Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the ratio of bushels of soybeans per barrel of oil that Mexico would need to receive in order to gain by producing and exporting oil and importing soybeans?
What is the ratio of bushels of soybeans per barrel of oil that Mexico would need to receive in order to gain by producing and exporting oil and importing soybeans?
- 3.13 bushels of soybeans per barrel of oil (correct)
- 4.58 bushels of soybeans per barrel of oil
- 1.5 bushels of soybeans per barrel of oil
- 8 barrels of oil
- 2.5 bushels of soybeans per barrel of oil
Which country has a comparative advantage in producing soybeans?
Which country has a comparative advantage in producing soybeans?
- Neither country
- The text does not provide enough information to determine this
- Canada (correct)
- Both countries
- Mexico
If Mexico received 3 bushels of soybeans per barrel of oil, would it gain from producing and exporting oil and importing soybeans?
If Mexico received 3 bushels of soybeans per barrel of oil, would it gain from producing and exporting oil and importing soybeans?
- Mexico would benefit even without any soybeans
- No (correct)
- Cannot be determined
- It depends
- Yes
In terms of oil production, which country has an advantage?
In terms of oil production, which country has an advantage?
Signup and view all the answers
If Mexico exported all its soybeans and imported all its oil needs, how much more soybeans per barrel of oil does Mexico need to gain from this trade?
If Mexico exported all its soybeans and imported all its oil needs, how much more soybeans per barrel of oil does Mexico need to gain from this trade?
Signup and view all the answers
