Assume that country A and country B can switch between producing wheat and producing beef at a constant rate.
Assume that country A and country B can switch between producing wheat and producing beef at a constant rate.
Minutes Needed to Make 1 | ||
Bushel of Wheat | Pound of Beef | |
Country A | 20 min | 12 min |
Country B | 15 min | 10 min |
1. What is Country A’s opportunity cost of producing one pound of beef?
a. | 3/5 bushel of wheat |
b. | 6/5 bushels of wheat |
c. | 4/3 bushels of wheat |
d. | 5/3 bushels of wheat |
2. What is Country A’s opportunity cost of producing one bushel of wheat?
a. | 3/5 pound of beef |
b. | 6/5 pounds of beef |
c. | 4/3 pounds of beef |
d. | 5/3 pounds of beef |
3. What is country B’s opportunity cost of producing one bushel of wheat?
a. | 2/3 pound of beef |
b. | 3/4 pound of beef |
c. | 5/6 pound of beef |
d. | 3/2 pounds of beef |
4. What is country B’s opportunity cost of producing one pound of beef?
a. | 2/3 bushel of wheat |
b. | 3/4 bushel of wheat |
c. | 5/6 bushel of wheat |
d. | 3/2 bushels of wheat |
5. Country A has an absolute advantage in the production of
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6. Country A has a comparative advantage in the production of
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7. Country A should specialize in the production of
a. | wheat and country B should specialize in the production of beef. |
b. | beef and country B should specialize in the production of wheat. |
c. | both goods and country B should specialize in the production of neither good. |
d. | neither good and country B should specialize in the production of both goods. |
8. Assume that country A and country B each has 60 minutes available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
a. | 3 bushels of wheat and 6 pounds of beef. |
b. | 3.5 bushels of wheat and 5.5 pounds of beef. |
c. | 4 bushels of wheat and 5 pounds of beef. |
d. | 7 bushels of wheat and 11 pounds of beef. |
9. At which of the following prices would both country A and country B gain from trade with each other?
a. | 6 bushels of wheat for 10.5 pounds of beef |
b. | 12 bushels of wheat for 19 pounds of beef |
c. | 24 bushels of wheat for 34 pounds of beef |
d. | Country A and country B could not both gain from trade with each other at any price. |
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Assume that country A and country B can switch between producing wheat and producing beef at a constant rate.
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