Homework Answers
a) None of the country have a comparative advantage in producing oil because the opportunity cost of producing oil is equal in both the countries.
b) No , the two countries would not be able to gain from trading oil and fish oil because none of the country is having a comparative advantage in any of the goods. But UK may gain because it's still having an absolute advantage.
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States from importing it Explain. e 52) Suppose the l, whihsdom and Norway both produce oil...
Suppose the United Kingdom and Norway both produce ol and fish oil, which are sold for...
Suppose the United Kingdom and Norway both produce ol and fish oil, which are sold for the same prices in both countries. The following table shows combinations of both goods that each country can produce in a day, measured in thousands of barrels, using the same arnaunts of capital arnd labor United K Fish 12 ish 12 Who has the comparative advantage i preducing oil? A. Nelther country has a comperative advantage producing oll because their opportunity costs of producing...
Suppose that France and Germany both produce schnitzel and wine. The following table shows combination of...
Suppose that France and Germany both produce schnitzel and wine. The following table shows combination of the goods that each country can produce in a day 2. France Germany Wine Schnitzel Wine Schnitzel bottles)(pounds) (bottles)(pounds) 15 12 Who has comparative advantage in producing wine? Who has the comparative advantage in producing schnitzel? Explain Suppose France is currently producing 1 bottle of wine and 6 pounds of schnitzel, and Germany is currently producing 3 bottles of wine and 6 pounds of...
Suppose that France and Germany both produce wine and schnitzel. The table below shows combinations of...
Suppose that France and Germany both produce wine and schnitzel. The table below shows combinations of the goods that each country can produce in a day. France Germany Wine (Bottles) Schnitzel (Kilograms) Wine (Bottles) Schnitzel (Kilograms) 0 12 0 25 1 9 1 20 2 6 2 15 3 3 3 10 4 0 4 5 5 0 Suppose that France is currently producing 1 bottle of wine and 9 kilograms of schnitzel and Germany is currently producing 3 bottles...
Suppose that France and Gernany both produce wine and schrel The tabk belaw shows combinations of...
Suppose that France and Gernany both produce wine and schrel The tabk belaw shows combinations of the gaots that each country can produce in a day France Germany Wine (Bottles) Schnitzel (Pounds) Winc (Bottles 20 16 Who has the comparative advatage in producing wine arid wha has the comparative advantage in producing schrilzel? O A. France has a comparative advantage producing schnitzel and Germany has a comparative advantage producing wine. ⓔ France has a comparatns advantage producing wine and Germany...
suppose that France and Denmark both produce oil and cheese ttempts: 5. The price of trade...
suppose that France and Denmark both produce oil and
cheese
ttempts: 5. The price of trade Suppose that France and Denmark both produce oil and cheese. France's opportunity cost of producing a pound of cheese is 4 barrels of oil while Denmark's opportunity cost of producing a pound of cheese is 10 barrels of oil. By comparing the opportunity cost of producing cheese in the two countries, you can tell that production of cheese and has a comparative advantage in...
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...
Explain the reason 1. Suppose that Bahrain and Qatar both produce fish and dates. The following...
Explain the reason
1. Suppose that Bahrain and Qatar both produce fish and dates. The following table shows the combinations of the goods that each country can produce in a day. Bahraine Qatare Dates (kilos) Fish(kilos) Dates(kilos) Fish (kilos) 0- 20+ 16- 124 02 62 12 22 84 0 0- 1. Who has the comparative advantage in producing dates and who has the comparative advantage in producing fish?
Question 11 (1 point) Suppose that Spain and France both produce ships and grapes, which are...
Question 11 (1 point) Suppose that Spain and France both produce ships and grapes, which are sold for the same price in both countries. The table below shows the produce in one year using the same amounts of capital and labor. What is the opportunity cost of producing one ship (in terms of tons of grapes) for France? Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "s," ", "%," or...
5. The price of trade Suppose that Greece and Germany both produce oil and olives. Greece's...
5. The price of trade Suppose that Greece and Germany both produce oil and olives. Greece's opportunity cost of producing a crate of olives is 5 barrels of oil while Germany's opportunity cost of producing a crate of olives is 10 barrels of oil 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 andhas a comparative advantage in the production of oil. Suppose...
5. The price of trade Suppose that France and Austria both produce oil and stained glass....
5. The price of trade Suppose that France and Austria both produce oil and stained glass. France's opportunity cost of producing a pane of stained glass is 5 barrels of oil while Austria's opportunity cost of producing a pane of stained glass is 10 barrels of oil. has a comparative advantage in the By comparing the opportunity cost of producing stained glass in the two countries, you can tell that production of stained glass and has a comparative advantage in...
Suppose the United Kingdom and Norway both produce ol and fish oil, which are sold for the same prices in both countries. The following table shows combinations of both goods that each country can produce in a day, measured in thousands of barrels, using the same arnaunts of capital arnd labor United K Fish 12 ish 12 Who has the comparative advantage i preducing oil? A. Nelther country has a comperative advantage producing oll because their opportunity costs of producing...
Suppose that France and Germany both produce schnitzel and wine. The following table shows combination of the goods that each country can produce in a day 2. France Germany Wine Schnitzel Wine Schnitzel bottles)(pounds) (bottles)(pounds) 15 12 Who has comparative advantage in producing wine? Who has the comparative advantage in producing schnitzel? Explain Suppose France is currently producing 1 bottle of wine and 6 pounds of schnitzel, and Germany is currently producing 3 bottles of wine and 6 pounds of...
Suppose that France and Gernany both produce wine and schrel The tabk belaw shows combinations of the gaots that each country can produce in a day France Germany Wine (Bottles) Schnitzel (Pounds) Winc (Bottles 20 16 Who has the comparative advatage in producing wine arid wha has the comparative advantage in producing schrilzel? O A. France has a comparative advantage producing schnitzel and Germany has a comparative advantage producing wine. ⓔ France has a comparatns advantage producing wine and Germany...
suppose that France and Denmark both produce oil and
cheese
ttempts: 5. The price of trade Suppose that France and Denmark both produce oil and cheese. France's opportunity cost of producing a pound of cheese is 4 barrels of oil while Denmark's opportunity cost of producing a pound of cheese is 10 barrels of oil. By comparing the opportunity cost of producing cheese in the two countries, you can tell that production of cheese and has a comparative advantage in...
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...
Explain the reason
1. Suppose that Bahrain and Qatar both produce fish and dates. The following table shows the combinations of the goods that each country can produce in a day. Bahraine Qatare Dates (kilos) Fish(kilos) Dates(kilos) Fish (kilos) 0- 20+ 16- 124 02 62 12 22 84 0 0- 1. Who has the comparative advantage in producing dates and who has the comparative advantage in producing fish?
Question 11 (1 point) Suppose that Spain and France both produce ships and grapes, which are sold for the same price in both countries. The table below shows the produce in one year using the same amounts of capital and labor. What is the opportunity cost of producing one ship (in terms of tons of grapes) for France? Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "s," ", "%," or...
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