Suppose that two countries have the following production possibilities: Smartphones Refrigerators Country A 150 50 Country B 200 100 Country A has the absolute advantage in production of Country has the comparative advantage in producing refrigerators Country should be specializing in production of smartphones. If the price in international trade is 1 refrigerator = 4 smartphones, then which %3D country will benefit from the international trade? Answer: Assume that country A purchases the new technology of smartphones production. As a result of this change, other things being the same, the price for refrigerators in the international trade will become

Suppose that two countries have the following production possibilities: Smartphones Refrigerators Country A 150 50 Country B 200 100 Country A has the absolute advantage in production of Country has the comparative advantage in producing refrigerators Country should be specializing in production of smartphones. If the price in international trade is 1 refrigerator = 4 smartphones, then which %3D country will benefit from the international trade? Answer: Assume that country A purchases the new technology of smartphones production. As a result of this change, other things being the same, the price for refrigerators in the international trade will become

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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