Argentina can produce 150 pounds of beef or 20 cars; in contrast the United States can produ pounds of beef or 80 cars. Which country has the absolute advantage in producing beef? O Both countries have an absolute advantage. O United States O Argentina O Neither country has an absolute advantage.

Argentina can produce 150 pounds of beef or 20 cars; in contrast the United States can produ pounds of beef or 80 cars. Which country has the absolute advantage in producing beef? O Both countries have an absolute advantage. O United States O Argentina O Neither country has an absolute advantage.

Name: Argentina can produce 150 pounds of beef or 20 cars; in contrast the
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Description: Argentina can produce 150 pounds of beef or 20 cars; in contrast the United States can produce 90pounds of beef or 80 cars. Which country has the absolute advantage in producing beef?O Both countries have an absolute advantage.O United StatesO Argen

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains Rrom Trade

Section: Chapter Questions

Problem 9PA

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According to David Ricardo, O A. If countries specialize where they have an absolute advantage and trade, their efficiency and standard of living can improve O B. Countries should strive to develop their absolute advantage to benefit from trade with other countries O C. If countries specialize where they have a comparative advantage and trade, all groups in their economies will benefit equaly OD. If countries specialize where they have a comparative advantage and trade, their efficiency and standard of living can improve
.Brazil can produce 100 pounds of beef or 10 autos; in contrast the United States can produce 40pounds of beef or 30 autos. Which country has the absolute advantage in beef? Which country has theabsolute advantage in producing autos? What is the opportunity cost of producing one pound of beef inBrazil? What is the opportunity cost of producing one pound of beef in the United States?
21. According to David Ricardo, O A. If countries specialize where they have a comparative advantage and trade, all groups in their economies will benefit equaly OB. If countries specialize where they have a comparative advantage and trade, their efficiency and standard of living can improve O C. If countries specialize where they have an absolute advantage and trade, their efficiency and standard of living can improve O D. Countries should strive to develop their absolute advantage to benefit from trade with other countries
If all countries follow a policy of free trade, economists predict that O a. each country will export goods at which it has a comparative advantage at producing and import goods at which it has a comparative disadvantage at producing Ob each country will export goods at which it has a comparative disadvantage at producing and import goods at which it has a comparative advantage at producing Oc there will be no trade between countries - that is, no international trade taking place Od rich countries will be made poorer by trade with poor countries O e. poor countries will be made even poorer by trade with rich countries
If Switzerland can produce chocolate at a lower relative cost than Belgium, what kind of advantage does Switzerland have? O a comparative advantage O an absolute advantage a resource advantage a production advantage
Brazil can produce 100 pounds of beef or 10 autos. In contrast the United States can produce 40 pounds of beef or 30 autos. Which country has the absolute advantage in beef? Which country has the absolute advantage in producingautos?WhatistheopportunitycostofproducingonepoundofbeefinBrazil?Whatistheopportunitycost of producing one pound of beef in the United States?
The fictional country of Anastialia is a small country with rich resources in minerals. In a day it can produce 100 pounds of silver or 50 pounds of copper. Another country, West Burma, can produce 25 pounds of silver or 5 pounds of copper in a day. From this data, which country has the comparative advantage in copper production by producing it at a lower opportunity cost? O Neither country has a comparative advantage. O Anastialia O West Burma
7. Nations conduct international trade because: а. Some nations prefer to produce one thing while others produce other things. b. Trade enhances opportunities in all trading nations C. Interest rates are not identical in all trading nations. O d. Resources are not equally distributed among all trading nations.
Canada exports canola oil to Japan. Therefore, Japan must have the comparative advantage in the production of canola oil, and its autarkic price is higher than the free trade price. O Japan must have the comparative advantage in the production of canola oil, and its autarkic price is lower than the free trade price. Canada must have the comparative advantage in the production of canola oil, and its autarkic price is higher than the free trade price. Canada must have the comparative advantage in the production of canola oil, and its autarkic price is lower than the free trade price.
What is the connection, if any, between comparative advantage (CA) and foreign direct investment (FDI)? O Countries often engage in FDI in industries where the country they invest in has a comparative advantage. O When a country's firms invest abroad, this helps to create CA in the same industry in the country where they undertake the investment. O When a country's firms invest abroad, this helps to create CA in the same industry at home. O CA has nothing to do with FDI.
For each hour worked, a U.S. worker can produce 4 dozen baguettes, or 2 tonnes of aluminum. Canadian workers can produce 2 dozen baguettes, or 1 tonne of aluminum per hour. The information indicates that O A. Canada has comparative advantage in aluminum, and the U.S. has comparative advantage in baguettes. OB. neither country has comparative advantage in aluminum or baguettes. O C. Canada has comparative advantage in baguettes, and the U.S. has comparative advantage in aluminum. O D. the U.S. has comparative advantage in both alyminum and baguettes.
Which of the following is proof that international trade is beneficial? O the fact that different regions in the United States specialize in different products O the international trade in exotic products O the sheer volume of trade between very different nationsswer text provided. O the concept of absolute advantage