The following table shows how much wine and cloth can be produced in Canada and in Portugal with the same amount of resource input. ( Ensure you put only the numbers, not the words 'cloth' and 'wine' when entering your answer) Canada Portugal Wine (barrels) 50 200 Cloth (meters) 100 266 1. The opportunity cost of 1 barrel of wine in Canada is? Number 2. The opportunity cost of 1 barrel of wine in Portugal is? Number 3. Portugal will export wine to Canada, if 1 barrel of wine can be traded for more than how many meter(s) of cloth? Number 4. Canada will import wine from Portugal provided that 1 meter of cloth trades for more than how many barrel(s) of wine? Number 5. If the international rate of exchange is 1 wine = 1.4 cloth can the two countries trade with each other? (Enter 1 or 2: 1 = yes or 2 = no) Number

The following table shows how much wine and cloth can be produced in Canada and in Portugal with the same amount of resource input. ( Ensure you put only the numbers, not the words 'cloth' and 'wine' when entering your answer) Canada Portugal Wine (barrels) 50 200 Cloth (meters) 100 266 1. The opportunity cost of 1 barrel of wine in Canada is? Number 2. The opportunity cost of 1 barrel of wine in Portugal is? Number 3. Portugal will export wine to Canada, if 1 barrel of wine can be traded for more than how many meter(s) of cloth? Number 4. Canada will import wine from Portugal provided that 1 meter of cloth trades for more than how many barrel(s) of wine? Number 5. If the international rate of exchange is 1 wine = 1.4 cloth can the two countries trade with each other? (Enter 1 or 2: 1 = yes or 2 = no) Number

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 3.5P

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