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Use the following chart to answer questions Country Wheels of Cheese Loaves of Bread U.S. 7 15 Germany 18 10 41) What is the opportunity

Use the following chart to answer questions

Country Wheels of Cheese Loaves of Bread
U.S. 7 15
Germany 18 10

41) What is the opportunity cost of producing loaves of bread in Germany? (Hint: Express your answer in terms of wheels of cheese, and round to three decimal places.)

42) Which country has a comparative advantage in producing wheels of cheese?

43) Which country has a comparative advantage in producing loaves of bread?

44) Which country should be specializing in the production of wheels of cheese?

45) Which country should be specializing in the production of loaves of bread?

46) Suppose that the U.S. has its entire labor force produce wheels of cheese. How many wheels of cheese could it produce? (Hint: Round to three decimal places.)

47) Suppose that the U.S. has its entire labor force produce loaves of bread. How many loaves of bread could it produce? (Hint: Round to three decimal places.)

48) Suppose that Germany has its entire labor force produce wheels of cheese? How many wheels of cheese could it produce? (Hint: Round to three decimal places.)

49) Suppose that Germany has its entire labor force produce loaves of bread? How many loaves of bread could it produce?

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