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c. Shahina should hire the assistant as long as she pays the assistant less than $25 per hour....
Read MoreUse the production possibilities frontiers in the exhibit to answer the question. Assume each country has the same number of workers, say 20 million, and that each axis is measured in metric tons per month.
The opportunity cost of producing 1 metric ton of beef in Colombia is ________.
d. 3 tons of fruit...
Read MoreUse the production possibilities frontiers in the exhibit to answer the question. Assume each country has the same number of workers, say 20 million, and that each axis is measured in metric tons per month.
Colombia will export ________.
b) Fruit...
Read MoreUse the production possibilities frontiers in the Exhibit to answer the question. Assume each country has the same number of workers, say 20 million, and that each axis is measured in metric tons per month.
Brazil has a comparative advantage in the production of ________.
c) Beef...
Read MoreIf Canada has a comparative advantage in the production of food, then Mexico must have a comparative advantage in the production of clothing....
Read MoreThe following table shows the units of output a worker can produce per month in Germany and Poland. Use this table to answer the question.
| Wheat | Computers | |
| Germany | 20 | 5 |
| Poland | 8 | 4 |
Prices of computers can be stated in terms of units of wheat. What is the range of prices of computers for which both countries could gain from trade?
The price must be greater than 2 units of wheat but less than 4 units of wheat....
Read MoreThe following table shows the units of output a worker can produce per month in Germany and Poland. Use this table to answer the question.
| Wheat | Computers | |
| Germany | 20 | 5 |
| Poland | 8 | 4 |
Poland should ________.
b. specialize in computers production, export computers, and import wheat...
Read MoreThe following table shows the units of output a worker can produce per month in Germany and Poland. Use this table to answer the question.
| Wheat | Computers | |
| Germany | 20 | 5 |
| Poland | 8 | 4 |
Which of the following statements about comparative advantage is true?
Germany has a comparative advantage in the production of wheat, while Poland has a comparative advantage in the production of computers....
Read MoreThe following table shows the units of output a worker can produce per month in Germany and Poland. Use this table to answer the question.
| Wheat | Computers | |
| Germany | 20 | 5 |
| Poland | 8 | 4 |
The opportunity cost of 1 unit of wheat in Poland is ________.
d. 1/2 of a unit of computers...
Read Morehe following table shows the units of output a worker can produce per month in Germany and Poland. Use this table to answer the question.
| Wheat | Computers | |
| Germany | 20 | 5 |
| Poland | 8 | 4 |
The opportunity cost of 1 unit of wheat in Germany is ________.
c) 1/4 of a unit of computers...
Read More