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Steel and more wheat than they had initially

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a. Suppose that the United States and South Korea agree to a daily trade of 10 tons of steel for 50 bushels of wheat. One worker in the United States then switches from steel production to wheat production. At the same time, four workers in South Korea switch from wheat production to steel. Complete the following table to show that both countries end up with more steel and more wheat than they had initially.

United States TONS OF STEEL BUSHELS OF WHEAT

Changes in production -8 +80

Trade +10 -50

Change in consumption ____________ ____________

SOUTH KOREA TONS OF STEEL BUSHELS OF WHEAT

Changes in production __________ _________

Trade __________ _________

Change in consumption ___________ _________

Reference no: EM132559811

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