Terms of Trade, one last time.
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Last updated over 2 years ago
1 question
Note from the author:
Let's practice terms of trade one last time.
Let's practice terms of trade one last time.
1
- What is the opportunity cost for producing one of each product?
- Circle, in green, the cell that shows which country has the comparative advantage in laptops.
- Circle, in red, the cell that shows which country has the comparative advantage in phones.
- On the bottom, what is the terms of trade that benefits both countries? That is, 1 laptop for ___ phones.
- What is the opportunity cost for producing one of each product?
- Circle, in green, the cell that shows which country has the comparative advantage in laptops.
- Circle, in red, the cell that shows which country has the comparative advantage in phones.
- On the bottom, what is the terms of trade that benefits both countries? That is, 1 laptop for ___ phones.