Q Globalization and Trade Problem Set Use the following table to answer questions 1 through 12. The table below describes production possibilities for Mexico and Nigeria. Each number in the table shows the number of workers needed to produce one unit of the product. You might want to calculate the amount of the item all workers could produce, and then make your calculations. Number of workers need to produce 1 shoe or 1 class Country Shoes Glasses Mexico 10 12 Nigeria 18 5 1. Suppose that both countries have 90 workers. What is the opportunity cost of producing Shoes in Mexico? __________ Glasses 2. Suppose that both countries have 90 workers. What is the opportunity cost of producing Glasses in Mexico? __________ Shoes 3. Suppose that both countries have 90 workers. What is the opportunity cost of producing Shoes in Nigeria? __________ Glasses 4. Suppose that both countries have 90 workers. What is the opportunity cost of producing Glasses in Nigeria? __________ Shoes 5. Suppose that both countries have 90 workers. Which country has an absolute advantage in producing Shoes? a. Nigeria b. Neither country c. Mexico 6. Suppose that both countries have 90 workers. Which country has a comparative advantage in producing Glasses? a. Nigeria b. Neither country c. Mexico 7. Suppose that both countries have 90 workers. Which country has a comparative advantage in producing Shoes? a. Nigeria b. Neither country c. Mexico 8. Suppose that both countries have 90 workers. Which country should be exporting Shoes? a. Nigeria b. Neither country c. Mexico ? Use the following graph to answer questions 9 through 12. Review dive-in #2. The graph below shows the supply and demand curves and the world price for bagels. 9. What is the equilibrium price if this country does not trade? 10. What is the equilibrium quantity if this country does not trade? 11. What is the world price (free trade)? 12. At this world price, this country will a. Import bagels b. Neither import nor export c. Export bagels