In autarky, the opportunity cost of wine in the U.S. is 4 beers and in Mexico...
In autarky, the opportunity cost of wine in the U.S. is 4 beers and in Mexico is 8 beers. If there are increasing opportunity costs (as in the specific factors model), then after opening to trade the U.S. will
A fully specialize in and export wine.
B fully specialize in and export beer.
C produce both goods and export wine.
D produce both goods and export beer.
Homework Answers
As the opportunity cost of wine in the US is less than the same in the Mexico.US will specialize production of wine and mexico in beer. US will export wine and import beer.
The answer is "A" Fully specialize in and export wine.
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In autarky, the opportunity cost of wine in the U.S. is 4 beers
and in Mexico...
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