Question: Answer Questions 13-17 based on the information in this input-output table. Greece Portugal Grapes 14 hrs/unit 6 hrs/unit Textiles *5 Specify the direction of absolute

Answer Questions 13-17 based on the information in this input-output table.

Greece Portugal Grapes 14 hrs/unit 6 hrs/unit Textiles *5 Specify the direction

Answer Questions 13-17 based on the information in this input-output table. Greece Portugal Grapes 14 hrs/unit 6 hrs/unit Textiles *5 Specify the direction of absolute advantage between Greece and Portugal. O A. Greece has an absolute advantage in grapes O B. Greece has an absolute advantage in textiles. O C. Greece has absolute advantage in both grapes and textiles. O D. Portugal has the absolute advantage in both grapes and textiles QUESTION 14 Which country has the comparative advantage in Grapes? O A. Greece O B. Portugal. O C. Both Greece and Portugal. O D. No country has a comparative advantage in Grapes. QUESTION 15 Once trade begins, a possible international terms of trade ITOTG for grapes in terms of textiles is O A. 7/3 O B. 5 O C. 4 O D. 4/5 QUESTION 16 The relative wage rate of Portugal (Port) to Greece (Gree) is in the range of: (Hint: WHOn/E*WGrece based on relative efficiencies). You may ignore the exchange rate E. O A. 8/15

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