Question: Shown below are the production possibilities curves for two nations: the United States and Chile….

01 May Question: Shown below are the production possibilities curves for two nations: the United States and Chile….

Posted at 05:42h in 2Past Paper by Exams

Shown below are the production possibilities curves for two nations: the United States and Chile. Suppose these two nations do not currently engage in international trade or specialization, and suppose that points A and a show the combinations of wheat and copper they now produce and consume United States Chile 10 10 10 10 Copper (thousands of pounds) Copper (thousands of pounds) 1. What is the United States opportunity cost for wheat and copper – show your math work? 2. What is Chile’s opportunity cost for wheat and copper -show your math work? 3. Could these two countries gain through specialization? If so, in what products should they each specialize in? 4. Following specialization, suppose the United States exports 3 million of tons of wheat to Chile in exchange for 1 thousand pounds of cooper. What are the gains from trade for each country? (Show your work on how you calculated this number) 5. What are the limits on the terms of trade between the two nations?

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