Question 3 0 / 4 pts Chile and Argentina each produce jellybeans and peanut butter, using labor as their only resource. Each country has 1,000 hours of labor. In Chile, an hour produces a pound of jellybeans and 2 hours produce a pound of peanut butter. In Argentina, an hour produces a pound of jellybeans and 3 hours produce a pound of peanut butter. When they do not trade with each other, Chile consumes 600 pounds of jellybeans and 200 pounds of peanut butter, and Argentina consumes 400 pounds of jellybeans and 200 pounds of peanut butter. Which country has a comparative advantage in jellybean production? Chile Argentina neither Argentina nor Chile both Argentina and Chile Question 4 0 / 4 pts Which of the following statements about the ratio of total trade to GDP is true? Larger nations tend to have higher trade/GDP ratios. Total trade is always larger than GDP. GDP is always larger than total trade. Countries with higher trade/GDP ratios tend to be smaller OQuestion 21 0 / 4 pts (Figure: Home Production and Consumption) Clothing 60 C 20 40 60 Chemicals The figure gives Home's international trading pattern. Point P is production with trade, and point C is consumption with trade. What is the international price of chemicals according to the figure? 1/2 unit of clothing per unit of chemicals O 1 unit of clothing per unit of chemicals 2 units of clothing per unit of chemicals 3 units of clothing per unit of chemicals Question 25 0 / 4 pts Assume that two countries (Home and Foreign) each produce two goods (com and wheat) under constant cost production. Home produces 1/2 ton of corn or 1 ton of wheat with a day of labor. Foreign produces 1 ton of corn and 1/2 ton of wheat. Suppose that, after trade occurs, the international price actually becomes 1.5 tons of wheat per ton of com. Which of the following statements is true? Home will gain from trade but Foreign will not. Foreign will gain from trade but Home will not. Neither home nor Foreign will gain from trade. Both Home and Foreign will gain from trade. O