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Question 1
The following table describes production possibilities for Spain and Argentina. Each number in the table shows the number of workers needed to produce one unit of the product.

Countrycornglasses
Spain1012
Argentina1410

Suppose that both countries have 80 workers. What is the opportunity cost of producing corn in Spain?

glasses

 

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Question 2
What is the opportunity cost of producing glasses in Spain?

corn

 

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

glasses

 

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

corn

 

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

 

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

 

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

 

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

 

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

 

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

 

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Question 11
Which country should be exporting corn?

 

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Question 12
Which country should be exporting glasses?

 

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Question 13
Suppose that Spain takes all of their workers to produce corn. How much of the product can they produce?

 

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Question 14
Suppose that Spain takes all of their workers to produce glasses. How much of the product can they produce?

 

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

 

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

 

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