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HW 9 AGEC 315 All Answers Correct

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HW 9 AGEC 315 All Answers Correct assume that if france and spain devote a 40-hour work week to producing milk or olive oil, they could produce the following amounts: production possibilities milk olive oil france 150 25 spain 200 50 according to the table above ____________ has th...

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  • October 19, 2024
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  • 2024/2025
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HW 9 AGEC 315 All Answers Correct

assume that if france and spain devote a 40-hour work week to producing milk or olive oil, they could
produce the following amounts:



production possibilities



milk olive oil

france 150 25

spain 200 50



according to the table above ____________ has the absolute advantage in producing milk and
_________ has the absolute advantage in producing olive oil.



a. france; france

b. france; spain

c. spain; france

d. spain; spain ✅d. spain; spain



assume that if france and spain devote a 40-hour work week to producing milk or olive oil, they could
produce the following amounts:



milk olive oil

france 150 25

spain 200 50



according to the table above, france's opportunity cost of producing milk is ________ while spain's
opportunity cose of producing milk is ________.

, a. 0.167 units of olive oil; 0.25 units of olive oil

b. 25 units of olive oil; 50 units of olive oil

c. 6 units of olive oil; 4 units of olive oil

d. 625 units of olive oil; 1.25 units of olive oil ✅a. 0.167 units of olive oil; 0.25 units of olive oil



Assume that if France and Spain devote a 40-hour work week to producing milk or olive oil, they could
produce the following amounts:



Production Possibilities




Milk Olive oil

France 150 25

Spain 200 50



Which country will export milk under free trade?



a. Neither country

b. france

c. spain

d. france and spain ✅b. france



The price of wheat in Chicago is $5.10 per bushel. The economic cost of shipping wheat to Kansas City is
$0.15 per bushel. From the arbitrage condition, what do we know about the price of wheat in Kansas
City?



a. The price is less than or equal to $5.25.

b. The price is less than or equal to $4.95 or greater than or equal to $5.25.

c. The price is greater than or equal to $5.25.

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