Suppose California and Wisconsin produce wine and cheese. Making a bottle of wine costs $3 in California, but $12 in Wisconsin. On the other hand, making a pound of cheese costs $4 in California, and $8 in Wisconsin. Under these conditions,
A. California should export wine and Wisconsin should export cheese.
B. California should export cheese and Wisconsin should export wine.
C. California should export both wine and cheese.
D. the two states cannot gain from trade with each other until a third state starts to export bottle openers.
A. California should export wine and Wisconsin should export cheese.
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The __________ is a regulator of financial markets
A) Comptroller of the Currency B) Commodities Futures Trading Commission C) FDIC D) Federal Reserve
Suppose that for Merv the marginal utility of $50-per-serving caviar is 100 and the marginal utility of $1-per-serving popcorn is 10 . For his snack, Merv should buy:
a. the caviar if he has the $50; otherwise, the popcorn. b. the caviar if he has the $50; otherwise, nothing. c. the popcorn, whether he has the $50 or not. d. one serving each of the caviar and popcorn, if he has $51. e. five servings of popcorn for each serving of caviar.