Question 1 Korea 10 Cars Cars B 10 4 10 Food Food Identify the correct statement. 0 Germany has the comparative advantage in making food. 0 Korea has the comparative advantage in cars. 0 Korea has a lower opportunity cost for making cars. 0 Germany has the lowest opportunity cost for making cars. Question 2 1 pts For each watch Marie produces, she gives up the opportunity to make 50 pounds of cheese. Cate can produce one watch for every 100 pounds of cheese she produces. If specialization and trade were to occur between these two people, which of the following is true with regard to opportunity costs in the two people? 0 If they combined their output, the opportunity cost of one watch is 150 pounds of cheese. 0 The opportunity cost of producing cheese is identical for both. 0 The opportunity cost of producing watches is lower for Cate than Marie. O The opportunity cost of producing cheese is higher for Marie than Cate. Question 3 1 pts Bob and Bill can make 16 toys each if they devote 8 working hours in a day. Further, Bob can repair 4 cars and Bill can repair 2 cars, if they devote 8 working hours in a day. What is the opportunity cost of repairing one car to Bill? 0 8 toys 0 16 toys 0 10 toys 0 4 toys