Question: Please help me with this question. For question 1, the options are tons of lentils/tons of rice/dollars. (Should be tons of lentils) For question 2,
Please help me with this question. For question 1, the options are tons of lentils/tons of rice/dollars. (Should be tons of lentils)
For question 2, the options are India/China
For question 3, the options are yeso

Use the following information to answer the questions below: China requires 3 hours to produce 1 ton of rice and E to produce1 ton of lentils. India requires 9 hours to produce 1 ton of rice and 3 to produce 1 ton of lentils. Question 1: What is the opportunity cost of rice for both nations? [Round your answer 2 decimal places} The opportunity cost of1 ton of rice is |:| in lChina. The opportunity cost of 1 ton of rice is |:| in India. Question 2: Who should specialize production in each good? should produce rice. should produce lentils. Question 3: If the terms of trade were 1 ton of rice for 2 tons of lentils, would the countries engage in trade? [Click to select}
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
