Italy and the Republic of Georgia both produce liters of wine and meters of cloth.In Italy,each worker in an hour can produce either 5 liters of wine or 25 meters of cloth.In Georgia,each worker in an hour can produce either 3 liters of wine of 12 meters of cloth.Each country has constant opportunity cost of production and each has 300 hours of labor available.

Initially,the two countries do not trade.Italy allocates 100 hours of labor to wine production and 200 hours of labor to cloth production,so it produces a total of ________ liters of wine and ________ meters of cloth.Georgia allocates 100 hours of labor to wine production and 200 hours of labor to cloth production,so it produces a total of ________ liters of wine and ________ meters of cloth.
The two countries decide to specialize and then engage in trade.With specialization,Italy will produce ________ liters of wine and ________ meters of cloth,and Georgia will produce ________ liters of wine and ________ meters of cloth.The two countries decide to trade 550 liters of wine in exchange for 2,475 meters of cloth.After trade,Italy will consume ________ liters of wine and ________ meters of cloth,and Georgia will consume ________ liters of wine and ________ meters of cloth.
After specialization and exchange,Italy is able to consume ________ more liters of wine and ________ more meters of cloth than it could before trade.Georgia is able to consume ________ more liters of wine and ________ more meters of cloth after specialization and exchange than it could before specialization and exchange.

Question

Italy and the Republic of Georgia both produce liters of wine and meters of cloth.In Italy,each worker in an hour can produce either 5 liters of wine or 25 meters of cloth.In Georgia,each worker in an hour can produce either 3 liters of wine of 12 meters of cloth.Each country has constant opportunity cost of production and each has 300 hours of labor available.

Initially,the two countries do not trade.Italy allocates 100 hours of labor to wine production and 200 hours of labor to cloth production,so it produces a total of ________ liters of wine and ________ meters of cloth.Georgia allocates 100 hours of labor to wine production and 200 hours of labor to cloth production,so it produces a total of ________ liters of wine and ________ meters of cloth.
The two countries decide to specialize and then engage in trade.With specialization,Italy will produce ________ liters of wine and ________ meters of cloth,and Georgia will produce ________ liters of wine and ________ meters of cloth.The two countries decide to trade 550 liters of wine in exchange for 2,475 meters of cloth.After trade,Italy will consume ________ liters of wine and ________ meters of cloth,and Georgia will consume ________ liters of wine and ________ meters of cloth.
After specialization and exchange,Italy is able to consume ________ more liters of wine and ________ more meters of cloth than it could before trade.Georgia is able to consume ________ more liters of wine and ________ more meters of cloth after specialization and exchange than it could before specialization and exchange.

Quizplus · Accepted Answer

The Answer of Italy and the Republic of Georgia both produce liters of wine and meters of cloth.In Italy,each worker in an hour can produce either 5 liters of wine or 25 meters of cloth.In Georgia,each worker in an hour can produce either 3 liters of wine of 12 meters of cloth.Each country has constant opportunity cost of production and each has 300 hours of labor available.

Initially,the two countries do not trade.Italy allocates 100 hours of labor to wine production and 200 hours of labor to cloth production,so it produces a total of ________ liters of wine and ________ meters of cloth.Georgia allocates 100 hours of labor to wine production and 200 hours of labor to cloth production,so it produces a total of ________ liters of wine and ________ meters of cloth.
The two countries decide to specialize and then engage in trade.With specialization,Italy will produce ________ liters of wine and ________ meters of cloth,and Georgia will produce ________ liters of wine and ________ meters of cloth.The two countries decide to trade 550 liters of wine in exchange for 2,475 meters of cloth.After trade,Italy will consume ________ liters of wine and ________ meters of cloth,and Georgia will consume ________ liters of wine and ________ meters of cloth.
After specialization and exchange,Italy is able to consume ________ more liters of wine and ________ more meters of cloth than it could before trade.Georgia is able to consume ________ more liters of wine and ________ more meters of cloth after specialization and exchange than it could before specialization and exchange.

Italy and the Republic of Georgia Both Produce Liters of Wine