Use the information in the table below to answer the following questions. 
(a)Does either country have an absolute advantage in the production of wheat or beef? Explain.
(b)What is the opportunity cost of wheat in each country?
(c)What is the opportunity cost of beef in each country?
(d)Analyze comparative advantage and opportunities for trade between the U.S.and Argentina.
Definitions:
Economic Activity
All actions that involve the production, distribution, and consumption of goods and services in an economy.
Tax Burden
The total amount of taxes that individuals or businesses must pay to the government.
Inelastic Demand
A market condition where the demand for a product does not change significantly with a change in its price.
Elastic Supply
A scenario in which the amount of a product available for sale markedly changes in response to its price adjustments.
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