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                                        In Portugal Cloth                                            8 yards                                             12 yards Wine                                            2 barrels                                           6 barrels 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?

Q: Suppose that France and Germany both produce wine and schnitzel. The table below shows combinations…

A: A market is a place where the buyers and the sellers interacts with each other and the exchange of…

Q: Jefferson Franklin 1 wheat 1/2 cotton The table above shows the number of hours required to produce…

A: Opportunity cost refers to the value relinquished when opting for one choice over another, capturing…

Q: An American worker can produce either 5 cars or 8 tons of grain a year. A Japanese worker can…

A: United States: Production of 5 cars requires 1 workers in one year Implies, 5 cars = 1 worker 1 car…

Q: Explanation it correctly and details

A: Opportunity cost is the benefit lost while making a different decision. You must compare the…

Q: The table shows the units of output a worker can produce per hour in Germany and Korea for two…

A: A country has a comparative advantage if it can produce an item or service at a lower/less…

Q: The countries USA and China produce computers and rice using only labor as an input. Available Labor…

A: Production possibility curve shows the combination of two goods that can be produced with the given…

Q: Suppose that Portugal and Switzerland both produce jeans and stained glass. Portugal's opportunity…

A: Given information:There are two countries, i.e., Country P and Country SThey produce two goods,…

Q: 10. The following table describes the number of yards of cloth and barrels of wine that can be…

A: Opportunity cost is the cost of producing one good in terms of other.  Absolute advantage is where…

Q: loe Cream the amounts of ice cream and pies that Tim and Dave can make in a given weekend. Use this…

A: Given information: *Dave produce 3 pies and 2 ice cream. *Tim produce 5 pies and 3 ice cream.

Q: Who has the absolute advantage in making pizzas and who has the absolute advantage in making…

A: A country has an absolute advantage in production a good when he can producer that good more…

Q: Is absolute advantage or comparative advantagemore important for trade? Explain your reasoningusing…

A: Meaning of Trade/International Trade: International trade or trade refers to the exchange of…

Q: Questions 1-8. Use the information in the following table on labor productivities (output per hour)…

A: Economics refers to the study of scarcity and its implications for the use of resources, production…

Q: What is the difference between absolute advantage and comparative advantage? If a country has an…

A: Absolute advantage refers to a person's, company's, region's, or country's ability to produce more…

Q: Countries A and B are both producers of wine and sausages. The table below shows their respective…

A: Absolute advantage is where a country can produce more output as compared to the other country using…

Q: Week 11 Homework You must submit your assignments as a Microsoft Word document. Microsoft Word is…

A: Comparative advantage:- The ability of a country to produce goods at lower opportunity cost than…

Q: Country A Country B Tables 26 8 Chairs 2 Answer the following questions: i. Which country has the…

A: Hi Student, Thanks or posting the question. As per the guideline, we are providing answer for the…

Q: What is Comparative Advantage and how is it determined? Explain this concept in words.

A: Theory of comparative advantage in international trade helps trading countries in specialization and…

Q: Is the following statement true or false? Please explain. "Everyone has a comparative advantage."

A: The flow of goods and services across borders is known as the international trade. The economist…

Q: George and Laura live on an island in the Caribbean. Their diet is fish and biscuits. George can…

A: A country or person is said to have comparative advantage in producing a particular product if the…

Q: Q9 In the 18th century, _____ was the first to formulate the principle of comparative advantage. a.…

A: The concept of Comparative advantage was firstly introduced by the British political economist David…

Q: a)Identify an example of absolute advantage relative to the United States from your data tables. Be…

A: (a) The U.S take a shorter time to produce the products like corn, citrus, apparel, and computer…

Q: 1)  What does it mean if a country can produce something at a lower opportunity cost, and why would…

A: Opportunity cost is the money value of the next best alternative that is foregone by the individual…

Q: Please use the following table to select the right choice. Country England Portugal Hours of work…

A: Absolute advantage means a better production capabilities of a country and the comparative advantage…

Q: What is the doctrine of comparative advantage? Provide an example of a particular country’s…

A: International trade: - it means the buying and selling of goods and services with other countries.

Q: Consider 2 countries (the United States and the France) that use input such as labor to produce 2…

A: Comparative advantage refers to the ability to produce goods and services at a lower opportunity…

Q: Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or…

A: Here, it is given that Alpha can produce either 18 oranges or 9 apples, while Beta can produce 16…

Q: Explain the theory of comparative advantage. How realistic are the assumptions of this theory?

A: The theory of comparative advantage, developed by economist David Ricardo, explains how countries…

Q: Country X does not allow imports of clothing. In its equilibrium without trade, a sweater costs $20…

A: Consumer surplus is the area below the demand curve and above the market price till the quantity…

Q: 1. The following table shows the production of cows’ milk and potatoes per unit of input in the…

A: Absolute cost advantage: - it is a principle of international trade given by Adam Smith which shows…

Q: Suppose that one day of labor in each country produces the following quantities of fish and cheese:…

A: Comparative advantage is an economy's ability to produce a specific product or service at a lower…

Q: Suppose that France and Germany both produce wine and schnitzel. Thne table below snows combinations…

A: The exchange of goods and services across borders is known as the international trade. International…

Q: Is absolute advantage or comparative advantage more important for trade? Give an Example

A: International trade or trade refers to the exchange of capital, goods, and services outside the…

Q: Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two…

A: The term O.C. describes the value of the next best alternative forgone when a decision is made. It…

Q: The United States and Canada have the production possibilities curves shown above.  It is determined…

A: The formula is:The opportunity cost of production of a good = maximum production of other good /…

Q: do fast i will 5 upvotes.

A: The objective of the question is to understand the impact of a tariff on the market for oranges in…

Q: Suppose that Bob and Jimmy both have 10 hours of time that they can use to do one of two things:…

A: In one hour:Bob can make 15 hamburgers and 3 plates of pasta.Jimmy can make 8 hamburgers and 2…

Q: The United States imports televisions from Japan and Japan imports computer chips from the United…

A: Opportunity cost is the cost of producing one good in terms of other.  Comparative advantage is when…

Q: Suppose the international relative price of gold is 10 bushels of wheat/bar of gold. If South Africa…

A: Given in the question productivity in two countries : Opportunity cost of wheat in South Africa =…

Q: Explain the difference between absolute and comparative advantage in relation to trade and give an…

A: Absolute advantage and comparative advantage are two important ideas in worldwide business and…

Q: ***Please look at the screenshot for graphs*** Fill in the charts below with values based on the…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: PRODUCT PER WORKER SOUTH AFRICA NIGERIA TABLES 100 UNITS 40 UNITS CHAIRS 50 UNITS 10 UNITS…

A: Given, PRODUCT PER WORKER SOUTH AFRICA NIGERIA TABLES 100 UNITS 40 UNITS CHAIRS 50 UNITS 10…

Q: The concept of comparative advantage is used by both countries and companies. Use a two goods…

A: Comparative Advantage: Comparative advantage refers to a country's or company's ability to produce a…

Q: Suppose that France and Germany both produce wine and cheese. The table below shows combinations of…

A: As per given information, Production level   Wine Cheese Germany 5 25 France 4 16…

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.