Exam 3: Interdependence and the Gains From Trade

Table 3-6 -Refer to Table 3-6.If Denmark and Italy trade based on the principle of comparative advantage,which country will export or import each product

Table 3-5 -Refer to Table 3-5.Which country has an absolute or comparative advantage in each product

Table 3-3 -Refer to Table 3-3.What is the opportunity cost of one blanket for Kevin

Suppose a producer can produce shirts with lower opportunity cost than jeans.What else do we need to know if we want to determine this producer's comparative advantage

For two people who are planning to trade two different goods,when will there NOT be a comparative advantage for either

Mike and Sandy are two woodworkers who both make tables and chairs.In one month,Mike can make 6tables or 18 chairs,where Sandy can make 5 tables or 25 chairs.What is the opportunity cost of 1 table

Figure 3-3 Ice cream and cones are measured in kilograms. -Refer to Figure 3-3.For Ben,what is the opportunity cost of 1 kg of ice cream