Homework Answers
Milk ---- is correct
England's opportunity cost of producing milk= 4/10 = 0.4
Netherland's opportunity cost of producing milk= 6/8= 0.75
Thus England has a comparative advantage in producing milk.
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This figure shows that, compared to the Netherlands, England has a comparative advantage in producing which...
26. Two people make up a small economy producing oats and/or shirts. The table below shows the maximum each indivi...
26. Two people make up a small economy producing oats and/or shirts. The table below shows the maximum each individual can produce in one day for each good (and any linear combination). Oats Shirts Sam 300 100 Lindsay 150 75 a. Who has the comparative advantage in producing Oats? In producing shirts? b. In terms of shirts, what is the cost of producing one unit of oats for For Lindsay? c. If the total number of shirts produced is 100,...
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...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese and producing Labor Hours Number of Units Needed to Make Produced in 24 1 Unit of Hours Cheese Bread Cheese Bread England2 3 128 Spain 3 Which of the following statement is correct? England has the comparative advantage in Cheese Spain has the comparative advantage in Cheese England has the comparative advantage in both Cheese and Bread Spain has the comparative advantage in both...
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...
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti...
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti Problem 4 Nomber ef ts Predeced le 40 1rs Lahor Hasrs Needed to Make 1Uof Bread Choe Cheese Broad Englnd Sp Figure 3: Assume that England and Spain can switch between producing cheese and pro- ducing bread at a constant rate Part A Identify which country has an absolute advantage and which country has a comparative Bread Spa Comp Enl Ab solu Cheese advantage...
- Specialization and trade "hen a country has a comparative advantage in the production of a...
- Specialization and trade "hen 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 ading partner. Then the country will specialize in the production of this good and trade it for other goods. he following graphs show the production possibilities frontiers (PPFs) for Candonia and Desonia. Both countries produce potatoes and coffee, each itially i.e., before specialization and trade) producing 6 million...
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...
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...
The table below outlines the possible tradeoffs of producing units of cloth and corn, using one...
The table below outlines the possible tradeoffs of producing units of cloth and corn, using one hour of labor input, for Country A and Country B. Country A Country B Units of Cloth Units of Corn Units of Cloth| Units of Corn 14 / 4 / 16 / 8 Country A has a comparative advantage in producing: A) cloth. B) neither cloth nor corn. C) corn.
5 False The law of comparative advantage says that a. 3. the individual with the lowest...
5 False The law of comparative advantage says that a. 3. the individual with the lowest opportunity cost of producing a particular good should produce it comparative advantage exists only when one person has an absolute advantage in the production of two goods whoever has a comparative advantage in producing a good also has an absolute adva in producing that good b. c. d. whoever has an absolute advantage in producing a good also has a comparative advantag in producing...
26. Two people make up a small economy producing oats and/or shirts. The table below shows the maximum each individual can produce in one day for each good (and any linear combination). Oats Shirts Sam 300 100 Lindsay 150 75 a. Who has the comparative advantage in producing Oats? In producing shirts? b. In terms of shirts, what is the cost of producing one unit of oats for For Lindsay? c. If the total number of shirts produced is 100,...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese and producing Labor Hours Number of Units Needed to Make Produced in 24 1 Unit of Hours Cheese Bread Cheese Bread England2 3 128 Spain 3 Which of the following statement is correct? England has the comparative advantage in Cheese Spain has the comparative advantage in Cheese England has the comparative advantage in both Cheese and Bread Spain has the comparative advantage in both...
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti Problem 4 Nomber ef ts Predeced le 40 1rs Lahor Hasrs Needed to Make 1Uof Bread Choe Cheese Broad Englnd Sp Figure 3: Assume that England and Spain can switch between producing cheese and pro- ducing bread at a constant rate Part A Identify which country has an absolute advantage and which country has a comparative Bread Spa Comp Enl Ab solu Cheese advantage...
- Specialization and trade "hen 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 ading partner. Then the country will specialize in the production of this good and trade it for other goods. he following graphs show the production possibilities frontiers (PPFs) for Candonia and Desonia. Both countries produce potatoes and coffee, each itially i.e., before specialization and trade) producing 6 million...
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...
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...
The table below outlines the possible tradeoffs of producing units of cloth and corn, using one hour of labor input, for Country A and Country B. Country A Country B Units of Cloth Units of Corn Units of Cloth| Units of Corn 14 / 4 / 16 / 8 Country A has a comparative advantage in producing: A) cloth. B) neither cloth nor corn. C) corn.
5 False The law of comparative advantage says that a. 3. the individual with the lowest opportunity cost of producing a particular good should produce it comparative advantage exists only when one person has an absolute advantage in the production of two goods whoever has a comparative advantage in producing a good also has an absolute adva in producing that good b. c. d. whoever has an absolute advantage in producing a good also has a comparative advantag in producing...
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