​Table 3-38 -​Refer to Table 3-38. Iowa and Nebraska Can Both Produce

question 393

Multiple Choice

​Table 3-38
-​Refer to Table 3-38. Iowa and Nebraska can both produce corn and soybeans, and can switch between the production of corn and soybeans at a constant rate. The table illustrates the amount of corn or soybeans each state can produce in one growing season. At which of the following prices would both Iowa and Nebraska be able to gain from trade with each other?

• A)​1 bushel of soybeans for 1.7 bushels of corn.
• B)​2.5 bushels of soybeans for 1 bushel of corn,
• C)​3 bushels of corn for 1 bushel of soybeans.
• D)​1.8 bushels of soybeans for 1 bushel of corn.

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