Reason for non-U.S. flower growers to have a comparative advantage over U.S. growers.

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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 32, Problem 2CTQ

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Reason for non-U.S. flower growers to have a comparative advantage over U.S. growers.

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Consider the following statements: a. Fewer people are employed in Freedonia now than at any time in the past 75 years. b. The unemployment rate in Freedonia is lower now than it has been in 75 years.Can both of these statements be true at the same time? A. Yes, these statements can be correct if more people are classified as "discouraged workers."B. No, these statements cannot be true since unemployment must increase as employment decreases.C. Yes, if the number of unemployed decreases more than the number of employed.D. Yes, both of these statements can be correct if labor productivity increases.

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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 32, Problem 2CTQ

To determine

Reason for non-U.S. flower growers to have a comparative advantage over U.S. growers.

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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 32, Problem 2CTQ

To determine

Reason for non-U.S. flower growers to have a comparative advantage over U.S. growers.

Expert Solution & Answer

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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 32, Problem 2CTQ

To determine

Reason for non-U.S. flower growers to have a comparative advantage over U.S. growers.

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Answer 5

Chapter 32, Problem 2CTQ

To determine

Reason for non-U.S. flower growers to have a comparative advantage over U.S. growers.

Answer 6

Chapter 32, Problem 2CTQ

To determine

Reason for non-U.S. flower growers to have a comparative advantage over U.S. growers.

Answer 7

Chapter 32, Problem 2CTQ

To determine

Reason for non-U.S. flower growers to have a comparative advantage over U.S. growers.

Answer 8

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Answer 9

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Answer 11

Ch. 32 - Prob. 32.1LO Ch. 32 - Prob. 32.2LO Ch. 32 - Prob. 32.3LO Ch. 32 - Prob. 32.4LO Ch. 32 - Prob. aFCT Ch. 32 - Prob. bFCT Ch. 32 - Prob. cFCT Ch. 32 - Prob. dFCT Ch. 32 - Prob. 1CTQ Ch. 32 - Prob. 2CTQ

Reason for non-U.S. flower growers to have a comparative advantage over U.S. growers.

Solution Summary: The author explains that South American and African growers have lower opportunity cost to produce fresh flowers due to climatic conditions and cheap labor and farm activities.

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Reason for non-U.S. flower growers to have a comparative advantage over U.S. growers.

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Chapter 32 Solutions