1. Suppose two nations, Beta and Gamma, each make aircraft and corn. The main resource in each nation is hours of "labor". Production occurs in each nation according to the following table. With one...

Extracted text: 1. Suppose two nations, Beta and Gamma, each make aircraft and corn. The main resource in each nation is hours of "labor". Production occurs in each nation according to the following table. With one hour, a worker in each nation can produce the following: Table showing Aircraft and Corn produced per hour Aircraft Corn 500 рer Beta 1 per hour hour 300 рer Gamma 2 per hour hour What is the opportunity cost of each good (in terms of the other good) for each nation? Try creating a small table of the opportunity costs such as this: Beta: 1 aircraft = corn 1 corn = aircraft %3D Gamma: 1 aircraft corn 1 corn = aircraft %3D Which nation has the Absolute Advantage in aircraft? Which nation has the Absolute Advantage in corn? Which nation has the Comparative Advantage in aircraft? Which nation has the Comparative Advantage in corn? If these two nations trade, what good should each specialize in and export to the other? What would be the range for the terms of trade (price of aircraft in terms of corn, for example) that would make both of these nations benefit economically from trade?