 tons of lentils, would the countries engage in trade?
(Click to select)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9026cbd8-78a2-45fa-8a65-a5237ede3d11%2F7a3e9f08-5776-4202-9d55-c8f4e0c55a95%2F544h0pl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Use the following information to answer the questions below:
China requires 9 hours to produce 1 ton of rice and 3 to produce 1 ton of lentils.
India requires 3 hours to produce 1 ton of rice and 6 to produce 1 ton of lentils.
What is the opportunity cost of rice for both nations? (Round your answer 2 decimal places)
The opportunity cost of 1 ton of rice is (Click to select) in China.
Who should specialize in the production of lentils?
(Click to select) should produce lentils.
If the terms of trade were 1 ton of rice for 2 tons of lentils, would the countries engage in trade?
(Click to select)
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