Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 28, Problem 16SQ
To determine
The implication of the lower
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What is the term for a situation in which a country can produce a good at a lower opportunity cost than another country? A. Absolute advantage B. Comparative advantage C. Opportunity advantage D. Trade advantage
Q) When a country has a comparative advantage in producing a certain good,
A: the country should import that good.
B: the country should produce just enough of that good for its own consumption.
C:the country’s opportunity cost of that good is high relative to other countries’ opportunity costs of that same good.
D: then specializing in the production of that good and trading for other goods could allow that country to consume at a point beyond its production possibilities frontier
A country should specialize in producing the goods for which
a. it has the highest opportunity cost.
b. it has an absolute advantage.
c. it can produce a larger quantity than any other country.
d. it has a comparative advantage
Chapter 28 Solutions
Economics For Today
Ch. 28.4 - Prob. 1GECh. 28.6 - Prob. 1GECh. 28 - Prob. 1SQPCh. 28 - Prob. 2SQPCh. 28 - Prob. 3SQPCh. 28 - Prob. 4SQPCh. 28 - Prob. 5SQPCh. 28 - Prob. 6SQPCh. 28 - Prob. 7SQPCh. 28 - Prob. 8SQP
Ch. 28 - Prob. 9SQPCh. 28 - Prob. 10SQPCh. 28 - Prob. 11SQPCh. 28 - Prob. 1SQCh. 28 - Prob. 2SQCh. 28 - Prob. 3SQCh. 28 - Prob. 4SQCh. 28 - Prob. 5SQCh. 28 - Prob. 6SQCh. 28 - Prob. 7SQCh. 28 - Prob. 8SQCh. 28 - Prob. 9SQCh. 28 - Prob. 10SQCh. 28 - Prob. 11SQCh. 28 - Prob. 12SQCh. 28 - Prob. 13SQCh. 28 - Prob. 14SQCh. 28 - Prob. 15SQCh. 28 - Prob. 16SQCh. 28 - Prob. 17SQCh. 28 - Prob. 18SQCh. 28 - Prob. 19SQCh. 28 - Prob. 20SQ
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- Which country has comparative advantage in the production of food? Explain. See attached.arrow_forwardQ)choose correct option, When a country has a comparative advantage in producing a certain good, A: the country should import that good. B: the country should produce just enough of that good for its own consumption. C:the country’s opportunity cost of that good is high relative to other countries’ opportunity costs of that same good. D: then specializing in the production of that good and trading for other goods could allow that country to consume at a point beyond its production possibilities frontierarrow_forwardWhich country has the comparative advantage in production of Good A? Group of answer choices: Country Y Neither country has a comparative advantage in producing Good A Country Xarrow_forward
- The advantage enjoyed by one country over another, when it has a lower opportunity cost in producing a product is : A) an absolute advantage. B) a relative advantage. C) a comparative advantage. D) a productive advantagearrow_forwardYou are in the business school, so here is a business problem. You can import and export goods from any of these countries. Which countries would it be better you to buy the good and sell it to you neighbor at original price? This is a thought question.arrow_forwardGive typing answer with explanation and conclusion According to classical economists, instead of mercantilism, which says countries should produce everything themselves, what should countries do? a. Use tariffs to protect local industries b. Create an organization that dictates how countries should trade c. Specialize in producing what they are good at producing, and import other goods d. Engage in trade wars to try to gain an advantagearrow_forward
- When a country has a comparative advantage in producing a certain good, A: the country should import that good. B: the country should produce just enough of that good for its own consumption. C:the country’s opportunity cost of that good is high relative to other countries’ opportunity costs of that same good. D: then specializing in the production of that good and trading for other goods could allow that country to consume at a point beyond its production possibilities frontierarrow_forwardWhich country has the comparative advantage in production of Good A? Group of answer choices Neither country has a comparative advantage in producing Good A Country X Country Yarrow_forwardComparative advantage explains why people _____. Select one: a. work at the job they love and grow their own food . b. don't grow their own food anymore, but instead they specialize and trade. c. work at the job they love the most. (only) d. grow their own food and make their own clothes instead of shopping for these things. e. specialize in one thing and consumer it all.arrow_forward
- A) With the following data decide which country has comparative advantage for which. Show your math. Good A Good B Country 1 300 30 Country 2 60 90 B) Using the data from above prove both countries can be better off trading with each other than if they do not C) Why do we use comparative advantage to decide which country produces which good? Support your answerarrow_forwardA) Which producer has the comparative advantage in producing puzzles? Geppetto or Lewis B) Which producer has the comparative advantage in producing puppets? C) If both producers decided to trade with each other to stock their toy stores, which of the following is a range of terms of trade that would benefit both Geppetto and Lewis (1 puppet = x puzzles)? Please explain to me how to solve those questions. Don't just give me the answers. Thank you so much!arrow_forwardAccording to the "Principle of Comparative Advantage," a country should specialize in producing a good or service if it has:a) The highest opportunity cost b) The lowest opportunity cost c) The highest production cost d) The lowest production costarrow_forward
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