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15. Refer to the graph on page 7. What would be the domestic quantity supplied after a quota of 20 where world price is $12? 16. Give two reasons a country would restrict trade. 17. What does the position of world price tell you about comparative advantage? 18. Suppose that the current rate between USD and CAN is 1 USD = 1.67 CAN. Canada announces a large spending plan that is expected to lead to higher prices of Canadian goods. What expectation does this create for the US dollar? 19. Suppose a jar of peanut butter costs $5 in the US and 12 Mexican Pesos in Mexico. How many Pesos could you buy for 1 dollar if the exchange rate is following PPP? 20. Suppose the British Pound is expected to depreciate. This causes what initial effect(s) in the exchange market?
Q1 Cattle Sheep Nebraska 100 200 kansas 300 200 1. Based on the table, what is the marginal opportunity cost of sheep in kansas? 02 WY Cattle 400 300 Sheep 300 200 TX 2. Based on the table, who has comparative advantage in sheep, 'W' or 'Tx?
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