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Question 1

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

Countrycorncars
Norway1015
Nigeria185

Suppose that both countries have 70 workers. What is the opportunity cost of producing corn in Norway?

cars

 

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Question 2
What is the opportunity cost of producing cars in Norway?

corn

 

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

cars

 

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Question 4
What is the opportunity cost of producing cars in Nigeria?

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 cars?

 

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

 

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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 cars?

 

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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 cars?

 

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

 

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

 

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

 

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

 

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