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# Name: Practice Questions, Econ 350: Ricardian &amp; Heckscher-Ohlin Models Scenario 3-1 The production possibilities frontiers below show how much

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Name: Practice Questions, Econ 350: Ricardian & Heckscher-Ohlin Models Scenario 3-1 The production possibilities frontiers below show how much Greg and Catherine can each produce in 8 hours of time. Greg’s Production Possibilities Catherine’s Production Possibilities 1. Refer to Scenario 3-1 . What is Greg’s opportunity cost of producing cake? Explain how you derived your answer. 2. Refer to Scenario 3-1 . What is Catherine’s opportunity cost of producing cake? Explain how you derived your answer. 3. Refer to Scenario 3-1 . Which if any good(s) does Greg have an absolute advantage producing? 4. Refer to Scenario 3-1 . Which if any good(s) does Catherine have an absolute advantage producing? 5. Refer to Scenario 3-1 . Is it possible for Greg and Catherine to gain from trade? Defend your answer.
Practice Questions, Econ 350: Ricardian & Heckscher-Ohlin Models Page 2 Figure 2-14 Consider the production possibilities curve for a country that can produce sweaters, apples (in bushels), or a combination of the two. 6. Refer to Figure 2-14. The bowed outward shape of the production possibilities curve indicates that opportunity cost of apples in terms of sweaters is 7. Refer to Figure 2-14. Which point(s) on the graph is(are) efficient production possibilities? 8. Refer to Figure 2-14. Which point(s) on the graph show unemployment of resources? 9. Refer to Figure 2-14. Which point(s) on the graph is(are) unattainable given current resources and technology? 10. Refer to Figure 2-14. What is the opportunity cost of moving from point T to point R? 11. Refer to Figure 2-14. What is the opportunity cost of moving from point R to point Q?
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