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Table
In the United Kingdom
In the Rest of the
Wor
3 umbrellas; 3/2 umbrellas
Table
In the United States
In France
Labor hours to make:
1 gallon of Wine
1 pound of Cheese
Refer to Table and assume the United States and France trade only with each other. The United States has an absolute advantage in the production of
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__________ and France has an absolute advantage in the production of
__________.
Neither good; wine
Cheese; neither good
Wine; cheese
Cheese; wine
Refer to Table . What is the relative price of cheese (the price of cheese in terms of wine) in France if it does not engage in trade?
2 gallons of wine per pound.
1 gallon of wine per pound.
gallons of wine per pound.
gallons of wine per pound.
Refer to table . The opportunity cost of cheese in France is __________
and the opportunity cost of cheese in the United States is __________.
1 gallon of wine; gallons of wine
2 gallons of wine; 1 gallon of wine
2 gallons of wine; gallons of wine
gallons of wine; 4 gallons of wine
Refer to Table and assume the United States and France trade only with ea