Exam_I_-_Spring_2011_-__BLUE

Exam_I_-_Spring_2011_-__BLUE - But t er t er But The table...

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Z Butter Guns W X Y Butter Guns The table below shows the number of hours French and English workers must work in order to produce 1 bottle of wine and 1 pound of cheese. Wine (Hours/Bottle) Cheese (Hours/Poun d) France 2 3 England 4 5 1. England has an absolute advantage in production of: a) wine, but not cheese. c) both wine and cheese. b) cheese, but not wine. * d) neither wine nor cheese. 2. England has comparative advantage in production of: a) wine, but not cheese. c) both wine and cheese. * b) cheese, but not wine. d) neither wine nor cheese. 3. When trade opens between England and France we would expect the terms of trade to lie between _____ and ______ bottles of wine per pound of cheese.
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