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Question 1

The following table describes production possibilities for United States and Argentina. Each number in the table shows the number of workers needed to produce one unit of the product.

Countryshoesdishwashers
United States1018
Argentina25

Suppose that both countries have 70 workers. What is the opportunity cost of producing shoes in United States?

dishwashers

 

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Question 2
What is the opportunity cost of producing dishwashers in United States?

shoes

 

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Question 3
What is the opportunity cost of producing shoes in Argentina?

dishwashers

 

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Question 4
What is the opportunity cost of producing dishwashers in Argentina?

shoes

 

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Question 5
Which country has an absolute advantage in producing shoes?

 

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Question 6
Which country has an absolute advantage in producing dishwashers?

 

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Question 7
Which country has a comparative advantage in producing dishwashers?

 

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Question 8
Which country has a comparative advantage in producing shoes?

 

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Question 9
Which country should be specializing in the production of dishwashers?

 

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Question 10
Which country should be specializing in the production of shoes?

 

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Question 11
Which country should be exporting shoes?

 

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Question 12
Which country should be exporting dishwashers?

 

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Question 13
Suppose that The U.S. takes all of their workers to produce shoes. How much of the product can they produce?

 

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Question 14
Suppose that The U.S. takes all of their workers to produce dishwashers. How much of the product can they produce?

 

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Question 15
Suppose that Argentina takes all of their workers to produce shoes. How much of the product can they produce?

 

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Question 16
Suppose that Argentina takes all of their workers to produce dishwashers. How much of the product can they produce?

 

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