Give three examples of trade in servieces and explain how comparative advantage may play a role in them. Do you think there are other factors at work than comparative advantage

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: In the no specialization-no trade case, country X produces and consumes 60 units of good A and 10…

A: What rate the commodities will be exchanged in the international trade it is given by classical…

Q: Explain briefly why a country can have an absolute advantage in the production of two goods, and yet…

A: In international market, trade between the countries take place on the basis of various approaches…

Q: What does it mean to have an absolute advantage? What does it mean to have a comparative advantage?

A: The transfer of capital, goods, and services across international borders or territories in response…

Q: The United States exports corn and aircraft to the rest of the world, and it imports oil and…

A: The comparative advantage refers to when the country exports goods in which its opportunity cost of…

Q: Suppose that two countries can both produce cars and cotton. The opportunity cost of a car in…

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

Q: Give an example in which one person has an absoluteadvantage in doing something but another…

A: ANS Let us assume two individuals A and B manufacturing two goods X & Y each. Let us also assume…

Q: lee and Tre produce two goods in an 8-hour day. lee can produce 10 capital or 55 consumables and…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: What is the difference between absolute advantage and comparative advantage in decisions to trade…

A: Absolute advantage trade theory was introduced by Adam smith while comparative advantage theory was…

Q: Explain the concept of comparative advantage and how it is related to the benefit that nations…

A: The law of comparative advantage was developed in 1817 by David Ricardo to explain why countries…

Q: Comparative advantage is an important concept to explain how economies work. Because of comparative…

A: ▪︎A comparative advantage happens whenever a nation can create merchandise at lower opportunity cost…

Q: he United States and Canada have the production possibilities curves shown above.  It is determined…

A: United States 60 Corns if only manufacture corns 60 Peanuts if only manufacture peanuts Canada 60…

Q: Is the following statement true or false? Please explain. "Everyone has a comparative advantage."

A: The flow of goods and services across borders is known as the international trade. The economist…

Q: Using the data presented in the table below answer the followings: a) which country has comparative…

A: A) In US, 100 apples = 200 oranges 1 apple = 200/100 = 2 oranges In Mexico,  450 apples = 150…

Q: Two countries produce two goods and they each have 3 million hours of labor.  Consider the table…

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Q: What is the doctrine of comparative advantage? Provide an example of a particular country’s…

A: International trade: - it means the buying and selling of goods and services with other countries.

Q: When countries specialize based on their comparative advantage and trade with each other, how does…

A: Gains of trade happens when countries trade with one another and trade on goods which they…

Q: the opportunity cost of producing cheese in the two countries, you can tell that cheese and has a…

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

Q: What is the relationship between production costs and comparative advantage? Comparative advantage…

A: "When the world price of a commodity is less than the domestic price of a good, a country becomes an…

Q: Productivity Table     Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30…

A: The correct answer is Wesley has a comparative advantage in soup and the absolute advantage in the…

Q: Compare and explain absolute and comparative advantage by giving examples

A: A country or organization is said to have an absolute advantage, it requires fewer assets—by and…

Q: Distinguish between absolute advantage and comparative advantage

A: Absolute advantage Comparative advantage When the country is able to produce a good at a lower…

Q: Consider two countries, Spain and Norway, that use labour as an input to produce two goods: shoes…

A: If a nation utilizes less resources to create a product, it has an absolute advantage over another…

Q: What is comparative advantage based on?    A. dollar price  B. labour costs  C. opportunity costs…

A: When a country produces a good or service at a lower opportunity cost than its trading partners, it…

Q: The table below describes production possibilities for Mexico and Nigeria. Each number in the table…

A: Mexico needs 10 workers to produce one unit of the shoe and 12 workers to produce one unit of…

Q: Determine whether the scenarios below represent absolute or comparative advantage: A. Absolute…

A: Absolute advantage: when a country can produce a good using the low level of inputs or can produce…

Q: Explain the difference between absolute advantage and comparative advantage. Which is more important…

A: Opportunity cost is the decrease in number of units of one good to produce more of other good.

Q: Suppose that Italy and Switzerland both produce jeans and olives. Italy's opportunity cost of…

A: Comparative advantage is a theory about the ability of a nation to produce a good or service at a…

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: 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: Chairs Sofas Unskilled Workers 6 4 Skilled Workers 10 6 The first column in the above table above…

A: The opportunity cost refers to the cost of the next best alternative foregone. A country is said to…

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: The table below shows the maximum output levels for Here and There. Cloth Computers Here 110 or 60…

A:

Q: Calculating the comparative advantage. Which of the two countries have absolute advantage, and…

A: International trade: - it means the buying and selling of goods and services with other countries.

Q: According to the Absolute and Comparative Advantage, which option is correct? the country with…

A: The ability of a nation to create goods and services at a lower opportunity cost rate than other…

Q: Finally, Canada and Australia are both English-speaking countries with not-too dissimilar population…

A: Suppose there are two nations (A and B) which are producing two goods (X and Y). And they both…

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: "he following table summarizes the combinations of goods X and Y that two individuals, Nicki and…

A: Since you have posted muti-subparts question, so as per answering guidelines,we will solve first…