Unit 1 econ assessment questions
Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? (Show your work.)
Part B: Calculate the opportunity cost of producing jeans for each country. (Show your work.)
Part C: Calculate the opportunity cost of producing cell phones for each country. (Show your work.)
Part D: Determine how many jeans should be produced by each nation. (Show your work).
Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology you have learned in this unit in your explanation.
Part F: Finally, how many total jeans and cell phones will be produced by the two nations combined after specialization?