Suppose that Italy and Spain both produce cheese and wine. Italy’s opportunity cost of producing a bottle of wine is 3 pounds of cheese. That is, Italy forgoes the production of 3 pounds of cheese when it produces a bottle of wine. Spain’s opportunity cost of producing a bottle of wine is 4 pounds of cheese.
_________ (options: Neither Italy nor Spain has, Italy has, Both Italy and Spain have, Spain has) a comparative advantage in the production of wine.
_________ (options: Neither Italy nor Spain has, Italy has, Both Italy and Spain have, Spain has) a comparative advantage in the production of cheese.
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