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Please help me with the following questions: Assume Country (1 and Country P can produce only two goods: gadgets and widgets. Country Qhas an absolute

Please help me with the following questions:

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Assume Country (1 and Country P can produce only two goods: gadgets and widgets. Country Qhas an absolute advantage in widgets and a comparative advantage in gadgets. Assume each country has constant opportunity costs of production. Country P must have: 3. Country Qcan produce 15 pairs of socks and 5 belts in one hour. Country 2 can produce 20 pairs of socks and 20 belts in one hour. Which of the following terms of trade would be mutually beneficial to both countries? 1 belt for 2 pairs of socks 1 pair of socks for 2 belts 2 belts for 2 pairs of socks 1 belt for 5 pairs of socks 5 pairs of socks for 15 belts an absolute advantage in gadgets a comparative advantage in widgets an absolute and comparative advantage in widgets an absolute and comparative advantage in gadgets no absolute advantage in either good, but a comparative advantage in widgets 2_Company Qcan produce 15 pairs of socks and 5 belts in one hour. Company 2 can produce 20 pairs of socks and 20 belts in one hour. Which of the following is true? 4. The benefits to businesses are known as and the benefits to consumers are known as . Only Company Qcan benefit from specialization and trade. Company (1 has an absolute advantage in both socks and belts. revenues; utility Company (1 has an absolute advantage in belts and a comparative advantage in socks. profits, revenues The opportunity cost for Company Q is the same whether producing socks or belts. incentives; revenues Company (1 has a comparative advantage in socks and Company 2 has an absolute advantage subsidies; taxes in both socks and belts. utility; profits

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