Table shows the number of hours of labor required to produce 1 unit of output of computers and wheat in country A and B. a. Country . has an absolute advantage in computers. b. Country. . has an absolute advantage in wheat. c. Country... has a comparative advantage in computers. ....... C. .........

Table shows the number of hours of labor required to produce 1 unit of output of computers and wheat in country A and B. a. Country . has an absolute advantage in computers. b. Country. . has an absolute advantage in wheat. c. Country... has a comparative advantage in computers. ....... C. .........

Name: ComputerswheatCountry A10Country B6.Table shows the number of hours o
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Description: ComputerswheatCountry A10Country B6.Table shows the number of hours of labor required to produce 1 unit of output of computers andwheat in country A and B.a. Country . has an absolute advantage in computers.b. Country . has an absolute advantage in

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 2.3P

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Computers Wheat country A 10 4 country B 6 3 Table shows the number of hours of labor required to produce 1 unit of output of computers and wheat in country A and B. Country ……… has an absolute advantage in computers. Country………. has an absolute advantage in wheat. Country……… has a comparative advantage in computers. Country……... has a comparative advantage in wheat. Price ratio( computers/wheat) should be between …………. and …………. for free trade.
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New Zealand in one year can raise 75 tons of beef or produce 750 boxes of tulips. In the same growing season, Belgium can raise 40 tons of beef or produce 650 boxes of tulips. From this information, we know that: A) New Zealand has a comparative advantage in raising beef. B) New Zealand has a comparative advantage in raising tulips. C) Belgium has a comparative advantage in raising beef. O D) Belgium has an absolute advantage in raising beef.
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Country A Country B 200 corn 600 150 375 100 50 50 75100 150 200 cars 25 50 75 100 cars a) What is the opportunity cost of making cars in each country? Make clear how you find this and what it means. b) If the countries were to specialize and trade, which country should specialize in making cars? Why? c) If the countries specialize completely according to comparative advantage (i.e.each produces only what they have the comparative advantage in) what would be the total production of cars and corn? How does this compare to the total production at their original pre-trade production points? d) Suppose the country that specializes in making only cars trades with the country that makes no cars. The car-maker sends the other country as many cars as they were consuming before trade. How much corn could the corn-making country trade for these cars and have both countries be better off than they were before trade?