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
Homework Answers
Solution:
Answer- it can produce at the lower opportunity cost than its trading partner.
Explanation- Comparative advantage can be defined as an ability to produce goods and services at a lower opportunity cost than that of trade partners. So, according to the principle of comparative advantage, the nation should specialize in producing those product which can produce at the lower opportunity cost than its trading partner.
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According to the principle of comparative advantage, a nation should specialize in producing those products which
1) Which of the following statements is the best description of absolute advantage? a) Each nation...
1) Which of the following statements is the best description of absolute advantage? a) Each nation should produce these goods that it can produce more efficiently and effectively than other nations, and buy the goods it cannot produce as efficiently as the nations that can. b) A nation should produce those goods for which domestic demand is comparatively strong, and should import those goods for which domestic demand is comparatively weak. c) The best way for a nation to ensure...
4. specialization and trade when a country has a comparative advantage in the production of a...
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 potatoes and coffee, each initially (ie,, before specialization and trade) producing 24 million...
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...
When a country has a comparative advantage in the production ofa good, it means that...
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 Candonia and Sylvania. Both countries produce lemons and
coffee, each initially (i.e., before specialization and trade)
producing 18 million pounds of lemons and 9...
Nation Alpha has a comparative advantage in product X, and nation Beta has a comparative dvantage...
Nation Alpha has a comparative advantage in product X, and nation Beta has a comparative dvantage in product Y. Trade in the two products will only benefit the two nations the exchange ratio of X for Y is fixed the terms of trade increase in both nations. there is excess capacity in both economies. the prices charged for X and Y reflect their domestic opportunity costs. Question 8 (1 point) The nation needs to prevent foreign nations from selling their...
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...
When a country has a comparative advantage in the production of a good, it means that...
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 Candonia and Sylvania. Both countries produce grain and tea, each initially before specialization and trade) producing 24 million pounds of grain and 12...
When a country has a comparative advantage in the production of a good, it means trading...
When a country has a comparative advantage in the production of a good, it means trading partner. Then the country will specialize in the production of this good and trade it for other goods that it can produce this good at a lower opportunity cost than ts The following graphs show the production possiblities frontiers (PPFs) for Freedonia and Sylvania. Both countries (I.e., before specialization and trade) producing 1 etter A 2 million pounds of grain and 6 million pounds...
When a country has a comparative advantage in the production of a good, it means that...
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 potatoes and tea, each initially (i.e., before specialization and trade) producing 12 million pounds of potatoes and 6...
44) The concept that suggests that all nations can gain through trade by producing goods for...
44) The concept that suggests that all nations can gain through trade by producing goods for which they are low opportunity cost producers and trading these for goods with a high opportunity cost is called the Otax and trade principle Oprinciple of comparative advantage Oprinciple of absolute advantage Oarbitrage principle
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 potatoes and coffee, each initially (ie,, before specialization and trade) producing 24 million...
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 Candonia and Sylvania. Both countries produce lemons and
coffee, each initially (i.e., before specialization and trade)
producing 18 million pounds of lemons and 9...
Nation Alpha has a comparative advantage in product X, and nation Beta has a comparative dvantage in product Y. Trade in the two products will only benefit the two nations the exchange ratio of X for Y is fixed the terms of trade increase in both nations. there is excess capacity in both economies. the prices charged for X and Y reflect their domestic opportunity costs. Question 8 (1 point) The nation needs to prevent foreign nations from selling their...
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 Candonia and Sylvania. Both countries produce grain and tea, each initially before specialization and trade) producing 24 million pounds of grain and 12...
When a country has a comparative advantage in the production of a good, it means trading partner. Then the country will specialize in the production of this good and trade it for other goods that it can produce this good at a lower opportunity cost than ts The following graphs show the production possiblities frontiers (PPFs) for Freedonia and Sylvania. Both countries (I.e., before specialization and trade) producing 1 etter A 2 million pounds of grain and 6 million pounds...
44) The concept that suggests that all nations can gain through trade by producing goods for which they are low opportunity cost producers and trading these for goods with a high opportunity cost is called the Otax and trade principle Oprinciple of comparative advantage Oprinciple of absolute advantage Oarbitrage principle
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