Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 15, Problem 17SQ
To determine
The ability of a country to produce a commodity with fewer resources.
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Check out a sample textbook solutionStudents have asked these similar questions
According 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 cost
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
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 advantage
Chapter 15 Solutions
Micro Economics For Today
Ch. 15.4 - Prob. 1GECh. 15.6 - Prob. 1GECh. 15 - Prob. 1SQPCh. 15 - Prob. 2SQPCh. 15 - Prob. 3SQPCh. 15 - Prob. 4SQPCh. 15 - Prob. 5SQPCh. 15 - Prob. 6SQPCh. 15 - Prob. 7SQPCh. 15 - Prob. 8SQP
Ch. 15 - Prob. 9SQPCh. 15 - Prob. 10SQPCh. 15 - Prob. 11SQPCh. 15 - Prob. 1SQCh. 15 - Prob. 2SQCh. 15 - Prob. 3SQCh. 15 - Prob. 4SQCh. 15 - Prob. 5SQCh. 15 - Prob. 6SQCh. 15 - Prob. 7SQCh. 15 - Prob. 8SQCh. 15 - Prob. 9SQCh. 15 - Prob. 10SQCh. 15 - Prob. 11SQCh. 15 - Prob. 12SQCh. 15 - Prob. 13SQCh. 15 - Prob. 14SQCh. 15 - Prob. 15SQCh. 15 - Prob. 16SQCh. 15 - Prob. 17SQCh. 15 - Prob. 18SQCh. 15 - Prob. 19SQCh. 15 - Prob. 20SQ
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Comparative and absolute advantagearrow_forwardSomeone has a comparative advantage in producing a good if they can produce that good in greater quantities at a lower opportunity cost using more capital and less labor using more labor and less capitalarrow_forwardDifferentiate between the following terms. Absolute advantage and comparative advantage.arrow_forward
- a)Identify an example of absolute advantage relative to the United States from your data tables. Be sure to identify which country has absolute advantage (U.S. or other), the product, and data to support your claim. Tip: When considering absolute and comparative advantage, worker hours to produce one unit is a reflection of productivity. b)Identify an example of comparative advantage relative to the United States from your data tables. Be sure to identify which country has comparative advantage (U.S. or other), the product, and data to support your claim. c) Explain why most trade occurs because of comparative advantage. Be sure to provide examples from the data tables or from the lesson to support your answer.arrow_forwardWhich of the following BEST describes comparative advantage? Country A can produce a product at a lower opportunity cost than Country B Country A can produce more of a product than Country B Country A has a currency worth more than the currency of country B Country A uses a smaller amount of a resource to produce than Country Barrow_forwardWhich country has absolute advantage in the production of food. Explain. See attached.arrow_forward
- 1) What does it mean if a country can produce something at a lower opportunity cost, and why would that be considered as a comparative advantage?arrow_forwardSuppose Mexico can produce either 2 million tomato plants or 2 million cannabis plants while the United States can produce 4 million tomato plants or 4 million cannabis plants during the same time period. Which country has the absolute advantage in tomatoes? A. Neither B. Mexico C. United States Who has the absolute advantage in cannabis? A. United States B. Mexico C. Neither Which country has the comparative advantage in tomatoes? A. United States B. Mexico C. Neither Which country has the comparative advantage in cannabis? A. Neither B. United States C. Mexicoarrow_forward
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