Question

A(n) _____ means a country can produce more of a good than another country using the...

A(n) _____ means a country can produce more of a good than another country using the same amount of resources.

Please choose the correct answer from the following choices, and then select the submit answer button.

Answer choices

comparative advantage

complete advantage

comparable advantage

absolute advantage

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Absolute advantage describes a situation in which a individual , business or country can produce more goods or service than the other producer with an equivalent quantity of resources.For example, extracting oil in Saudi Arabia is just about just a matter of “drilling a hole.” Producing oil in other countries can require considerable exploration and dear technologies for drilling and extraction—if indeed they need any oil in the least .

Option 'd' is correct

Absolute advantage

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1.Clothes are produced using cotton and leather. In Ghana, a clothing can be produced with 3...
1.Clothes are produced using cotton and leather. In Ghana, a clothing can be produced with 3 cottons and 3 leathers. In Nigeria, a clothing can be produced with 3 cottons and 2 leathers. Which of the following is TRUE? Clothes are produced using cotton and leather. In Ghana, a clothing can be produced with 3 cottons and 3 leathers. In Nigeria, a clothing can be produced with 3 cottons and 2 leathers. Which of the following is TRUE? * 1...
If a country has a comparative advantage in the production of a good, then its resources...
If a country has a comparative advantage in the production of a good, then its resources are better suited to the production of that good than the resources of other countries. Group of answer choices True False
QUESTION 31 Maximum Quantity Only produce coffee (tons) Only produce Computers Columbia 600 150 The U.S....
QUESTION 31 Maximum Quantity Only produce coffee (tons) Only produce Computers Columbia 600 150 The U.S. 800 2,400 Columbia and the United States both produce coffee and computers. Assuming that both countries have the same amount of resources. The following table illustrates the maximum quantities of coffee and computers each can produce without trade and if they only produce one of the goods. Use information in Table above to answer the following questions. Which country has an absolute advantage in...
Consider two countries' situations: Country A can produce either six automobile ror twelve movies with the...
Consider two countries' situations: Country A can produce either six automobile ror twelve movies with the same amount of resources. Country B, using the same resources, can produce either five automobiles or eight movies. Using Ricardo' Theory of Comparative Advantage, determine which country would produce automobiles, which would produce movies, and the range of relative prices within which these product would trade?
1) If Country A is absolutely better at producing everything than Country B, then there is...
1) If Country A is absolutely better at producing everything than Country B, then there is no incentive for Country A to engage in trade with Country B ( True or False?) 2)In one day Sam can produce 40 salads or 32 sandwiches. What is the opportunity cost of producing 1 sandwich?   3)If Tom has a comparative advantage in producing corn then he must also have an absolute advantage in producing corn (T/F?) 5) In one hour John can produce...
True or False? 1) If Country A is absolutely better at producing everything than Country B,...
True or False? 1) If Country A is absolutely better at producing everything than Country B, then there is no incentive for Country A to engage in trade with Country B. 2) If Tom has a comparative advantage in producing corn then he must also have an absolute advantage in producing corn. 3) If Joe can produce a good at a lower opportunity cost than Fred, then Joe must have an absolute advantage in producing this good. 4) Consider the...
Explain why a technological improvement in the production of one good means that a country can...
Explain why a technological improvement in the production of one good means that a country can now produce more of other goods than it did previously. Draw a country’s production possibility frontier to help answer this question.
Suppose that the United States and Canada can each produce two products: lumber and beef. Create...
Suppose that the United States and Canada can each produce two products: lumber and beef. Create a table like the one below, showing labor requirements per unit of output for each country. (Hint: Choose numbers for each country that are easily divisible by one another.) Labor Requirements per Unit of Output United States Canada Lumber 8tons 16tons Beef 10tons 5tons What does absolute advantage mean? How do you calculate absolute advantage? In what output(s) does the U.S. have an absolute...
Suppose that the United States and Canada can each produce two products: lumber and beef. Create...
Suppose that the United States and Canada can each produce two products: lumber and beef. Create a table like the one below, showing labor requirements per unit of output for each country. (Hint: Choose numbers for each country that are easily divisible by one another.) Labor Requirements per Unit of Output United States Canada Lumber Beef What does absolute advantage mean? How do you calculate absolute advantage? In what output(s) does the U.S. have an absolute advantage? Explain using the...
When a nation requires fewer resources than another nation (potential trade partner) to produce a given...
When a nation requires fewer resources than another nation (potential trade partner) to produce a given product, it means: a. The nation is more developed than the country with whom it intends to trade. b. The nation is trying to help the other country by sacrificing its own interest. c. The nation is helping its citizens. d. The nation is helping its citizens at the cost of the citizens of the country with whom it is trading. e. None of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT