Answered: The following table indicates the…

The following table indicates the production possibilities of food and clothing per day in the United States and South Korea. Country Food Clothing 6. United States 10 4 South Korea

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: International Trade

Section: Chapter Questions

Problem 1QP

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

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

Question

Which country has absolute advantage in the production of food. Explain. See attached.

The following table indicates the production possibilities of food and clothing per day in the United States and South Korea.
Country
Food
Clothing
6.
United States
10
4
South Korea

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