Suppose that prior to TIFA implementation the U.S. and Vietnam used their resour
ID: 1207316 • Letter: S
Question
Suppose that prior to TIFA implementation the U.S. and Vietnam used their resources to produce half of the maximum of each good, given by points (1) and (2) on the graphs. At these points, what is the total production of black pepper and cotton?
75 pounds of black pepper and 50 bales of cotton
150 pounds of black pepper and 125 bales of cotton
225 pounds of black pepper and 175 bales of cotton
300 pounds of black pepper and 250 bales of cotton
2.5 points
QUESTION 8
The U.S. has a comparative advantage in the production of black pepper, and Vietnam has a comparative advantage in the production of cotton.
The U.S. has a comparative advantage in the production of cotton, and Vietnam has a comparative advantage in the production of black pepper.
The U.S. has a comparative advantage in the production of both black pepper and cotton.
Vietnam has a comparative advantage in the production of both black pepper and cotton.
2.5 points
QUESTION 9
Suppose that after TIFA implementation the U.S. and Vietnam specialize in the good in which each has a comparative advantage. Because of this specialization, what is now the total production of black pepper and cotton?
300 pounds of black pepper and 250 bales of cotton
300 pounds of black pepper and 350 bales of cotton
450 pounds of black pepper and 250 bales of cotton
450 pounds of black pepper and 350 bales of cotton
2.5 points
QUESTION 10
Point (A), where U.S. consumption is 75 pounds of black pepper and 25 bales of cotton.
Point (B), where U.S. consumption is 50 pounds of black pepper and 100 bales of cotton.
Point (C), where U.S. consumption is 100 pounds of black pepper and 150 bales of cotton.
Point (D), where U.S. consumption is 125 pounds of black pepper and 225 bales of cotton.
A.75 pounds of black pepper and 50 bales of cotton
B.150 pounds of black pepper and 125 bales of cotton
C.225 pounds of black pepper and 175 bales of cotton
D.300 pounds of black pepper and 250 bales of cotton
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