Suppose that Portugal and Germany both produce oil and cheese. Portugal's opportunity cost of producing a pound of cheese is 5 barrels of oil while Germany's opportunity cost of producing a pound of cheese is 10 barrels of oil. By comparing the opportunity cost Of producing cheese in the two countries, you can tell that has comparative advantage in the production Of cheese and has a comparative advantage in the production Of Oil.
Suppose that Greece and Austria consider trading cheese and Oil with each other. Greece can gain from specialization and trade as long it receives ,more than trade as long as it receives more than of oil for each pound of cheese it exports to Austria.

Based on your answer to the last question, which Of the following prices Of trade (that is, price Of cheese in terms of Oil) would allow both Austria and Greece to gain from trade? Check all that apply.

a. 1 barrel of Oil per pound of cheese
b. 7 barrels of oil per pound of cheese
c. 16 barre's of oil per pound of cheese
d. 2 barrels of oil per pound of cheese

Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

At the local level, the main role of ctsos is to encourage students to become urge them to programs and competitive events. 1. a.interns b.trainees c.members 2. a.participate b.train c.win

Your debit card is stolen, and you report it to your bank within two business days. how much money can you lose at most? a. $500 b. $25 c. $50 d. $150