Suppose that france and austrailia both produce fish and

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suppose that france and austrailia both produce fish and wine.france's oppurtunity cost of proucing a bottle of wine is 4 pounds of fish.while australias oppurtunity cost of producing a bottle of wine is 7 pounds per fish.by comparing the oppurtunity costs of producing wine in the two countries you can tell that _________( france or austrailia )has a comparative advantange in the production of wine and that _______(france or austrailia) has a comparative advantage in the production of fish.

suppose that france and austrialia consider trading wine and fish with each other.france can gain specialization and trade as it recieves more than __________( 7lbs,1lb,4lbs,1/4lb,1/7lb)of fish per each bottle of wine it exports to austrailia.similarly australia can gain from trade as long as it recieves more then _______(4 blottles, 7 bottles, 1/7 bottle, 1/4 bottle, 1 bottle) of wine for each pound of fish it exports from france.

based on the answer to the last question which of the following terms of trade ( that is price of wine in terms of fish) would allow austriala and france to gain from trade ( check all that apply)

A) 6 pounds of fish to one bottle of wine,

B)5 pounds of fish per bottle of wine

C)8 pounds of fish per bottle of wine

D) 3 pounds of fish per bottle of wine

Reference no: EM13377808

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