23. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the absolute advantage in cloth? a) Portugal b) England c) Both d) Neither e) Cannot tell 90England90Portugal8080707060605050PPF40PPF403030202010101020304050601020 30405060clothclothwinewine

Name: 23. Assuming labor is the only resource and England has 60 man-hours (
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Description: 23. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the absolute advantage in cloth? a) Portugal b) England c) Both d) Neither e) Cannot

Resources are the stock or material by which the benefit is derived with some utility.

Answered: 23. Assuming labor is the only resource…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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23. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the absolute advantage in cloth?

		a) Portugal
		b) England
		c) Both
		d) Neither
		e) Cannot tell

90
England
90
Portugal
80
80
70
70
60
60
50
50
PPF
40
PPF
40
30
30
20
20
10
10
10
20
30
40
50
60
10
20 30
40
50
60
cloth
cloth
wine
wine

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

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