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The table below shows how much cheese and how much wine an hour of labor produces in Italy and in Greece Cheese kg Wine liters Italy 2 34 Greece 16 24 In the scenario above, Greece has

The table below shows how much cheese and how much wine an hour of labor produces in Italy and in Greece. Cheese (kg) Wine (liters) Italy 2 3.4 Greece 1.6 2.4 In the scenario above, Greece has a comparative advantage in producing: Cheese Neither good Wine Both goods In the scenario above, can Italy benefit from trade with Greece? Yes, if Italy exports both goods to Greece. Yes, if Italy exports wine and imports cheese. Yes, if Italy exports cheese and imports wine. No, because Italy is more productive in both goods. No, because Italy has a comparative advantage in both goods.

Apr 23 2020 View more View Less

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