Homework Answers
Comparative advantage refers to the advantage of production received by a country or person from producing the good at a lower opportunity cost than its competitor.
In the given question, for Antigua, it takes 12 minutes to make 1 towel and 20 minutes to make 1 umbrella
This means, suppose the countries have a total of 1 hour, Antigua can make either 5 towels or 3 umbrellas
Thus for it, 1 towel = 0.6 umbrella and 1 umbrella = 1.67 towels
Similarly for Barbuda, in 1 hour it can make 4 towels or 6 umbrellas
Or, 1 towel = 1.5 umbrella and 1 umbrella = 0.67 towels
Since Antigua has lower opportunity cost for towel production, it has a comparative advantage in production of towels
Thus correct option is A
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Antigua has a comparative advantage in the production of towels and Barbuda has a comparative advantage...
Based on the information of the table below, the United Kingdom has an absolute advantage in...
Based on the information of the table below, the United Kingdom has an absolute advantage in the production of production of and the Rest of the World has an absolute advantage in the a. neither good; corn b. neither good; both goods c. both goods; neither goods d. corn; umbrellas Marginal Product Labor Umbrellas Bushels of corn In rest United of the Kingdom world In 3 1/4 The United Kingdom has a comparative advantage in the production of of the...
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...
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...
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
(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 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...
b) Who has the comparative advantage in the production of good B? a. Alex b. Adam c. Both Alex and Adam d. Neither Alex...
b) Who has the
comparative advantage in the production of good B?
a. Alex
b. Adam
c. Both Alex and Adam
d. Neither Alex nor Adam
Alex Adam Good A Good A Good B 0 160 30 Good B 300 225 150 75 0 120 80 25 50 75 100 60 90 40 120 a) Who has the comparative advantage in the production of good A? a. Alex b. Adam c. Both Alex and A dam d. Neither Alex nor...
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...
ELUZU Homework ( C 3 ) When a country has a comparative advantage in the production...
ELUZU Homework ( C 3 ) When a country has a comparative advantage in the production of a good, it means that 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 (PPP) for Freedonia and Desonia. Both countries produce potatoes and coffee, each Initially (Le., before specialization and trade) producing 12...
4. Specialization and trade When a country has a comparative advantage in the production of a...
4. Specialization and tradeWhen 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 Desonia. Both countries produce grain and sugar, each initially (i.e., before specialization and trade) producing 12 million pounds of...
Based on the information of the table below, the United Kingdom has an absolute advantage in the production of production of and the Rest of the World has an absolute advantage in the a. neither good; corn b. neither good; both goods c. both goods; neither goods d. corn; umbrellas Marginal Product Labor Umbrellas Bushels of corn In rest United of the Kingdom world In 3 1/4 The United Kingdom has a comparative advantage in the production of of the...
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 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...
b) Who has the
comparative advantage in the production of good B?
a. Alex
b. Adam
c. Both Alex and Adam
d. Neither Alex nor Adam
Alex Adam Good A Good A Good B 0 160 30 Good B 300 225 150 75 0 120 80 25 50 75 100 60 90 40 120 a) Who has the comparative advantage in the production of good A? a. Alex b. Adam c. Both Alex and A dam d. Neither Alex nor...
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...
ELUZU Homework ( C 3 ) When a country has a comparative advantage in the production of a good, it means that 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 (PPP) for Freedonia and Desonia. Both countries produce potatoes and coffee, each Initially (Le., before specialization and trade) producing 12...
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