ECON 101 Midterm: ECON 101 IA State Exam2 Keys S2001

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31 Jan 2019
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Iowa and missouri can both produce corn and hay. The following table represents yield per acre for the two states. Corn is measured in bushels while hay is measured in tons. Which state has the absolute advantage in hay production? a. b. c. Iowa has an absolute advantage in both products and a comparative advantage in corn. Iowa has an absolute advantage in both products and a comparative advantage in hay. Iowa has an absolute in corn while missouri has an absolute advantage in hay. Missouri has an absolute advantage in both products and a comparative advantage in corn. The equilibrium price and quantity are given by. D (cid:1) 50 p a. b. c. d. e. Use the following table to answer questions 4 and 5 where the data in the table gives the cost per unit for each item. What is the opportunity cost of producing one more bottle of wine in italy? a. b. c. d. e.

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