Review I Handout - cheese per bottle of wine or between and bottles of wine per pound of cheese “Bread” “Cheese” 10 10 5 15 5 15 France

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August 29, 2005 Exam I: Thursday, 10/6 7:00 – 8:00 p.m. Elliot Hall of Music NOBODY WILL BE ADMITTED TO THE HALL AFTER THE EXAMS ARE PASSED OUT. BE ON TIME! Make sure you bring a pencil and your Student ID. No calculators will be allowed on this exam.
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August 29, 2005 Wine (Hours/Bottle) Cheese (Hours/Pound) Wales 8 7 Scotland 5 6 What is the Opportunity Cost of Wine in production in Wales? ______________has a comparative advantage in production of Wine, ______________ has a comparative advantage in production of Cheese. What is the Opportunity Cost of Cheese in production in Scotland?
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August 29, 2005 Wine (Hours/Bottle) Cheese (Hours/Pound) Wales 8 7 Scotland 5 6 Who would oppose a free trade agreement between Scotland and Wales? When trade opens, the terms of trade will lie between ______ and ______pounds of
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Unformatted text preview: cheese per bottle of wine, or between ______ and _______ bottles of wine per pound of cheese. August 29, 2005 “Bread” “Cheese” 10 10 5 15 5 15 France Italy X Consider the graph below, which shows the Production Possibilities Frontiers for Italy and France. The opportunity cost in production of Cheese in France is ______ loaves per pound of cheese. The opportunity cost in production of Bread in Italy is ______ pounds of cheese per loaf of bread. Is it possible for the joint production of Italy and France to reach basket X? Italy will import __________ and export __________. The terms of trade will lie between ______ and ______ pounds of cheese per loaf of bread....
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This note was uploaded on 04/07/2008 for the course ECON 252 taught by Professor Robertholand during the Fall '08 term at Purdue University-West Lafayette.

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Review I Handout - cheese per bottle of wine or between and bottles of wine per pound of cheese “Bread” “Cheese” 10 10 5 15 5 15 France

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