Output Per Unit of Labor InputEngland202Portugal24ClothWine12A. Portugal has a comparative advantage in the production ofcloth and wineB. England has a comparative advantage in the production ofcloth and wineC. Portugal has a comparative advantage in cloth and Englandhas a comparative advantage in wineD. England has a comparative advantage in cloth and Portugalhas a comparative advantage in wineE. England has an absolute advantage in the production ofcloth and wine

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Description: Output Per Unit of Labor InputEngland202Portugal24ClothWine12A. Portugal has a comparative advantage in the production ofcloth and wineB. England has a comparative advantage in the production ofcloth and wineC. Portugal has a comparative advantage i

When a country produces certain goods or services at a lower cost than other countries, it is said…

Answered: has a comparative advantage in wine D.…

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has a comparative advantage in wine D. England has a comparative advantage in cloth and Portugal has a comparative advantage in wine

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A: Solution A

Concept explainers

Comparative Advantage and Absolute Advantage Analysis

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

Question

Practice Pack

OFFON

Output Per Unit of Labor Input
England
20
2
Portugal
24
Cloth
Wine
12
A. Portugal has a comparative advantage in the production of
cloth and wine
B. England has a comparative advantage in the production of
cloth and wine
C. Portugal has a comparative advantage in cloth and England
has a comparative advantage in wine
D. England has a comparative advantage in cloth and Portugal
has a comparative advantage in wine
E. England has an absolute advantage in the production of
cloth and wine

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as firms and workers play to their comparative advantage, trade will also cause the average level of wages in an economy to Because trade raises Select the correct answer below: worker productivity; rise a country's exports; fall a country's imports; fall O quantity supplied of labor; rise
nave a n ab je in bothi good because they both produce boots and shirts. 40- 38- 36- B. Neither country has an absolute advantage in both goods because the United States can produce more boots but Canada can produce more shirts. 34- 32- 30- 28- 26- 24- 22- 20- 18- 16- 14- 12- 10- 8- C. The United States has an absolute advantage in both goods because it can produce more boots and more shirts. PPFUS. D. Neither country has an absolute advantage in both goods because Canada can produce more boots but the United States can produce more shirts. O E. Canada has an absolute advantage in both goods because it can produce more boots and more shirts. US 6- Suppose initially that the United States is consuming 4 boots and 8 shirts and Canada is consuming 18 boots and 2 shirts, as indicated in the figure. Then, suppose the United States and Canada specialize by each only producing the good for which they have a comparative advantage and then trade. In particular, suppose the United States trades…
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3
Plz give the explanation
100 80 60 40 20 Nation 1 'С 14 0 10 30 50 70 90 P=0.2Y/X Pa-1 140 120 100 80 60 40 20 X 110 130 150 0 20 Two products: X and Y Two nations in the world: nation 1 and nation 2 International price: P=1Y/X What product does nation 1 have a comparative advantage in? 2 40 Nation 2 60 A' th P=1Y/X 80 100 120 X
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Do not use Ai
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