If nation A can produce 20 units of good X and 16 of good Y while...
If nation A can produce 20 units of good X and 16 of good Y
while nation B can produce 18 units of X and 12 of Y, A has an
absolute advantage in producing both X and Y.
Homework Answers
True
Assuming the same amount of input resources, nation A can produce higher amount of both X and Y as compared to what Country B can produce. It indicates that country A has an absolute advantage in producing X and Y.
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If nation A can produce 20 units of good X and 16 of good Y
while...
1. Countries A and B both can produce two goods, X and Y. If country A produces only good X, it can produce 30 unit...
1. Countries A and B both can produce two goods, X and Y. If country A produces only good X, it can produce 30 units of X; if country A produces only good Y, it can produce 10 units of Y. If country B produces only good X, it can produce 40 units of X; if country B produces only good Y, it can produce 40 units of Y. Assume that both countries have homogenous resources so that the opportunity...
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,...
1. Which of the following is true? A. A nation can have a comparative advantage in...
1. Which of the following is true? A. A nation can have a comparative advantage in the production of a good only if it also has an absolute advantage. B. A nation can have a comparative advantage in the production of every good, but not an absolute advantage. C. A nation cannot have an absolute advantage in the production of every good. D. A nation cannot have a comparative advantage in the production of every good. 2. The fictional country...
1. Suppose country A can produce 30 units of Corn per time period (if it specializes...
1. Suppose country A can produce 30 units of Corn per time period (if it specializes in Corn). Country A can produce 4 outfits per time period (if it specializes in outfits). If country B specializes in Corn, it can produce 40 units per time period. If country B specialized in Outfits, it can produce 3 outfits per time period. A has a comparative advantage in Corn. B has a comparative advantage in Outfits. neither country has a comparative advantage....
A country can produce either 116 units of good Y or 210 units of good X....
A country can produce either 116 units of good Y or 210 units of good X. If they want to produce 36 units of good Y, how many units of good X are they able to produce?
Country A can produce 80 of good X and zero of Y, or 70 of good...
Country A can produce 80 of good X and zero of Y, or 70 of good Y and zero of X (or any linear combination between). Country B can produce 140 of good X and zero of Y, or 100 of good Y and zero of good X (or linear combination). Country A has a comparative advantage in good __ and would trade if the international price is different from __units of X for one unit of Y.
Iceland and Denmark both produce skis and sleds. Iceland can produce 3 skis or 6 sleds...
Iceland and Denmark both produce skis and sleds. Iceland can produce 3 skis or 6 sleds using one day of labor, while Denmark can produce 4 skis or 12 sleds using one day of labor. [ 6 POINTS] Which country has an absolute advantage in producing skis? Sleds? Which country has a comparative advantage in producing skis? Sleds? Are gains from trade possible between Iceland and Denmark? If yes, which good should each country specialize in producing?
James can produce either 25 widgets or 10 gadgets an hour, while John can produce either...
James can produce either 25 widgets or 10 gadgets an hour, while John can produce either 10 widgets or 5 gadgets an hour. Which of the following statements is true? Group of answer choices A. John has an absolute advantage in producing both widgets and gadgets and thus has no reason to trade with James. B. Since James has an absolute advantage in both goods, no mutual gains from trade are possible. C. Mutually beneficial trade can occur if James...
Using the same amount of resources, the United States and Canada can both produce lumberjack shirts...
Using the same amount of resources, the United States and Canada can both produce lumberjack shirts and lumberjack boots, as shown in the production possibilities frontiers in the figure to the right Canada has a comparsative advantage in producing lumberjack boots. The United States has a comparative advantage in producing lumberjack shirts 26 44PPF.s Does either country have an absolute advantage in producing both goods? A Neither country has an absolute advantage in both goods because Canada can produce more...
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at...
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Brad Theresa 10 6 Pound of Beef 12 10 Refer to Table 3-20. Brad has an absolute advantage in the production of A) wheat and Theresa has an absolute advantage in the production of beef. B) beef and Theresa has an absolute advantage in the production of wheat. C) both goods and Theresa...
1. Countries A and B both can produce two goods, X and Y. If country A produces only good X, it can produce 30 units of X; if country A produces only good Y, it can produce 10 units of Y. If country B produces only good X, it can produce 40 units of X; if country B produces only good Y, it can produce 40 units of Y. Assume that both countries have homogenous resources so that the opportunity...
Using the same amount of resources, the United States and Canada can both produce lumberjack shirts and lumberjack boots, as shown in the production possibilities frontiers in the figure to the right Canada has a comparsative advantage in producing lumberjack boots. The United States has a comparative advantage in producing lumberjack shirts 26 44PPF.s Does either country have an absolute advantage in producing both goods? A Neither country has an absolute advantage in both goods because Canada can produce more...
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Brad Theresa 10 6 Pound of Beef 12 10 Refer to Table 3-20. Brad has an absolute advantage in the production of A) wheat and Theresa has an absolute advantage in the production of beef. B) beef and Theresa has an absolute advantage in the production of wheat. C) both goods and Theresa...
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