Spaniards can produce 10 gallons of wine or 8 gallons of olive oil per worker hour. Americans can produce 9 gallons of wine or 6 gallons on olive oil per worker hour.Who has the comparative advantage for wine and who for olive oil?O Americans, AmericansO Americans, SpanishO Spanish, AmericansO Spanish, Spanish Hours of work necessary to produce one unit of cloth or wine is shown in the following table:Cloth WineEngland 100 120Portugal 90 80Who has the comparative advantage in cloth, and who in wine?England, PortugalPortugal, EnglandEngland, EnglandPortugal, Portugal

Spaniards can produce 10 gallons of wine or 8 gallons of olive oil per worker hour. Americans can produce 9 gallons of wine or 6 gallons on olive oil per worker hour. Who has the comparative advantage for wine and who for olive oil? O Americans, Americans O Americans, Spanish O Spanish, Americans

Spaniards can produce 10 gallons of wine or 8 gallons of olive oil per worker hour. Americans can produce 9 gallons of wine or 6 gallons on olive oil per worker hour. Who has the comparative advantage for wine and who for olive oil? O Americans, Americans O Americans, Spanish O Spanish, Americans

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Chairs Sofas Unskilled Workers 6 4 Skilled Workers 10 6 The first column in the above table above shows how many chairs an unskilled or skilled worker could produce in eight hours. The second column shows how many sofas an unskilled or skilled worker could produce if instead they spent those eight hours producing sofas. According to the data, [ Select ] an absolute advantage in making either type of good. Based on comparative advantage, who should make chairs and who should make sofas? [ Select ] a comparative advantage in making chairs. [ Select] a comparative advantage in making sofas.
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Є PROFILE 爲 ORDERS RENTALS 品 COURSES Study Tools Attempts 3.5 4 5. Comparative Advantage Keep the Highest 4/5 The following table describes the production possibilities of two cities in the country of Baseballia: Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour Boston 5 2 Chicago 3 College Success Tips Without trade, the price of a pair of white socks (in terms of red socks) in Boston is of red socks. P Career Success Tips has an absolute advantage in the production of red socks, and socks. ? Help of red socks, and in Chicago it has an absolute advantage in the production of white A-Z bongo A+ has a comparative advantage in the production of red socks, and has a comparative advantage in the production of white socks. + SIGN OUT If the cities trade with each other, Boston will export socks, and Chicago will export socks. The price of white socks can be expressed in terms of red socks. The highest price at which white socks can be traded that would make…
Alice can collect 10 coconuts or catch 1 fish per hour. Hs friend Emma can gather 30 coconuts or catch 2 fish per hour. What is alice opportunity cost of catching 1 fish? What is Emma's? Who has an absolute advantage in catching fish? Who has a comparative advantage in catching fish?
21. According to David Ricardo, O A. If countries specialize where they have a comparative advantage and trade, all groups in their economies will benefit equaly OB. If countries specialize where they have a comparative advantage and trade, their efficiency and standard of living can improve O C. If countries specialize where they have an absolute advantage and trade, their efficiency and standard of living can improve O D. Countries should strive to develop their absolute advantage to benefit from trade with other countries
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The table below shows the production of oil and lumber of ONE worker in China and India: rice (in pounds) shirts (unit) CHINA 400 200 INDIA 330 110 a) BEFORE trade (or with no trade), each country has 100 workers, and they allocate the worker for the production of the goods in the following way: China allocates 35 workers in the production of rice, and 65 workers in the production of shirts; India allocates 50 workers in the production of rice and 50 workers in the production of shirts. Find the maximum production and consumption of both goods for each country! b) If the countries decide to engage in trade (WITH TRADE), they will specialize in the production of the good in which they have comparative advantage. In which good should China specialize? How about India? JUSTIFY! (To answer this question you must calculate the opportunity cost of each good for both countries and then find the country's comparative advantage). What is the WITH TRADE production of the countries? c) If the…
Look at F where it says Liz has comparative advantage. Why is it that she has comparative advantage over mike in cleaning windows when mike has comparative advantage in picking up leaves? What’s the difference?
I don't understand the second part of this homework. If Frankie and Johnny completely specialize according to comparative advantage, what will happen to the amount of eggs and milk? I have the opportunity cost calculated to understand who should do what in this case. But what will I do to that number?
Suppose Country A can produce 200 toys or 400 pineapples per day, while Country B can produce 300 toys or 900 pineapples per day. Where do the comparative advantatges lie? Should trade take place?
According to David Ricardo, O A. If countries specialize where they have an absolute advantage and trade, their efficiency and standard of living can improve O B. Countries should strive to develop their absolute advantage to benefit from trade with other countries O C. If countries specialize where they have a comparative advantage and trade, all groups in their economies will benefit equaly OD. If countries specialize where they have a comparative advantage and trade, their efficiency and standard of living can improve