Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented inthe table belowUnited StatesMexicoHamburgers (in tons)Tacos (in tons)216Hamburgers (in tons)Tacos (in tons)1208040801448160721624024Which country has an absolute advantage in producing tacos?MexicoClick to select your answer(s) and then click Check Answer.The United States

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Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the hwo goods that each the table below United States Mexico Hamburgers (in tons) Tacos (in tons) 120 Tacos (in tons) 216 144 72 Hamburgers (in tons) 80 80 160 40 16 24 240 Which country has an absolute advantage in producing tacos? Mexico Click to select your answers) and then click Check Answer The United States

Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the hwo goods that each the table below United States Mexico Hamburgers (in tons) Tacos (in tons) 120 Tacos (in tons) 216 144 72 Hamburgers (in tons) 80 80 160 40 16 24 240 Which country has an absolute advantage in producing tacos? Mexico Click to select your answers) and then click Check Answer The United States

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2 Why might a country still produce a good on a smaller scale even if it does not have the comparative advantage in it?
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Chapter 34 1. The following table describes the number of yards of cloth and barrels of wine that can be produced with a week's worth of labor in England and Portugal. Assume that no other inputs are needed. In England 8 yards Cloth In Portugal 12 yards Wine 2 barrels 6 barrels a. If there is no trade, what is the price of wine in terms of cloth in England? b. If there is no trade, what is the price of wine in terms of cloth in Portugal? c. Suppose each country has 1 million weeks of labor available per year. Draw the production possibilities frontier for each country. d. Which country has an absolute advantage in the production of which good(s)? Which country has a comparative advantage in the production of which good(s)? e. If the countries start trading with each other, which country will specialize and export which good? f. What can be said about the price at which trade will take place? ||
What is comparative advantage based on? A. dollar price B. labour costs C. opportunity costs D. capital costs
Another name for a market economy is O the law of demand. the law of supply. comparative advantage. the price system.
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Output per Hour Worked United States Mexico Computers (unit) 3 1 Shoes (pairs) 6 3 Based on the above table, which country or countries has an absolute advantage and a comparative advantage in shoes? a) Mexico has a comparative advantage, and the United States has an absolute advantage in shoes. b) Mexico has an absolute and comparative advantage in shoes. c) The United States has a comparative advantage, and Mexico has an absolute advantage in shoes. d) The United States has an absolute and comparative advantage in shoes.
wine 90 80 70 60 50 40 30 20 10 0 0 10 20 30 40 50 60 cloth Portugal PPF CPF wine SERESSAD 90 Click Save and Submit to save and submit. Click Save All Answers to save all answers. 80 70 60 50 40- 30+ 20 O (a) Portugal has the absolute advantage and England has the comparative advantage Ⓒ (b) England has the absolute advantage and Portugal has the comparative advantage O (c) Neither country has the comparative advantage O (d) Neither country has the absolute advantage O (d) cannot tell from this diagram England PPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 180 man-hours of resources available for production, while England has only 60, which country has the absolute advantage, and which country has the comparative advantage in wine? CPF MacBook Air Save All A
QUESTION 7 65+ 60+ 55 50 45 40 282828 35+ 30 25 20 15 10 5+ Cay China's PPF + 5 10 15 20 25 30 35 40 45 50 55 Computer OA. 40 cars and 20 computers B. 40 cars and zero computers C. 20 cars and 20 computers 个 Cor 65+ 60- 55 50+ 45+ Refer to figures above. Suppose that China and Japan fully specialize in the goods in which they have a comparative advantage. Trade is then initiated between the two countries and 20 units of cars are exchanged for 20 units of computers. How many units of cars and computers will China be able to consume after trade? D.40 cars and 40 computers 40- 35+ 30 25- 20 15 10- 5 Japan's PPF 5 10 15 20 25 30 35 40 45 50 55 60 Computer
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