1. Explain how absolute advantage and comparative advantage differ?

2. Give an example in which a person has an absolute advantage in doing some thing but another person has a comparative advantage .

3. Will a nation tend to export or import goods for which it has a comparative advantage? Explain.

4. Why do economists oppose policies that restrict trade among nations?

5. What are the different applications of comparative advantage?

 

 

Posted Date: 3/20/2013 4:09:10 AM | Location : United States

Ask an Expert

Related Discussions:- Explain advantage and comparative advantage differ, Assignment Help, Ask Question on Explain advantage and comparative advantage differ, Get Answer, Expert's Help, Explain advantage and comparative advantage differ Discussions

Write discussion on Explain advantage and comparative advantage differ
Your posts are moderated

Write your message here..

Related Questions

Marginal utility, Marginal utility   - It is the measure of the addition... Marginal utility   - It is the measure of the additional satisfaction obtained from consuming one additional unit of good. * Marginal Utility: An instance - The marginal u

Political economy, Consider the model of corruption explored by Shleifer an... Consider the model of corruption explored by Shleifer and Vishni’s where there is one government-produced good X. There is a demand for that good described by the inverse demand eq

Slutsky theorem - graphical presentation, Slutsky's Theorem: Graphica... Slutsky's Theorem: Graphical Presentation  We prove here that own price effect is the sum of own substitution effect and income effect for a price change, which is known

Combined ppc, How do I draw and interpret a combined ppc curve? How do I draw and interpret a combined ppc curve?

Describe the role of capital in modern productive system, Production withou... Production without capital is hard for us even to imagine. Nature cannot furnish goods and materials to man unless he has the tools and machinery for mining farming forestry fishin

Lending capacity of cash, Assume the banking system contains: Total Rese... Assume the banking system contains: Total Reserves                         $ 80 billion Transactions Deposited          $800 billion Cash held by public                 $1

Division of labour, Division of labour: Division of labour involves divi... Division of labour: Division of labour involves dividing a production process into a number of smaller tasks for each task to be undertaken by a different worker. It may also be

Strategies and policies for administrative reforms, STRATEGIES AND POLICIES... STRATEGIES AND POLICIES FOR ADMINISTRATIVE REFORMS: As stated in a United Nation's Publication, following strategies and policies are necessary to bring about administrative i

Hello, using the indifference curve approach explain why the demand curve s... using the indifference curve approach explain why the demand curve slope downwards from left to right...... is there any exceptions?

Explain how a perfact market responds to changes in consumer, explain how a... explain how a perfact market responds to changes in consumer demand?