The following are correct statements about Comparative and Absolute Advantage, EXCEPT: a) Absolute Advantage means being...
The following are correct statements about Comparative and Absolute Advantage, EXCEPT:
a) Absolute Advantage means being able to produce more with the same economic resources.
b) Comparative Advantage means being able to produce with the lowest opportunity cost.
c) Absolute Advantage does not imply Comparative Advantage.
d) Efficiency and Optimality can be attained if we specialize and trade according to our Absolute Advantages.
(The answer is not C)
Homework Answers
ANSWER:
The correct answer is option d that is Efficiency and Optimality can be attained if we specialize and trade according to our Absolute Advantages because efficiency and optimality is attained when we specialize according to our comparitive advantages as it involves opportunity cost.
option a and option b are true statements (definition)
option c is also true as absolute advantage does not tell about comparitive advantage.
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The following are correct statements about Comparative and Absolute Advantage, EXCEPT: a) Absolute Advantage means being...
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 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)
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When a country has a comparative advantage in the production of a good, it means that...
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When a country has a comparative advantage in the production of a good, it means trading...
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According to the principle of comparative advantage, a nation should specialize in producing those products which
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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...
PLEASE COMPLETE THE FOLLOWING COMPARATIVE ADVANTAGE Resources to produce 1 T of product Onions Garlic 5...
PLEASE COMPLETE THE FOLLOWING
COMPARATIVE ADVANTAGE Resources to produce 1 T of product Onions Garlic 5 10 15 Trinidad Guyana 40 ASSUMPTION: Suppose that each country has 100 units of resources 1. Who has the absolute advantage in onions and garlic if each country devotes half of it's resources to producing each product.? 2. What is the total output without world trade for each product? 3. Who has the opportunity cost in producing garlic? 4. Determine what goods should each...
Freedonia has a comparative advantage in the production of
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When a country has a comparative advantage in the production of
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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...
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