Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 33.1, Problem 3ST
To determine
Government intervention on
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If a country produces more food and electronics than another country does it have a comparative advantage?
How does free trade influence the comparative advantage between countries?
Which of the following BEST describes comparative advantage?
Country A can produce a product at a lower opportunity cost than Country B
Country A can produce more of a product than Country B
Country A has a currency worth more than the currency of country B
Country A uses a smaller amount of a resource to produce than Country B
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- Using the following data, decide which country has comparative advantage for which good: good x good y Country A 75 75 Country b 60 70arrow_forwardWhich country has comparative at producing good x. How can you tell. Which country has a comparative advantage at producing yarrow_forwardThink about your own interests, skills, and opportunities. In what areas do you potentially have a comparative advantage over your peers or co-workers? Are there goods or services you could provide to others more efficiently? How could you maximize your advantages to achieve positive gains from trade in your daily exchanges and relationships?arrow_forward
- When a country changes from agricultural to industrial, how can it affect the comparative advantage of that country? How will it change the comparative advantage of the country?arrow_forwardCan a nation's comparative advantage change over time? If so, briefly discuss the factors that might make it change.arrow_forwardAmerican worker takes 20 hours to produce one computer and 300 hours to produce an RV. A Japanese worker takes 30 hours to produce one computer and 450 Hours to produce an RV. Which country has a comparative advantage in what product? Why?arrow_forward
- Use comparative advantage, two countries and two goods, to explain why every country can be better off from international trade.arrow_forwardWhy do economists oppose policies that restrict trade among nations and how the concepts of comparative advantage, specialization and trade apply to individuals and households?arrow_forwardA friend tells you the following: “Free trade sounds good, but a country like Honduras doesn’t have any comparative advantage compared to the United States. Therefore, trade with us will exploit them and make their economic situation worse.” Explain to your friend the error in his thinking.arrow_forward
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