Is it possible to have a comparative advantage in the production of a good but not to have an absolute advantage? Explain.

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: 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: Under what conditions does comparative advantage lead to gains from trade?

A: Comparative advantage theory: According to the comparative advantage theory which is given by David…

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: 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 there is trade, which of the following is most likely?    A. A country’s consumption…

A: Trade means the exchange of goods and services.

Q: Which nation has comparative advantage in producing good X? Why? Explain why these nations can…

A: Comparative advantage refers to the advantage of producing a good at a lower opportunity cost than…

Q: How does the fact that many goods are non-traded affect the extent of possible gains from trade?

A: The buying and selling of commodities and services, with compensation provided by a buyer to a…

Q: Why is a nation’s production possibility frontier the same as its consumption frontier in the…

A: The production possibility frontier shows the graphical representation of the combination of two…

Q: Can a nation's comparative advantage change over time? If so, briefly discuss the factors that might…

A: Comparative advantage is anything but a static idea – it might change over the long…

Q: The Theory of Comparative Advantage states that countries gain from trade, this is because : The…

A: There are two important categories of business cycles which are inflation and recession that occur.…

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: 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: True or false? Briefly explain. “Free trade is beneficial because it rotates a country’s production…

A: Free-trade refers to the situation people of a country has freedom to make an exchange of goods and…

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: 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: The principle of comparative advantage suggests that, if New York and Florida exchange taxi parts…

A: Comparative advantage is an economic law that dates back to the early 1800s. When it comes to free…

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

A: 2. International economics is about all economic activities which is related to different countries.…

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: AFRICA USA GASOLINE (barrels/hr) CORN (tonnes/hr) 50 15 30 25 I.Identify which country has the…

A: Absolute advantage is described as a comparison in the productivity of a firm, individual, or nation…

Q: Which country has the comparative advantage in production of Good A?

A: David Ricardo propounded the theory of comparative cost advantage. He has given detailed it in his…

Q: If each country specializes in the good in which it has a comparative advantage,....will gain from…

A: Introduction According to comparative advantage, countries will trade with others, exporting…

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: Opportunity cost is an important factor in looking at comparative advantage. True False

A: Answer: Comparative advantage: a country has a comparative advantage in the production of a good…

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: In the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per…

A:

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: Differentiate between the following terms. Absolute advantage and comparative advantage.

A: Differentiate between the following terms. Absolute advantage and comparative advantage. The…

Q: Compare and contrast absolute advantage and comparative advantage

A: Absolute advantage is the ability of a party (person, company or country) can produce large quantity…

Q: Does intra-industry trade contradict the theory of comparative advantage?

A: Intra-industry trade refers to exchanging goods and services within the different branches and the…

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: 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: TRUE OR FALSE: It is possible to have comparative advantage in producing a good or service without…

A: Answer is given below

Q: Which of the following BEST describes comparative advantage?

A: Opportunity-cost plays the main role in comparative-advantage. In economics, opportunity-cost is…

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…