Portugal specializes in the production of wine and produces 10 million bottles. The United Kingdom specializes in the production of cheese and produces 100 million pounds. If the terms of trade is 10 pounds of cheese for a bottle of wine and the UK consumes 3 million bottles of wine, then Portugal consumes _____ million pounds of cheese and _____ million bottles of wine.
A) 70; 3
B) 70; 7
C) 30; 3
D) 30; 7
Correct Answer:
Verified
Q31: Refer to the figure PPF and Comparative
Q32: Which of the following statements is true?
A)
Q33: Which of the following statements is NOT
Q34: In the absence of trade, the consumption
Q35: Which of the following statements is true?
A)
Q37: Portugal specializes in the production of wine,
Q38: Portugal specializes in the production of wine
Q39: Portugal specializes in the production of wine
Q40: Portugal specializes in the production of wine
Q41: Portugal specializes in the production of wine
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