NAME: Chapters 2 & 3 Problem 1 Remember to show all work and briefly discuss your results. Minutes Needed to Make 1 Quantity Produced in 4 Hours Compass Compass Radio Radio USA 30 15 16 England 20 12 48 a. What is USA's opportunity cost of one compass? b. What is USA's opportunity cost of one radio? c. What is England's opportunity cost of one compass? One radio? d. Which country has an absolute advantage in producing compas ses? Radios? e. Which country has a comparative advantage in producing compasses? Radios? Which country should specialize in producing radios? Compasses? Problem 2. Gary and Diane must prepare a presentation for their economics class. As part of their presentation, they must do a series of calculations and prepare 50 PowerPoint slides. It would take Gary 10 hours to do the olaulation and 10 hours to prepare the slides. It would take Diane 12 hours to do the

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