Production, Economic Growth, and Trade-Work It Out: Question 1 of 2The accompanying table gives how many skis and sleds can be produced in Denmark and Iceland using one day's worth oflabor.CountrySkisSledsDenmark412Iceland36Using the data from the table,advantage in producing sleds.has the absolute advantage in producing skis andhas the absolute

Based on the table provided, here's the breakdown of absolute advantage:Absolute advantage refers to…

Answered: Production, Economic Growth, and Trade…

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 30P: In Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10...

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In Germany it takes three workers to make one television and four workers to make one video camera. In Poland It takes six workers to make one television and 12 workers to make one video camera. Who has the absolute advantage in the production of televisions? Who has the absolute advantage in the production of video cameras? How can you tell? Calculate the opportunity cost of producing one additional television set in Germany and In Poland. (Your calculation may involve fractions, which Is tine.) Which country has a comparative advantage in the production of televisions? Calculate the opportunity cost of producing one video camera in Germany and in Poland. Which country has a comparative advantage in the production of video cameras? In this example, is absolute advantage the same as comparative advantage, or not? In what product should Germany specialize? In what product should Poland specialize?
Brazil can produce 100 pounds of beef or 10 autos. In contrast the United States can produce 40 pounds of beef or 30 autos. Which country has the absolute advantage in beef? Which country has the absolute advantage in producing autos? What is the opportunity cost of producing one pound of beef In Brazil? What is the opportunity cost of producing one pound of beef in the United States?
In Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10 tons of rubber or 40 radios. Who has the absolute advantage in the production of rubber or radios? How can you tell? Calculate the opportunity cost of producing 80 additional radios in Japan and in Malaysia. (Your calculation may involve fractions, which is fine,) Which country has a comparative advantage in the production of radios? Calculate the opportunity cost of producing 10 additional tons of rubber in Japan and in Malaysia. Which country has a comparative advantage in producing rubber? In this example, does each country have an absolute advantage and a comparative advantage in the same good? In what product should Japan specialize? In what product should Malaysia specialize?
C O O O Suppose that Canada can make 45 kilograms of cheese or 60 bottles of wine with one year's worth of labour. France can make 30 kilograms of cheese or 54 bottles of wine with one year's worth of labour. What can we conclude from these numbers? a. Canada has a comparative advantage in the production of wine. b. Canada has an absolute advantage in the production of cheese. c. France has an absolute advantage in the production of wine. d. France has a comparative advantage in the production of cheese.
Submit All Question 18 of 20> The table shows the units of steel and personal computers a worker can produce per month in Germany and South Korea. Use this table to answer the question. Tons of steel Personal computers (PCs) Germany 40 South Korea 91 Which statement about absolute advantage is true? O South Korea has an absolute advantage in the production of both steel and PCs. O Neither country has an absolute advantage in the production of either good. O South Korea has an absolute advantage in the production of steel, whereas Germany has an absolute advantage in the production of PCs. Germany has an absolute advantage in the production of steel, whereas South Korea has an absolute advantage in the production of PCs. O Germany has an absolute advantage in the production of both steel and PCs. Unit 7- Chapter 1...xlsx Unit 7- Chapter 1.xlsx Topic 2 (2).docx O Topic 2 (1).docx Show all 11:09 PM 73 F SU prt sc delete end f12 6) 144 backspace -> unu Bock 9. R. enter pause ↑ shift ctri…
Question 28 The table shows the maximum quantity of cars or motorcycles that can be produced by two countries, X and Y, using equal amounts of resources. Motorcycles Cars 10 60 20 80 Based on the data in the table, which of the following is true? A B D Country X Country Y E Country X has a comparative advantage in producing cars. Country Y has a comparative advantage in producing cars. Country X has an absolute advantage in producing cars. Country X has an absolute advantage in producing motorcycles. Country Y has a comparative advantage in producing motorcycles.
Please solve only d
Given: Suppose the United States (US) and Canada (CAN) produce two goods: cars and food. For each country, the production possibilities frontier (PPF) data and graph are provided below. Table: US PPF Plan Cars Food A B C 0 150 50 0 LEJ 40 30 Table: CAN PPF Plan Cars Food 0 200 F 150 0 90 80
lee and Tre produce two goods in an 8-hour day. lee can produce 10 capital or 55 consumables and Tre can produce 75 capital and 60 consumables. Who has the absolute advantage I the production of consumables? Who has the absolute advantage in the production of capital? Who has a comparative advantage in the production of capital? Who has a comparative advantage in the production of consumables? What is the opportunity cost for capital?
Table 3-1 Farmer Rancher Labour hours needed to make 1 kilogram: Meat 9 3 Potatoes 3 4 Kilograms produced in 36 hours: Meat 4 12 Refer to Table 3-1. What does each producer have an absolute or comparative advantage in? Potatoes 12 9 The farmer has an absolute advantage in potatoes, and the rancher has a comparative advantage in meat. The farmer has an absolute advantage in meat, and the rancher has a comparative advantage in potatoes. The farmer has an absolute advantage in neither good, and the rancher has a comparative advantage in potatoes. The farmer has an absolute advantage in neither good, and the rancher has a comparative advantage in meat.
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