Homework Answers
Option B is the correct answer i.e. China will exports shirts and US will export aircraft
We need to calculate opportunity cost for both US and China for two goods
In US 10000 hrs of labor = 1 Aircraft = 10000/2 shirts = 5000 Shirts
to produce one aircraft US needs to give up 5000 shirts
In China 40000 hrs of labor = 1 Aircraft = 40000/4 shirts=10000 Shirts
to produce one aircraft China needs to give up 10000 shirts
As opportunity cost of producing 1 Aircraft is high in China therefore it should produce shirts and US should produce aircraft and export
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suppose the United States trades Canada half of its production for
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Use the blue line (circle symbol) to graph the production
possibilities frontier (PPF) for the United States, and use the
green line (triangle symbol) to graph the production possibilities
frontier for China.
Suppose that without trade the workers in each country spend
half their time producing...
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