The reason of absolute advantage for U.S in both goods and the country that enjoys a comparative advantage in food. Concept Introduction Absolute advantage : It is the advantage of a country to produce a good or service at a per unit cost that is lower than that of another country that produces the same good or service. Comparative advantage : It is the ability of a country to produce goods and services at an opportunity cost that is lower as compared to other countries.

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Answer 1

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Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 19, Problem 1.2P

To determine

The reason of absolute advantage for U.S in both goods and the country that enjoys a comparative advantage in food.

Concept Introduction

Absolute advantage: It is the advantage of a country to produce a good or service at a per unit cost that is lower than that of another country that produces the same good or service.

Comparative advantage: It is the ability of a country to produce goods and services at an opportunity cost that is lower as compared to other countries.

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Discuss the preferred deterrent method employed by the Zambian government to combat tax evasion, monetary fines. As noted in the reading the potential penalty for corporate tax evasion is a fine of 52.5% of the amount evaded plus interest assessed at 5% annually along with a possibility of jail time. In general, monetary fines as a deterrent are preferred to blacklisting of company directors, revoking business operation licenses, or calling for prison sentences. Do you agree with this preference? Should companies that are guilty of tax evasion face something more severe than a monetary fine? Something less severe? Should the fine and interest amount be set at a different rate? If so at why? Provide support and rationale for your responses.

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Answer 2

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Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 19, Problem 1.2P

To determine

The reason of absolute advantage for U.S in both goods and the country that enjoys a comparative advantage in food.

Concept Introduction

Absolute advantage: It is the advantage of a country to produce a good or service at a per unit cost that is lower than that of another country that produces the same good or service.

Comparative advantage: It is the ability of a country to produce goods and services at an opportunity cost that is lower as compared to other countries.

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Answer 3

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Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 19, Problem 1.2P

To determine

The reason of absolute advantage for U.S in both goods and the country that enjoys a comparative advantage in food.

Concept Introduction

Absolute advantage: It is the advantage of a country to produce a good or service at a per unit cost that is lower than that of another country that produces the same good or service.

Comparative advantage: It is the ability of a country to produce goods and services at an opportunity cost that is lower as compared to other countries.

Expert Solution & Answer

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See solution

Check out sample textbook solution

Answer 4

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Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 19, Problem 1.2P

To determine