In the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day

1. In the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. If the United States and the United Kingdom trade, the United Kingdom will gain the most from trade if a ton of steel trades for: A) 2 tons of chemicals. B) 3 tons of chemicals. C) 0.5 ton of chemicals. D) 0.33 ton of chemicals.2. Assume that two countries (Home and Foreign) each produce two goods (corn and wheat). Home produces 0.5 ton of corn or a ton of wheat with a day of labor. Without trade (in autarky), Home’s daily production is 20 tons of wheat and 10 tons of corn. Now suppose that Home has the opportunity to trade with Foreign at an international price that 1 ton of wheat trades for 1 ton of corn. In which product will Home find its comparative advantage? A) wheat B) corn C) neither corn nor wheat. D) both corn and wheat.3 20. Assume that two countries (Home and Foreign) each produce two goods (corn and wheat). Using a day of labor, Home produces 0.5 ton of corn or 1 ton of wheat. Without trade (in autarky), Home’s daily production is 20 tons of wheat and 10 tons of corn. Suppose that Home completely specializes, and it consumes 20 tons of wheat after it begins trading with Foreign. Home trades with Foreign at a price that 1 ton of wheat trades for 1 ton of corn. How many tons of corn does it consume when it trades with Foreign? A) 10 tons of corn B) 20 tons of corn C) 30 tons of corn D) 40 tons of corn