Essentials of Economics (MindTap Course List)
7th Edition
ISBN: 9781285165950
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 3, Problem 2QCMC
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Jared takes 10 minutes to wash dishes and 20 minutes to write a paper. Jason takes 10 minutes to wash dishes and 30 minutes to write a paper. Which
of the following statements is correct?
Jared has a comparative advantage in writing a paper.
O Jared has absolute advantage in writing the paper.
Jared has a comparative advantage in washing dishes.
O Jared has absolute advantage in washing the dishes.
These figures illustrate the production possibilities available to Barney and Betty with eight hours of labour
in their bakery.
Loaves of
Bread
Barney
Pies
Loaves of
Bread
20
Betty
15
Ples
In an hour, Mateo can wash 2 cars or mow 1 lawn,and Sophia can wash 3 cars or mow 1 lawn. Whohas the absolute advantage in car washing, and whohas the absolute advantage in lawn mowing?a. Mateo in washing, Sophia in mowingb. Sophia in washing, Mateo in mowingc. Mateo in washing, neither in mowingd. Sophia in washing, neither in mowing
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Essentials of Economics (MindTap Course List)
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- In Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10 tons of rubber or 40 radios. Who has the absolute advantage in the production of rubber or radios? How can you tell? Calculate the opportunity cost of producing 80 additional radios in Japan and in Malaysia. (Your calculation may involve fractions, which is fine,) Which country has a comparative advantage in the production of radios? Calculate the opportunity cost of producing 10 additional tons of rubber in Japan and in Malaysia. Which country has a comparative advantage in producing rubber? In this example, does each country have an absolute advantage and a comparative advantage in the same good? In what product should Japan specialize? In what product should Malaysia specialize?arrow_forwardTina can allocate her 8-hour day between baking and cooking. Each hour devoted to baking yields 2 cakes whereas each hour spent cooking produces 4 plates of food. Tina's neighbor, Ingrid, can produce 3 cakes or 4 plates of food per hour. Who has the absolute advantage in the production of cakes? Who has absolute advantage in the production of food? Who has a comparative advantage in the production of cakes? Who has a comparative advantage in the production of food? What is the opportunity cost for food?arrow_forwardlee and Tre produce two goods in an 8-hour day. lee can produce 10 capital or 55 consumables and Tre can produce 75 capital and 60 consumables. Who has the absolute advantage I the production of consumables? Who has the absolute advantage in the production of capital? Who has a comparative advantage in the production of capital? Who has a comparative advantage in the production of consumables? What is the opportunity cost for capital?arrow_forward
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