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For the next nine questions, refer to the table above. Nebraska and Virginia each have 100 acres of farmland. The table gives the hypothetical

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For the next nine quesTons, refer to the table above. Nebraska and Virginia each have 100 acres of farmland. ±he table gives the hypotheTcal ²gures for yield per acre in the two states. Who has the absolute advantage in the producTon of wheat? A) Nebraska B) Virginia C) Both of the above D) None of the above Who has the absolute advantage in the producTon of co³on? A) Nebraska B) Virginia C) Both of the above D) None of the above Who has the comparaTve advantage in the producTon of wheat? A) Nebraska B) Virginia C) Both of the above D) None of the above Who has the comparaTve advantage in the producTon of co³on? A) Nebraska B) Virginia C) Both of the above D) None of the above
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For the next four problems, you will ±nd actual points on the combined PPC of the two states. You will be given a value of one good, and you must calculate the maximum amount of the other good that the two states could produce working together. 200 Wheat: A) 500 CoTon B) 600 CoTon C) 700 CoTon D) 800 CoTon E) None of the above 240 CoTon: A) 880 Wheat B) 640 Wheat C) 520 Wheat D) 480 Wheat E) None of the above 680 CoTon: A) 120 Wheat B) 240 Wheat C) 360 Wheat D) 480 Wheat E) None of the above 560 Wheat: A) 120 CoTon B) 240 CoTon C) 360 CoTon D) 480 CoTon E) None of the above In Virginia, what is the marginal rate of transforma²on between wheat and coTon? (Assume wheat is graphed on the ver²cal axis.) A) -0.75 B) -1.333 C) -1.5 D) -2
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