Ireland and Japan are assumed to produce only wool and steel,to have full employment and complete mobility of resources between industries.Their production possibilities boundaries before trade are drawn in solid lines.It is assumed that the two countries have the same amount of resources.Their consumption possibilities after trade are shown by the dotted lines.The outputs of wool and steel are given in physical units. FIGURE 32-1
-Refer to Figure 32-1.If Ireland and Japan were each to specialize in the good for which they have a comparative advantage,Ireland would produce ________ and Japan would produce ________.

Question

Ireland and Japan are assumed to produce only wool and steel,to have full employment and complete mobility of resources between industries.Their production possibilities boundaries before trade are drawn in solid lines.It is assumed that the two countries have the same amount of resources.Their consumption possibilities after trade are shown by the dotted lines.The outputs of wool and steel are given in physical units.  FIGURE 32-1
-Refer to Figure 32-1.If Ireland and Japan were each to specialize in the good for which they have a comparative advantage,Ireland would produce ________ and Japan would produce ________.

Quizplus · Accepted Answer

The Answer of Ireland and Japan are assumed to produce only wool and steel,to have full employment and complete mobility of resources between industries.Their production possibilities boundaries before trade are drawn in solid lines.It is assumed that the two countries have the same amount of resources.Their consumption possibilities after trade are shown by the dotted lines.The outputs of wool and steel are given in physical units.  FIGURE 32-1
-Refer to Figure 32-1.If Ireland and Japan were each to specialize in the good for which they have a comparative advantage,Ireland would produce ________ and Japan would produce ________.

Ireland and Japan Are Assumed to Produce Only Wool and Steel,to