Homework Answers
If a nation has a lower opportunity cost of production of a good, then it will have Comparative advantage in that good ,
So Greece has lower OC of production of wine bottle, , as it has to given up only 3 jeans pair for 1 bottle , as against 11 jeans pair in case of Austria
So • Greece has comparative advantage in wine
• Austria has Comparative advantage in jeans
.
Greece can gain, as long as it Receives more than 3 pair of jeans
• Austria can gain asong as it receives more than 1/11 bottle
MCQ; option B)
6 pair of jeans
Pair of jeans should be between 3 to 11
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