Fill in the blank options:1. Ireland/ Norway 2. Ireland/ Norway 3. 1 bushel, 1/12 bushel, 1/6 bushel, 6 bushels or 12 bushels 4. Same options as #35. Multiple choice

5. The price of trade Suppose that Ireland and Norway both produce beets and broccoli. Ireland's opportunity cost of producing a bushel of broccoli is 6 bushels of beets while Norway's opportunity cost of producing a bushel of broccoli is 12 bushels of beets. By comparing the opportunity cost of producing broccoli in the two countries, you can tell that has a comparative advantage in the production of broccoli and has a comparative advantage in the production of beets. Suppose that Ireland and Norway consider trading broccoli and beets with each other. Ireland can gain from specialization and trade as long as it receives more than of beets for each bushel of broccoli it exports to Norway. Similarly, Norway can gain from trade as long as it receives more than of broccoli for each bushel of beets it exports to Ireland. Based on your answer to the last question, which of the following prices of trade (that is, price of broccoli in terms of beets) would allow both Norway and Ireland to gain from trade? Check all that apply. 16 bushels of beets per bushel of broccoli 3 bushels of beets per bushel of broccoli 1 bushel of beets per bushel of broccoli 8 bushels of beets per bushel of broccoli