Fill in the blanks with the options available.

Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour

Boston 5 2

Chicago 4 3

Without trade, the price of a pair of white socks (in terms of red socks) in Boston is___________ of red socks, and in Chicago it is__________ of red socks. (Options for answers: 2/5 pairs, 3/4 pairs, 1 1/3 pairs, 2 1/2 pairs)

___________has an absolute advantage in the production of red socks, and___________ has an absolute advantage in the production of white socks. (options are : Chicago or Boston)

____________has a comparative advantage in the production of red socks, and___________ has a comparative advantage in the production of white socks. (Options are : Boston and Chicago)

If the cities trade with each other, Boston will export__________ socks, and Chicago will export_______ socks. (Options are : Red and White)

The price of white socks can be expressed in terms of red socks. The highest price at which white socks can be traded that would make both cities better off is_________ of red socks per pair of white socks, and the lowest price that makes both cities better off is___________ of red socks per pair of white socks. (Options are: 2/5 pairs, 3/4 pairs, 1 1/3 pairs, 2 1/2 pairs)