Nebraska Virginia Wheat Cotton For the next nine questions, refer to the table above. Nebraska and Virginia each have 100 acres of farmland. The table gives the hypothetical figures for yield per acre in the two states. Who has the absolute advantage in the production of wheat? A) Nebraska B) Virginia C) Both of the above D) None of the above Who has the absolute advantage in the production of cotton? A) Nebraska B) Virginia () Both of the above D) None of the above Who has the comparative advantage in the production of wheat? A) Nebraska B) Virginia C) Both of the above D) None of the above Who has the comparative advantage in the production of cotton? A) Nebraska B) Virginia C) Both of the above D) None of the above560 Wheat: A) 120 Cotton B) 240 Cotton C) 360 Cotton D) 480 Cotton E) None of the above In Virginia, what is the marginal rate of transformation between wheat and cotton? (Assume wheat is graphed on the vertical axis.) A) -0.75 B) -1.333 C) -1.5 D) -2Wheat Cotton 200 240 680 560 For the next four problems, you will find actual points on the combined PPC of the two states. You will be given a value of one good, and you must calculate the maximum amount of the other good that the two states could produce working together. 200 Wheat: A) 500 Cotton B) 600 Cotton C) 700 Cotton D) 800 Cotton E) None of the above 0 Cotton: A) 880 Wheat B) 640 Wheat C) 520 Wheat D) 480 Wheat E) None of the above 0 Cotton A) 120 Wheat B) 240 Wheat C) 360 Wheat D) 480 Wheat E) None of the above