Which of the following statements is consistent with Jonathan having a comparative advantage in producing apples?...
Which of the following statements is consistent with Jonathan having a comparative advantage in producing apples?
| Jonathan can produce more apples (by weight) than anyone else. |
| Jonathan's opportunity cost for producing apples is lower than anyone else’s. |
| Jonathan can sell apples at a lower price than anyone else and still make a profit. |
| Jonathan can produce more apples (by volume) than anyone else. |
Homework Answers
A person has a comparative advantage in a production of an commodity if the opportunity cost of producing that commodity is less the opportunity cost of producing same commodity by other person.
Thus, if Jonathan has a comparative advantage production, it means Jonathan opportunity cost of producing apples is lower than anyone else's.
So, the correct answer is an option (b).
Add Answer to:
Which of the following statements is consistent with Jonathan
having a comparative advantage in producing apples?...
According to the principle of comparative advantage, a nation should specialize in producing those products which
According to the principle of comparative advantage, a nation should specialize in producing those products which other nations are unable to produce are hardest to protect through trade barriers it can produce at the lower opportunity cost than its trading partner use the scarcest resources
Incorrect Question 11 0/1 pts Which of the following statements is true? Comparative advantage in producing...
Incorrect Question 11 0/1 pts Which of the following statements is true? Comparative advantage in producing a certain item arises from being the first country to manufacture that item. All countries can gain from trade if they all specialize in production according to comparative advantage A country cannot have comparative advantage in producing a certain item if it causes an increasing opportunity cost in producing the item A country cannot have a comparative advantage in producing a particular good unless...
The following are correct statements about Comparative and Absolute Advantage, EXCEPT: a) Absolute Advantage means being...
The following are correct statements about Comparative and Absolute Advantage, EXCEPT: a) Absolute Advantage means being able to produce more with the same economic resources. b) Comparative Advantage means being able to produce with the lowest opportunity cost. c) Absolute Advantage does not imply Comparative Advantage. d) Efficiency and Optimality can be attained if we specialize and trade according to our Absolute Advantages. (The answer is not C)
Question 9 If a country has a comparative advantage in producing fish, then they must also...
Question 9 If a country has a comparative advantage in producing fish, then they must also have an absolute advantage in producing fish. True or False Question 11 If John can produce a good in less time than Fred then he has an absolute advantage in producing that good. True or False Question 12 Latasha can read 30 pages of economics in an hour. She can also read 20 pages of sociology in an hour. She spends 4 hours per...
We have talked quite a lot about comparative advantage and the benefits of free trade in this cla...
We have talked quite a lot about comparative advantage and the benefits of free trade in this class. By focusing on producing what you produce at a lower opportunity cost in comparison to others and trading for things where you have a higher opportunity cost of producing, you can have access to more goods and services than if you tried to produce them all yourself. Another way to think about it is that by putting resources into their best use...
QUESTION 16 Which of the following is NOT part of the first big economic question? A....
QUESTION 16 Which of the following is NOT part of the first big economic question? A. What goods and services are produced? B. For whom are goods and services produced? C. How are goods and services produced? D. Why are goods and services produced? 3.0304 points QUESTION 17 A person has a comparative advantage in producing a particular good is that person A. Has higher productivity in producing it than anyone else has. B. Has less desire to consume...
. In a two-country, two-product Ricardian model, the statement "Germany has a comparative advantage over France...
. In a two-country, two-product Ricardian model, the statement "Germany has a comparative advantage over France in car production relative to ship production" is equivalent to (a) France having a comparative advantage over Germany in ship production. (b) France having a comparative disadvantage compared to Germany in car pro- duction and ship production (c) Germany having a comparative advantage over France in car production and ship production d) France having no comparative advantage over Germany e) France should produce cars....
The concept of "comparative advantage" refers to the A) ability of one region to produce a...
The concept of "comparative advantage" refers to the A) ability of one region to produce a commodity at a lower opportunity cost than another region. O B) gains from international trade. O C) ability of one region to produce a commodity with less labour input than another region. O D) ability of one region to produce a commodity with fewer total inputs than another region. The increase in a nation's output and consumption that result from specializati trade are called...
Maldonia has a comparative advantage in the production of _______ while Sylvania has a comparative advantage in the production of _______ .
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Sylvania. Both countries produce grain and tea, each initially (i.e., before specialization and trade) producing 24 million pounds of...
Freedonia has a comparative advantage in the production of
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Sylvania. Both countries produce lemons and coffee, each initially (i.el, before specialization and trade) producing 24 million pounds of...
Incorrect Question 11 0/1 pts Which of the following statements is true? Comparative advantage in producing a certain item arises from being the first country to manufacture that item. All countries can gain from trade if they all specialize in production according to comparative advantage A country cannot have comparative advantage in producing a certain item if it causes an increasing opportunity cost in producing the item A country cannot have a comparative advantage in producing a particular good unless...
. In a two-country, two-product Ricardian model, the statement "Germany has a comparative advantage over France in car production relative to ship production" is equivalent to (a) France having a comparative advantage over Germany in ship production. (b) France having a comparative disadvantage compared to Germany in car pro- duction and ship production (c) Germany having a comparative advantage over France in car production and ship production d) France having no comparative advantage over Germany e) France should produce cars....
The concept of "comparative advantage" refers to the A) ability of one region to produce a commodity at a lower opportunity cost than another region. O B) gains from international trade. O C) ability of one region to produce a commodity with less labour input than another region. O D) ability of one region to produce a commodity with fewer total inputs than another region. The increase in a nation's output and consumption that result from specializati trade are called...
Most questions answered within 3 hours.
-
If you have an eta squared of .34 and used a
between-subjects design, what does that...
asked 37 seconds ago -
*Healthcare Adminstration*
Scutchfield and Keck's Principles of Public Health Practice
4th edition
What are the differences...
asked 5 minutes ago -
Find the complete optimal solution to this linear programming
problem. Max 5x + 3y s.t. 2x...
asked 33 minutes ago -
The pH of an acetate buffer was determined to be 4.76. Then, a
few drops of...
asked 36 minutes ago -
a sample of size 1500 is used to find a confidence
interval for the percentage of...
asked 45 minutes ago -
Explain in detail the differences between qualitative and
quantitative forecasts. Include at least two examples of...
asked 49 minutes ago -
Differentiate between response time and throughput.
Explain how the physical design of a database influences
performance...
asked 51 minutes ago -
Write MATLAB code to plot the following
waveforms.
Rectangular pulses:
????(?)
????(? − ?)
????(?/?) ...
asked 51 minutes ago -
4. Adam’s Inc.’s outstanding common stock is currently selling
in the market for $28. Dividends of...
asked 1 hour ago -
question
you were
asked to create a regression that will predict the amount of saving
for...
asked 1 hour ago -
If tcalc = -2.78, tcrit = 1.96, H0: Mu > Mu0, and Xbar <
Mu0, what...
asked 1 hour ago -
Circular distribution
•Suppose two birds are flying, one is flying from the north and
the other...
asked 1 hour ago