Homework Answers
Ans) the correct option is d) Jim has a comparative advantage in the production of baseball bats
Because Jim has a lower opportunity cost of producing baseball bats
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Suppose Jim and Tom can both produce baseball bats. If Jim's opportunity cost of producing baseball...
Leena and Susan both produce cupcakes. Leena's opportunity cost of producing cupcakes is lower than Susan's...
Leena and Susan both produce cupcakes. Leena's opportunity cost of producing cupcakes is lower than Susan's opportunity cost of producing cupcakes. Which of the following statements must be true? a. Susan has a comparative advantage in producing cupcakes. b. Leena has a comparative advantage in producing cupcakes. c. Leena has an absolute advantage in producing cupcakes. d. Susan has an absolute advantage in producing cupcakes.
Assume that Hank and Mika can switch between producing baseballs and producing bats at a constant...
Assume that Hank and Mika can switch between producing baseballs and producing bats at a constant rate. Labor Hours Needed to Make 1 Quantity Produced in 36 Hours baseball bat baseballs bats Hank 2 6 18 6 Mika 2 4 18 9 Refer to Table 3-8. Mika has an absolute advantage in the production of a. bats and a comparative advantage in the production of baseballs. b. bats and a comparative advantage in the production of bats. c. neither good...
Suppose that Greece and Switzerland both produce beer and olives. Greece's opportunity cost of producing a...
Suppose that Greece and Switzerland both produce beer and olives. Greece's opportunity cost of producing a crate of olives is 5 barrels of beer while Switzerland's opportunity cost of producing a crate of olives is 10 barrels of beer. By comparing the opportunity cost of producing olives in the two countries, you can tell that has a comparative advantage in the production of olives and has a comparative advantage in the production of beer. Suppose that Greece and Switzerland consider...
Suppose that Greece and Denmark both produce beer and shoes. Greece's opportunity cost of producing a...
Suppose that Greece and Denmark both produce beer and shoes. Greece's opportunity cost of producing a pair of shoes is 4 barrels of beer while Denmark's opportunity cost of producing a pair of shoes is 10 barrels of beer. By comparing the opportunity cost of producing shoes in the two countries, you can tell that production of shoes and has a comparative advantage in the has a comparative advantage in the production of beer. Suppose that Greece and Denmark consider...
Suppose that Greece and Austria both produce oil and shoes. Greece's opportunity cost of producing a...
Suppose that Greece and Austria both produce oil and shoes. Greece's opportunity cost of producing a pair of shoes is 4 barrels of oil while Austria's opportunity cost of producing a pair of shoes is 9 barrels of oil By comparing the opportunity cost of producing shoes in the two countries, you can tell that has a comparative advantage in the production of shoes and has a comparative advantage in the production of oil Suppose that Greece and Austria consider...
Suppose that Greece and Germany both produce oil and cheese. Greece's opportunity cost of producing a...
Suppose that Greece and Germany both produce oil and cheese. Greece's opportunity cost of producing a pound of cheese is 3 barrels of oil while Germany's opportunity cost of producing a pound of cheese is 11 barrels of oil. By comparing the opportunity cost of producing cheese in the two countries, you can tell that has a comparative advantage in the has a comparative advantage in the production of oil. production of cheese and Suppose that Greece and Germany consider...
Suppose that Spain and Sweden both produce jeans and olives. Spain's opportunity cost of producing a...
Suppose that Spain and Sweden both produce jeans and olives. Spain's opportunity cost of producing a crate of olives is 4 pairs of jeans while Sweden's opportunity cost of producing a crate of olives is 8 pairs of jeans. By comparing the opportunity cost of producing olives in the two countries, you can tell that has a comparative advantage in the production of olives and has a comparative advantage in the production of jeans. Suppose that Spain and Sweden consider...
Tom and Jerry are two severely competitive rivals who like both milk and cheese. Their weekly...
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Suppose that Greece and Germany both produce rye and wine. Greece's opportunity cost of producing a...
Suppose that Greece and Germany both produce rye and wine. Greece's opportunity cost of producing a bottle of wine is 4 bushels of rye while Germany's opportunity cost of producing a bottle of wine is 10 bushels of rye. By comparing the opportunity cost of producing wine in the two countries, you can tell that production of wine and has a comparative advantage in the has a comparative advantage in the production of rye Suppose that Greece and Germany consider...
Suppose that Italy and Germany both produce beer and wine. Italy's opportunity cost of producing a...
Suppose that Italy and Germany both produce beer and wine. Italy's opportunity cost of producing a bottle of wine is 4 barrels of beer while Germany's opportunity cost of producing a bottle of wine is 10 barrels of beer. By comparing the opportunity cost of producing wine in the two countries, you can tell that............ has a comparative advantage in the production of wine and......... has a comparative advantage in the production of beer. Suppose that Italy and Germany consider...
Suppose that Greece and Denmark both produce beer and shoes. Greece's opportunity cost of producing a pair of shoes is 4 barrels of beer while Denmark's opportunity cost of producing a pair of shoes is 10 barrels of beer. By comparing the opportunity cost of producing shoes in the two countries, you can tell that production of shoes and has a comparative advantage in the has a comparative advantage in the production of beer. Suppose that Greece and Denmark consider...
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Suppose that Spain and Sweden both produce jeans and olives. Spain's opportunity cost of producing a crate of olives is 4 pairs of jeans while Sweden's opportunity cost of producing a crate of olives is 8 pairs of jeans. By comparing the opportunity cost of producing olives in the two countries, you can tell that has a comparative advantage in the production of olives and has a comparative advantage in the production of jeans. Suppose that Spain and Sweden consider...
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