The table from the image provided shows the ability of two countries to produce TVs and chairs in a given time period. What can be concluded from the information?  (Pick either a,b,c, or d) a) Country X has an absolute advantage in TVs and country Y has an absolute advantage in chairs b) Country X has a comparative advantage in TVs and country Y has an absolute advantage in chairs c) Country X has a comparative advantage in chairs and country Y has an absolute advantage in TVs d) Country X has an absolute advantage in TVs and country Y has a comparative advantage in chairs

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

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Country A can produce either 200 personal computers or 800 tons of potatoes with the same amount of…

A: (1). Country B has the absolute advantage in producing personal computers because it produces 300…

Q: Suppose a world with two persons and two goods. Is the following statement True, False, Both (True…

A: The objective of the question is to determine whether each person in a two-person, two-goods world…

Q: Explain why it is possible for a country to have an absolute advantage in all goods, and yet it is…

A: The absolute advantage is the ability of an economy to produce commodities more efficiently than its…

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.  Comparative advantage is…

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: The table below shows the maximum quantities of two goods that each country can produce. If the…

A: Given  Wakanda can produce either 8 tons of Vibranium or 2 tons of gold whereas Zamunda can produce…

Q: Suppose that Spain and Germany both produce oil and shoes. Spain's opportunity cost of producing a…

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

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: Explain briefly why a country can have an absolute advantage in the production of two goods, and yet…

A: In international market, trade between the countries take place on the basis of various approaches…

Q: Explanation it correctly and details

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

Q: ase see below. Need help with this.

A: Comparative advantage arises when the country produces good at lower opportunity cost than other…

Q: when a country has a comparative advantage in the production of a good, it means that it can produce…

A: If both countries have an absolute advantage, then also trade takes place due to the comparative…

Q: If a country produces only two goods, then it is not possible to have a comparative advantage in the…

A: The exchange of products and services between businesses in several nations is referred to as…

Q: Recent economic reports suggest that the U.S. economy is operating its resources efficiently. This…

A: The central problem of economics is the scarcity of resources. The unlimited wants and the limited…

Q: ountry A can produce 20 units of wheat or 10 units of corn, while Country B can produce 15 units of…

A: Comparative Advantage refers to the ability of a country to produce a particular good or service at…

Q: United States Hamburgers (in tons) Mexico Hamburgers (in tons) Tacos (in tons) 180 120 60 Tacos (in…

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

Q: Instructions: Answers must be typewritten, graphs can be drawn by hand and inserted in the document.…

A: By analyzing the given table, one can conclude that Australia can produce 12 apples or 4 oranges,…

Q: In the past, comparative advantages have sometimes shifted from one nation to another. What factors…

A: The concept of comparative advantage introduced by economist David Ricardo, forms the backbone of…

Q: Suppose Mexico can produce either 2 million tomato plants or 2 million cannabis plants while the…

A: Opportunity cost is the cost of producing 1 good in terms of other. Opportunity cost shows the…

Q: Refer to table below, answer questions Russia China Steel Corn Steel Corn 30 60 20 10 40 10 10 20 20…

A: Hi Student, thanks for posting the question. As per the guideline we are providing answers for the…

Q: Comparative advantage is an important concept to explain how economies work. Because of comparative…

A: ▪︎A comparative advantage happens whenever a nation can create merchandise at lower opportunity cost…

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

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Suppose that Greece and Sweden both produce oil and cheese. Greece's opportunity cost of producing a…

A: It is given that Greece’s opportunity cost of producing a pound of cheese is 4 barrels of oil and…

Q: Consider the following table which shows production information for Austria and Belgium. Assume…

A: Free trade refers to the unrestricted exchange of goods and services between countries. In contrast,…

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: Glacier has a comparative advantage in the production of production of . Suppose that Glacier and…

A: Opportunity cost is the cost of producing one good in terms of other. Opportunity cost shows the…

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

A: When a nation can produce a good or service at a lower opportunity cost than another nation, it is…

Q: Suppose that an hour of work in Germany can produce 5 pastries or 4 sausages. In Denmark, an hour of…

A: Hey, Thank you for the question. According to our policy, we can only answer 3 subparts per…

Q: Two countries produce two goods and they each have 3 million hours of labor.  Consider the table…

A:

Q: The advantage enjoyed by one country over another, when it has a lower opportunity cost in producing…

A: If country A is able to produce more amount of good X than country B with the same level of…

Q: Suppose that country A using one unit of labor can produce 80 pounds of apples or 20 pounds of…

A: When manufacturing a specific good, agents in an economic model have a comparative advantage over…

Q: When countries specialize based on their comparative advantage and trade with each other, how does…

A: Gains of trade happens when countries trade with one another and trade on goods which they…

Q: Suppose that a worker in Freedonia can produce either 6 units of corn or 4 units of wheat per year,…

A: The theory of comparative advantage explains why trade between nations is advantageous. It asserts…

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: Debra can make either 12 cakes or 16 cookies in 4 hours. Sam can make either 6 cakes or 12 cookies…

A: Opportunity cost is the forgone profit that the producer would have gained, it the second best…

Q: A country may specialize in the production of a good that it can produce at a lower opportunity cost…

A: Maldonia comparative advantage = Coffee Lamponia comparative advantage = Grain After specialisation…

Q: Freedonia Lamponia 16 16 14 14 12 12 PPF 10 10 8 8 PPF 4 2 2 + 4 8 10 12 14 16 2 4 8 10 12 14 16…

A: Comparative Advantage of a nation in producing certain goods is said to be the relative ability of…

Q: Taylor and Bobby are auto mechanics. Taylor takes 12 hours to replace an engine and 4 hours to…

A: Absolute advantage is when a person is able to produce more number of goods with same inputs.  In…

Comparative Advantage and Absolute Advantage Analysis

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