Say that Aliceland can produce 32 units of food per person per year or 16 units...
Say that Aliceland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 16 units of food per year or 8 units of clothing. Which of the following is true?
a. Aliceland has a comparative advantage, but not absolute advantage, in producing food.
b. aliceland has an absolute advantage, but not comparative advantage, in producing food.
c. Georgeland has a comparative advantage, but not an absolute advantage, in producing clothing.
Homework Answers
Option B.
- According to the given scenario, it is true that Aliceland has an an absolute advantage, but not comparative advantage in producing food.
- A person is said to have an absolute advantage if he or she is able to produce more amount of a good or a service than another entity by using the same amount of resources.
- Here Aliceland is able to produce 32 units of good per person per year while Georgeland is able to produce only 16 units of food per person per year.
- We cannot use comparative advantage here, as we do not know how efficiently each of them are producing food and clothing and also their oppertunity costs of producing them are not provided.
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