Author Question: Consider two countries that can produce wheat and coffee. The gains from trade when the two ... (Read 42 times)

awgagawg · **on:** Oct 12, 2022

Question 1

The largest portion of Canadian exports in 2019 was
◦ aircraft and other transportation equipment.
◦ chemical, plastic, and rubber products.
◦ energy products.
◦ metal ores and non-metallic minerals and products.
◦ industrial machinery, equipment, and parts.

Question 2

Consider two countries that can produce wheat and coffee. The gains from trade when the two countries have different opportunity costs are realized when
◦ production possibility boundaries shift inward.
◦ resources are reallocated within the two countries such that each specializes in the production of the good in which it has an absolute advantage.
◦ each country has an absolute advantage in one of the two commodities.
◦ the two countries continue to produce the same quantities of wheat and coffee.
◦ resources are reallocated within the two countries such that each specializes in the production of the good in which it has a comparative advantage.

as4309 · **Reply #1 on:** Oct 12, 2022

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