Correct about comparative advantage

Assignment Help Business Economics
Reference no: EM131007179

Which of the following is correct about comparative advantage?

A) some countries will have a comparative advantage in everything

B) having a comparative advantage without an absolute advantage is impossible.

C) A comparative advantage in a good means that the country can produce more of the good than any other country.

D) A country has a comparative advantage in the production of a good if it can produce the good at lower opportunity cost than any other country.

E) None of these answers is correct

Reference no: EM131007179

Questions Cloud

Develop the essential analytical and problem solving skills : Develop the essential analytical and problem solving skills required of lawyers and, more immediately, that will be important for your law exams.
About the one-period macroeconomic model : The following questions are about the one-period macroeconomic model discussed in class. Notice that nothing has been specified about the preferences of the consumer or the production technology of the firm. Suppose there is a new production technolo..
Why different pricing policies appropriate in circumstances : Explain why different pricing policies may be appropriate in different circumstances, illustrating your answer by reference to Leisure Furniture Ltd and Home Furniture Ltd
What are some of the major tasks that should be accomplished : A e audit report and post audit follow-up are important steps in the audit process, what are some of the major tasks that should be accomplished by the audit in these steps?
Correct about comparative advantage : Which of the following is correct about comparative advantage?
Problem regarding the patient forms : Patient forms. The medical facility in Exercise 27 also keeps track of the number of errors found when transcribing information from patient forms. Last year the average num- ber of errors was 1.26 per day which the facility found ac- ceptable. He..
Considering the possibility of building additional factory : Expando, Inc., is considering the possibility of building an additional factory that would produce a new addition to their product line. The company is currently considering two options. The first is a small facility that it could build at a cost of ..
Sketch the vector field by drawing vectors : Sketch the vector field F→(x,y) by drawing vectors at the (m,n) where m and n are integers between -2 and 2 (inclusive). That is, draw the vectors at each grid point shown.
Game have a first-move advantage or a second-mover advantage : Kermit and Fozzie play a game with two jars, each containing 100 pennies. The players take turns, Kermit goes first. Each time it is a player's turn, he chooses one of the jars and removes anywhere from 1 to 10 pennies from it. Does this game have a ..

Reviews

Write a Review

Business Economics Questions & Answers

  Solve for the stackelberg-nash equilibrium outcome

Consider a Stackelberg game of quantity competition between two firms. Firm 1 is the leader and firm 2 is the follower. Market demand is described by the inverse demand function p = 100 ? 2Q. Each firm has a constant unit cost of production equal to ..

  Q1 if you are the chief economist of a country experiencing

q1. if you are the chief economist of a country experiencing high unemployment as well as flat gdp what macroeconomic

  Explain to the incorrect party

Should the Miami plant be closed or continue to operate at a loss in the short run? How would you explain to the incorrect party that he is wrong?

  The case study of the fisher-price toys inc a popular case

the case study of the fisher-price toys inc. a popular case in basic economics and management from the prestigious

  Use the concept of discount factor

A simple model of search. Consider an agent who lives two periods. He is unemployed at the beginning of the first period and has a wage offer of w. If he accepts the wage offer w, he will work forever at that wage. How much would the agent value toda..

  What is the long-run equilibrium price

The orange growing industry in Florida is perfectly competitive, and each producer has a long-run marginal cost curve given by MC(Q) = 20 + 2Q. What is the long-run equilibrium price in this industry, and at this price, how much would an individual f..

  Elucidate what happen in the short run to market supply

Elucidate what happen in the short run to market supply and demand curves, market price, the firm's output, the firm's profit.

  Q1 jaes building a corporation which follows short-run cost

q1. jaes building a corporation which follows short-run cost functionq3 - 10q2 36q.a. illustrate what is the level of

  Calculate number of unemployed and the unemployment rate

An economy has 100 people divided among the following groups: 25 have full-time jobs, 20 part-time jobs, 5 has two part-time jobs, 10 is looking for jobs, 10 are discourage workers who has given up looking for jobs, 10 run their own businesses, 10 ar..

  Concepts of cross elasticity and income elasticity

Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerio’s cereal specifically). how does an increase in price for this good aff..

  Q1 suppose that in saudi arabia produces 200 million

q1. suppose that in saudi arabia produces 200 million barrels of oil and 3 million cars and that the united states

  Given the following hypothetical data in millions of

given the following hypothetical data in millions of naira1.gross private domestic investmentn592.contributors for

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd