Econ 1001 Midterm Spring 2023 x Econ 1001 Midterm Spring 2023 x Course Hero X + X > C A mylab.pearson.com/Student/PlayerTest.aspx?testId=249366731 Economics 1001 - Section 5 - Online - Speicher Kyla Rose E Test: Econ 1001 Midterm Spring 2023 Question 4 of 25 This test: 200 point(s) possible This question: 8 point(s) possible Submit test Question list K Suppose that France and Germany both produce wine and cheese. The table below shows combinations of the goods that each country can produce in a day. France Germany Wine (Bottles Cheese (Pounds) Wine (Bottles) Cheese (Pounds 16 O Question 1 25 12 20 15 10 O Question 2 Who has the comparative advantage in producing wine and who has the comparative advantage in producing cheese? O Question 3 O A. France has a comparative advantage producing wine and Germany has a comparative advantage producing cheese. O B. France has a comparative advantage producing wine and cheese. O Question 4 O C. Neither has a comparative advantage producing wine or cheese. O D. France has a comparative advantage producing cheese and Germany has a comparative advantage producing wine. O Question 5 O E. Germany has a comparative advantage producing wine and cheese. Suppose that France is currently producing 1 bottle of wine and 12 pounds of cheese and Germany is currently producing 3 bottles of wine and 10 pounds of cheese. Then, assume instead that France and Germany specialize by producing only the good for which they have a comparative advantage and then trade 3 bottles of wine for 14 pounds of cheese. O Question 6 Time Remaining: 01:47:56 Next M 31 Feb 28 11:23 3Econ 1001 Midterm Spring 2023 x Econ 1001 Midterm Spring 2023 x Course Hero X + X > C A mylab.pearson.com/Student/PlayerTest.aspx?testId=249366731 Economics 1001 - Section 5 - Online - Speicher Kyla Rose E Test: Econ 1001 Midterm Spring 2023 Question 4 of 25 This test: 200 point(s) possible This question: 8 point(s) possible Submit test Question list K Wine (Bottles) Cheese (Pounds) Wine (Bottles Cheese (Pounds) 0 16 0 25 12 20 15 AWNP O Question 1 10 O Question 2 Who has the comparative advantage in producing wine and who has the comparative advantage in producing cheese? O A. France has a comparative advantage producing wine and Germany has a comparative advantage producing cheese. O Question 3 O B. France has a comparative advantage producing wine and cheese. O C. Neither has a comparative advantage producing wine or cheese. O D. France has a comparative advantage producing cheese and Germany has a comparative advantage producing wine. O Question 4 O E. Germany has a comparative advantage producing wine and cheese. Suppose that France is currently producing 1 bottle of wine and 12 pounds of cheese and Germany is currently producing 3 bottles of wine and 10 pounds of cheese. Then, assume O Question 5 instead that France and Germany specialize by producing only the good for which they have a comparative advantage and then trade 3 bottles of wine for 14 pounds of cheese. After specialization and trade, France gains by consuming the same amount of wine and ] additional pound(s) of cheese (enter a numeric response using an integer) and Germany gains by consuming the same amount of wine and additional pound(s) of cheese. O Question 6 Time Remaining: 01:47:39 Next O M 31 Feb 28 11:24 4