![]() ![]() It now goes to President Biden to sign as one of the most significant legislative accomplishments of his administration, capping his “ best week ever.” As posted earlier, Senate Democrats had passed the landmark climate-energy-healthcare-tax reform legislation using the reconciliation process, allowing for a strictly party-line vote of 51-50, on Sunday, August 7. Similarly, Denmark can gain from trade as long as it receives more than ( 1 barrel, 1/10 barrel, 1/5 barrel, 5 barrel, 10 barrels) of wine for each barrel of oil it exports to France.ģ.Based on your answer to the last question, which of the following terms of trade (that is, price of wine in terms of oil) would allow both Denmark and France to gain from trade? Check all that apply.House Democrats passed the Inflation Reduction Act ( H.R.5376) on Friday, August 12 on a strictly party line vote, 220-207. France can gain from specialization and trade as long as it receives more than ( 1 barrel, 1/10 barrel, 1/5 barrel, 5 barrels, 10 barrels) of oil for each bottle of wine it exports to Denmark. ![]() France's opportunity cost of producing a bottle of wine is 5 barrels of oil while Denmark's opportunity cost of producing a bottle of wine is 10 barrels of oil.ġ.By comparing the opportunity cost of producing wine in the two countries, you can tell that ( Denmark, France) has a comparative advantage in the production of wine and ( France, Denmark) has a comparative advantage in the production of oil.Ģ.Suppose that France and Denmark consider trading wine and oil with each other. Suppose that France and Denmark both produce oil and wine.
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