In a single year, Argentina can raise 100 tons of beef or produce 1,000 boxes of...
In a single year, Argentina can raise 100 tons of beef or produce 1,000 boxes of tulips. In the same growing season, Venezuela can raise 50 tons of beef or produce 750 boxes of tulips. When the two countries begin trading beef for tulips, we expect the price of beef in Argentina:
| A. |
to remain at the autarky price. |
|
| B. |
to be 10 boxes of tulips. |
|
| C. |
to fall. |
|
| D. |
to rise. |
Homework Answers
The opportunity cost of tulip in Argentina is 10 tons of beef and in Venezuela it will be 750 / 50 = 15, as the opportunity cost of tulip is less in Argentina they will sell Tulip and buy beef,
When the trade starts the price of beef in Argentina will "fall". The answer is "C".
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