The absolute advantage .

Question

Want to see more full solutions like this?

Answer 1

Question

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Some people say that since inflation can be reduced in the long run without an increase in unemployment, we should reduce inflation to zero. Others believe that a steady rate of inflation at, say, 3 percent, should be our goal. What are the pros and cons of these two arguments? What, in your opinion, are good long-run goals for reducing inflation and unemployment?

Explain in words how investment multiplier and the interest sensitivity of aggregate demand affect the slope of the IS curve. Explain in words how and why the income and interest sensitivities of the demand for real balances affect the slope of the LM curve. According to the IS–LM model, what happens to the interest rate, income, consumption, and investment under the following circumstances?a. The central bank increases the money supply.b. The government increases government purchases.c. The government increases taxes.

Suppose that a person’s wealth is $50,000 and that her yearlyincome is $60,000. Also suppose that her money demand functionis given by Md = $Y10.35 - i2Derive the demand for bonds. Suppose the interest rate increases by 10 percentage points. What is the effect on her demand for bonds?b. What are the effects of an increase in income on her demand for money and her demand for bonds? Explain in words

Answer 2

Question

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

Answer 6

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

Answer 7

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Answer 8

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.