(a) Does either country have an absolute advantage in the production of wheat  or beef? Explain. (b) What is the opportunity cost of wheat in each country? (c) What is the opportunity cost of beef in each country? (d) Which country has a comparative advantage in wheat production and which  country has a comparative advantage in beef production? (e) Which product will United states export and which product does Argentina  export? Briefly explain why. (f) How can both countries gain from trade?

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.