Author Question: This table shows how much wine and cheese can each be produced in Spain and Portugal with one unit ... (Read 96 times)

tashina2013 · **on:** Oct 12, 2022

This table shows how much wine and cheese can each be produced in Spain and Portugal with one unit of equivalent resources. Initially there is no trade. Once trade opens up, transportation costs are assumed to be zero.

	Wine (Units)	Cheese (Units)
Spain	2	8
Portugal	2	3

TABLE 19-5

Refer to Table 19-5. Once Spain and Portugal begin to trade cheese and wine,
◦ it will be beneficial for Portugal to ban the import of cheese.
◦ the opportunity cost of the goods they now import will be less than when there was no trade, for both countries.
◦ some resources will be permanently unemployed in Portugal.
◦ the opportunity cost of the goods they now import will be less than when there was no trade, but for Portugal only.
◦ it will be beneficial for Spain to ban the import of wine.

leilani49 · **Reply #1 on:** Oct 12, 2022

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