How do countries know when they have a comparative advantage in the production of a good?...
How do countries know when they have a comparative advantage in the production of a good?
a. The United Nations Economic Conference Group analyzes cost data from countries and determines which country has a comparative advantage in the production of which good.
b. They know as the result of individuals trying to earn profits and buying low and selling high in the process.
c. There is not one major way that countries acquire this information.
d. Government accountants collect cost data from countries and analyze it to find out which country has a comparative advantage in the production of which good.
Homework Answers
The answer to the question is B- They know as the result of individuals trying to earn profits and buying low and selling high in the process.
When a nation generates a good or service for a reduced price of chance than other nations, the comparative advantage is. A trade-off measures the price of opportunities. A nation with a comparative advantage is worth the trade-off. Buying their excellent or service advantages outweigh the drawbacks. In generating something, the nation may not be the best. But for other nations, the good or service has a small price of chance to import.
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How do countries know when they have a comparative advantage in
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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...
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
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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...
Specialization and trade When a country has a comparative advantage in the production of a good,...
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 good The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Lamponia. Both countries produce grain a tea, each initially (Qie., before specialization and trade) producing 24 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 that 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 tea, each initially (i.e., before specialization and trade) producing 24 million pounds of lemons and 12...
need help with d and e 1. Comparative Advantage (1.5 marks) Analyze the following two countries....
need help with d and e
1. Comparative Advantage (1.5 marks) Analyze the following two countries. In one day in Germany, it takes 24 workers to produce an airplane and 6 workers to produce a boat. In one day in France, it takes 8 workers to produce an airplane and 4 workers to produce a boat. Both countries have 48 workers available each day. Draw the PPF of each country for one day's worth of production. Use a separate graph...
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...
1) it is possible for one country to have a comparative advantage in the production of...
1)
it is possible for one country to have a comparative advantage in
the production of all products
A) TRUE
B) FALSE
2) the most recent data indicates households in the top fifth
of the income distribution earns as much income as the bottom four
fifths combined
A) TRUE
B) FALSE
3) in the united states most income comes from stocks and
bonds
A) TRUE
B) FALSE
4) which country is the the United States' largest trading
partner?
A) CANDA...
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 Freedonia and Sylvania. Both countries produce grain and
coffee, each initially (i.e., before specialization and trade)
producing 12 million pounds of grain and...
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 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...
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...
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 good The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Lamponia. Both countries produce grain a tea, each initially (Qie., before specialization and trade) producing 24 million pounds...
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 that 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 tea, each initially (i.e., before specialization and trade) producing 24 million pounds of lemons and 12...
need help with d and e
1. Comparative Advantage (1.5 marks) Analyze the following two countries. In one day in Germany, it takes 24 workers to produce an airplane and 6 workers to produce a boat. In one day in France, it takes 8 workers to produce an airplane and 4 workers to produce a boat. Both countries have 48 workers available each day. Draw the PPF of each country for one day's worth of production. Use a separate graph...
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...
1)
it is possible for one country to have a comparative advantage in
the production of all products
A) TRUE
B) FALSE
2) the most recent data indicates households in the top fifth
of the income distribution earns as much income as the bottom four
fifths combined
A) TRUE
B) FALSE
3) in the united states most income comes from stocks and
bonds
A) TRUE
B) FALSE
4) which country is the the United States' largest trading
partner?
A) CANDA...
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 grain and
coffee, each initially (i.e., before specialization and trade)
producing 12 million pounds of grain and...
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