Can a nation's comparative advantage change over time? If so, briefly discuss the factors that might make it change.

Q: Suppose the following table shows the number of labor hours needed to produce airplanes and…

A: The ability of an economy for producing at a lower opportunity cost a particular good or service as…

Q: The table below shows the labor hours required to produce two goods in two countries. You might…

A: "Since you have asked multiple parts, we will answer only the first part for you. If you have any…

Q: American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons…

A: A country has comparative advantage in production of a commodity if it can produce the commodity at…

Q: What is the law of comparative advantage, and why is it important in international trade?

A: International trade allows countries to expand their market through exchange of goods and services…

Q: Comparative advantage is a comparison among producers based on opportunity cost. True False

A: Comparative advantage is terms of economics and it is leads to the ability of output or production…

Q: Using the following data, decide which country has comparative advantage for which good:   good x…

A: Theory of comparative advantage was given by David Ricardo. According to David Ricardo gains from…

Q: If a nation has the lowest opportunity cost of producing a good, that nation has a(m in the…

A: Absolute advantage refers to an individual's, company's, region's, or country's ability to create a…

Q: Which of the following best represents the benefit of trade based on comparative advantage? (a)…

A: Trade around the world is considered one of the most important activities, which assists in the…

Q: Economics suppose the following information is given for turkey and finland. in finland it takes two…

A: According to the question, it is given that : The following information is given for Turkey and…

Q: What is international economics about ? What can a country gain from trade ? Explain by giving…

A: International economics is a branch of economics that studies the economic interaction between…

Q: ) With the following data decide which country has comparative advantage for which good. Show your…

A: a. The opportunity cost of producing good X for country A is 75/ 75 = 1 The opportunity cost of…

Q: Assume that you were a small country, what would you rather have a comparative or absolute advantage…

A: Absolute advantage: This concept was introduced by 'Adam Smith' and according to him, international…

Q: The table below shows how many millions of cars and trucks each country can produce in one year.…

A: Comparative-Advantage(CA) theory states that the country with the lowest Opportunity-Cost(OC) on…

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: How does trade intensity, trade complementary index, and revealed comparative advantage assist…

A: Trade management is an important aspect of business, and it necessitates independence and real-time…

Q: When one producer has a comparative advantage in production, he or she a) can produce more output…

A: Opportunity cost refers to the loss of giving up best alternative while making a choice. There is…

Q: Trade

A: Comparative advantage refers to a situation in which a country has more specialization in one good…

Q: If a country produces more food and electronics than another country does it have a comparative…

A: Theory of comparative advantage was given by David Ricardo. According to David Ricardo gains from…

Q: In a two-good, two country world, if one country has a comparative advantage in the production of…

A: Comparative advantage refers to the ability to produce goods and services at a lower opportunity…

Q: The principle of comparative advantage helps explain trade between nations.  True  False

A: Principle of comparative advantage was given by David Ricardo and it builds on the Principle of…

Q: What are 5 techniques to employ comparative advantage?

A: Production means the goods and services are produced by converting raw materials into finished…

Q: The following table shows the production of cows’ milk and potatoes per unit of input in the…

A: The given data is for maximum production of two goods for two different countries using it we can…

Q: When does a country have a comparative advantage over producing a good? Explain with examples.

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

Q: Explain the difference between absolute and comparative advantage in relation to trade and give an…

A: Absolute advantage and comparative advantage are two important ideas in worldwide business and…

Q: Who has a comparative advantage at either good x or y

A: Comparative cost advantage: - it is a principle of international trade given by David Ricardo which…

Q: What type's of goods and services should the United States produce based on its comparative…

A: Comparative advantage refers to the production of goods and services at a lower opportunity cost…

Q: Is it possible to have a comparative advantage in the production of a good but not to have an…

A: In democratic government typically, it has been seen that there is both public and private sector…

Q: norr mic ces, can a nation's comparative advantage change over time? What factors would make it…

A: If a country's opportunity cost is lower than that of other countries, it has a comparative…

Q: Using the information provided in the table below, answer the following questions.   Country A…

A: A country is said to have comparative advantage in the production of a good if it can produce the…

Q: Do you have an absolute or comparative advantage in doing something over someone else? Explain in a…

A: Absolute advantage refers to the situation where one party can produce the same amount of goods and…

Q: Even if neither country had a comparative advantage, why might these countries still experience…

A: Comparative advantage refers to the ability of the nations to produce goods at a lower opportunity…

Q: Is it possible to have a comparative advantage without having any absolute advantages ? Yes or No

A: A nation is said to have an absolute advantage in the production of a good (let's say X) if the…

Q: Discuss the opportunity cost you incur for some activity in your life. Additionally, what activity…

A: Opportunity cost(OC) refers to the value of something when a specification is chosen. It is the cost…

Q: Assume that you were a small country, what would you rather have a comparative or absolute advantage…

A: ABSOLUTE ADVANTAGE   When a country produces more units of good/service than other countries using…

Q: Will a country import or export products for which it has a comparative advantage? Explain.

A: Comparative advantage means that a country is manufacturing more goods than its competitor at a…

Q: Which one of the below describes a situation where one country's production cost are lower than the…

A: Opportunity cost arises in making a decision where the value of the best alternative is lost.

Q: Calculate and tell which country has comparative advantage in production of shoes? Calculate and…

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

Q: Is it possible to not have a comparative advantage at anything? Why or why not?

A: We define opportunity cost as the value of the next best alternative forgone. Comparative advantage…

Q: When a country changes from agricultural to industrial, how can it affect the comparative advantage…

A: The theory of comparative advantage was given by David Ricardo. According to David Ricardo gains…

Comparative Advantage and Absolute Advantage Analysis

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