According to the information in the table, which of the following statements is true if both countries have the same number of workers? One hour of labor is used to produce the following amounts of cheese and butter for each country: Country A B Cheese 200 units 150 units Butter 600 units 300 units Country A has an absolute advantage in butter but a comparative advantage in cheese. O Country B has a comparative advantage in butter but no absolute advantage in either good. Country A has both an absolute and a comparative advantage in cheese. Country B has an absolute advantage in cheese, but without more information, it is not possible to tell in which product it has a comparative advantage. O Country A has an absolute advantage in cheese but a comparative advantage in butter.

According to the information in the table, which of the following statements is true if both countries have the same number of workers? One hour of labor is used to produce the following amounts of cheese and butter for each country: Country A B Cheese 200 units 150 units Butter 600 units 300 units Country A has an absolute advantage in butter but a comparative advantage in cheese. O Country B has a comparative advantage in butter but no absolute advantage in either good. Country A has both an absolute and a comparative advantage in cheese. Country B has an absolute advantage in cheese, but without more information, it is not possible to tell in which product it has a comparative advantage. O Country A has an absolute advantage in cheese but a comparative advantage in butter.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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