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without trade, England produced and consumed 32 units of cheese and 2 units of bread and spain produced and consumed 6 units of cheese and 2 units of bread. Then, each country agreed to specialize in the production of the good in which it has a comparative advantage and trade 7 units of cheese for 2.5 uints of bread. As a result, England gained ( ) Please describe Why

a. 0 units of cheese and 0.5 unit of bread and Spain gained 1 unit of cheese and 0.5 unit of bread.
b. 1 units of cheese and 0.5 unit of bread and Spain gained 1 unit of cheese and 0.5 unit of bread.
c. 7 units of cheese and 2.5 unit of bread and Spain gained 7 unit of cheese and 2.5 unit of bread.
d. 33 units of cheese and 2.5 unit of bread and Spain gained 7 unit of cheese and 2.5 unit of bread.
AND Why is that Answer.

Microeconomics, Economics

  • Category:- Microeconomics
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