Answered: able: Production Possibilities for…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 5SCQ: How can there be any economic gains for a country from both importing and exporting the same good,...

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Question

able: Production Possibilities for Tractors and Crude Oil

Country	_Tractors	Crude Oil (thousands of barrels)
United States	80	40
Mexico	60	180

Reference: Ref 8-5 Table: The Production Possibilities for Tractors and Crude Oil

(Table: The Production Possibilities for Tractors and Crude Oil) Use Table: The Production Possibilities for Tractors and Crude Oil. _____ has/have an absolute advantage in producing crude oil.

Question 4 options:

	Neither the United States nor Mexico
	Mexico
	The United States
	Both the United States and Mexico

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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