Question
E and F please
1. (16 points) Answer the following questions based on the information in the table below. U.S.U.K. Wheat (bushels/hr) 9 3 Cl
(A) Since US can produce more wheat than UK can (9 > 3), US has absolute advantage in wheat. Since both countries produce equ
0 0
Add a comment Improve this question Transcribed image text
Answer #1

* The rate of Consumption of the above Commodity in the market wlin determine its efficiency when it is not wrilling mess of

Add a comment
Know the answer?
Add Answer to:
E and F please 1. (16 points) Answer the following questions based on the information in...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Can a country have comparative advantage even though it has an absolute disadvantage?  Make up a numerical...

    Can a country have comparative advantage even though it has an absolute disadvantage?  Make up a numerical example to show this.              Someone tells you, “I do not understand how Bangladesh with its low productivity can compete in the world markets at all and even trade with the U.S.  Surely the U.S. is better at producing everything relative to Bangladesh!” Ross Perot, a former presidential candidate, said in 1993 that the introduction of free trade between the U.S. and Mexico, would lead to...

  • Can you please help me with part e and F of this question

    ome has 1200 units of L and Foreign has 3600 of units of L available. Both countries can produce coffee and cloth. The unit labour requirements for coffee and cloth in Home is 4 and 2 respectively. Likewise, it is 16 and 4 in Foreign. a. Write the equation and graph the PPF for both Home and Foreign. b. Which country has absolute advantage? Justify c. In which good does Home have a comparative advantage? Justify d. Construct the world...

  • Question 144 pts Dutch Disease is associated with a dramatic decline in the demand for a...

    Question 144 pts Dutch Disease is associated with a dramatic decline in the demand for a primary commodity produced by a country. True False Flag this Question Question 154 pts The Heckscher-Olin model uses differences in factor abundance to determine whether any nation has a comparative advantage in any good. True False Flag this Question Question 164 pts According to the Ricardian model, the source of comparative advantage is: differences in the fields of research and development in a country....

  • mQuestion 16 0 12.5 pts U.S. UK Wheat 126 12 Cloth 6 18 The table above...

    mQuestion 16 0 12.5 pts U.S. UK Wheat 126 12 Cloth 6 18 The table above shows United States and United Kingdom production of wheat (bushels per hour) and cloth (yards per hour). According to the classical theory of trade, which of the following is true? The United States will gain more from trade than the United Kingdom. (WRONG) There is no basis for trade between these countries. The United States has an absolute advantage in the production of cloth....

  • Problems: 50 points 1. (10 points) Labor Inputs 100 120 Wheat Clothing Country United States Brazil...

    Problems: 50 points 1. (10 points) Labor Inputs 100 120 Wheat Clothing Country United States Brazil Answer the following: a. Who has the absolute advantage in which good? b. What is the opportunity cost of wheat in the US? in Brazil? c. What is the opportunity cost of clothing in the US? in Brazil? d. Who has the comparative advantage in which good? e. What are the limits of the post-trade relative price of wheat? Suppose the actual post-trade relative...

  • Only answer if you are a real economist, and sure about your answers . Because I’m...

    Only answer if you are a real economist, and sure about your answers . Because I’m sick of people posting random and waste my questions credit ! Explain why that’s the point of question here . Explain and give more details when you choice 1) The trade-to-GDP ratio for a nation that had S600 million in exports, $400 million in imports, and GDP of $2,000 million would be A) 0.1 B) 0.2 C) 0.5 D) -0.1 2) A relative measure...

  • Unit Labor Requirements Cloth Widgets Home 20 10 60 Foreign 30 11) Given the information in...

    Unit Labor Requirements Cloth Widgets Home 20 10 60 Foreign 30 11) Given the information in the table above A) neither country has a comparative advantage in cloth B) Home has a comparative advantage in cloth. C) Foreign has a comparative advantage in cloth. D) Home has a comparative advantage in both cloth and widgets. E) neither country has a comparative advantage in widgets. 12) Given the information in the table above, if wages were to double in Home, then...

  • 6. The following table shows how many hours it would take to produce one meter of...

    6. The following table shows how many hours it would take to produce one meter of cloth or one kilogram of wheat for country A and country B._? Cloth wheat Country A 1 hour/per meter 3 hours/per kg Country B 2 hours / per meter 4 hours/per kg According to the absolute advantage theory, is there a basis for trade between country A and country B? Explain. Which country has the comparative advantage in wheat production? Explain your answer. Now...

  • 8. Use the information in the table below to answer the following questions Unit labor requirement...

    8. Use the information in the table below to answer the following questions Unit labor requirement U.S. Argentina Wheat 50 Beef 200400 200 (a) Does either country have an absolute advantage in the production of wheat or beef? Explain. (b) What is the opportunity cost of wheat in each country? (c) What is the opportunity cost of beef in each country (d) Analyze the comparative advantage and opportunities for trade between the US and Argentina.

  • James can produce either 25 widgets or 10 gadgets an hour, while John can produce either...

    James can produce either 25 widgets or 10 gadgets an hour, while John can produce either 10 widgets or 5 gadgets an hour. Which of the following statements is true? Group of answer choices A. John has an absolute advantage in producing both widgets and gadgets and thus has no reason to trade with James. B. Since James has an absolute advantage in both goods, no mutual gains from trade are possible. C. Mutually beneficial trade can occur if James...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT