bags of wheat in a year.

a What is the opportunity cost of producing a car in South Korea? What is the opportunity cost of producing a bag of wheat in South Korea? Explain the relationship between the opportunity costs of the two goods.

b Draw South Korea’s production possibilities frontier. If South Korea chooses to consume 10 million cars, how much wheat can it consume without trade? Label this point on the production possibilities frontier.

c Now suppose that Thailand offers to buy