Q) When a country has a comparative advantage in producing a certain good, A: the country should import that good. B: the country should produce just enough of that good for its own consumption. C:the country’s opportunity cost of that good is high relative to other countries’ opportunity costs of that same good. D: then specializing in the production of that good and trading for other goods could allow that country to consume at a point beyond its production possibilities frontier

Q: Draw the production possibility frontier of a country with two goods apple and oranges with…

A: Production possibility curve refers to the combinations of two or more goods which an economy can…

Q: Evaluate the following statement: is it true, false, or uncertain? "The United States can produce…

A: Please find the images attached for detailed solution

Q: n the Heckscher-Ohlin-Vanek model with trade a country that is labour abundant will     export the…

A: Heckscher-Ohlin-Vanek model states that trade results on account of the different relative prices of…

Q: consuming a total of  [Answer] kg te

A: An open trade is defined as the removal of barriers of import and export of goods and services…

Q: Consider a two-country, two-commodity model. The table below shows the units of Good X and Good Y…

A: The advantage is the condition that benefits or add a favorable position in the situation.

Q: If the state of Texas has a lower opportunity cost for producing beef compared to Alaska, then...

A: Opportunity cost refers to the potential benefit that the consumer misses out when he chooses a…

Q: If a nation has the lowest opportunity cost of producing a good, that nation has a(m in the…

A: Absolute advantage refers to an individual's, company's, region's, or country's ability to create a…

Q: Instructions: Answers must be typewritten, graphs can be drawn by hand and inserted in the document.…

A: By analyzing the given table, one can conclude that Australia can produce 12 apples or 4 oranges,…

Q: Which country has the absolute advantage in producing each good?

A: Absolute advantage is the advantage which a country has when it can produce more goods or services…

Q: Put ECG Machines on the vertical axis and Defibrillators on the horizontal axis. Draw the production…

A: The production possibility curve (PPC) of a production plant is a locus of different combination of…

Q: A Production Possibilities Frontier shows Group of answer choices all the combinations of two goods…

A: Production Possibilities Frontier (PPF) is also known as the Production Possibilities Curve (PPC).

Q: Question 1: Using the same amount of time and resources. Sara can either write 100 lines of code or…

A: The comparative advantage delineates the benefits that an individual enjoys when he/she can make a…

Q: (a) On two separate graphs sketch the initial PPF for the two countries with Food on the x-axis. (b)…

A: Given information:   Peru can produce either 7,523 units of food or 17,853 units of fuel using 8000…

Q: Suppose Country A can create 200 tons of capital-intensive goods or 200 tons of labor-intensive…

A: Country A can create 200 tons of capital-intensive goods or 200 tons of labor-intensive goods in one…

Q: A country produces two goods and the opportunity cost of production of each good is constant. This…

A: Production possibilities curve represents different combinations of two goods that can be produced.…

Q: Beth has an absolute advantage in the production of barley, and Andrew has an absolute advantage in…

A: Answer: Absolute advantage: Absolute advantage refers to the capacity of a person, firm, and region…

Q: Suppose that a small country has a production possibility frontier (with two goods X and Y)…

A: When resources are limited, the production possibility frontier is a graph that depicts the numerous…

Q: Raphael and Susan are farmers. Each one owns a 20-acre plot of land. The following table shows the…

A: Comparative advantage refers to the ability of the country or an individual to produce the good at a…

Q: A production possibilities curve (PPC) shows that a country can make a combination of two goods with…

A: A production possibilities curve (PPC) shows that a country can make a combination of two goods here…

Q: There are two countries: Country A and Country B. These countries have the same amount of resources…

A: Comparative advantage refers to the ability to produce goods and services at a lower opportunity…

Q: Which of the following statements is true? a. The law of increasing opportunity costs assumes that…

A: Production Possibility Curve shows the maximum possible combination of two goods that can be…

Q: (a) In the Bahamas, what is the opportunity cost of a ton of pineapples, and of a ton of rice? (b)…

A: Opportunity cost is the best next best cost , or next best alternative called opportunity cost, so…

Q: Comparative advantage is found in the production of the good that has the lowest opportunit cost.…

A: The markets are the place where the meeting, and interaction of buyers takes place. In the markets,…

Q: n the PPC, if the point is found within the PPC curve, this means that the combination of goods…

A: A PPC (Production Possibility Curve) is a graphical representation of various combinations of goods…

Q: In this assignment, you will demonstrate your ability to draw a simple production possibilities…

A: 1. Scarcity exists as the nation has only 12 units of labor. Labor is needed for both gun and…

Q: The United States and Canada have the production possibilities curves shown above.  It is determined…

A: The formula is:The opportunity cost of production of a good = maximum production of other good /…

Q: has an absolute advantage in the production of alfalfa, and has an absolute advantage in the…

A: Production possibility frontier shows the combination of two goods that can be produced with the…

Q: If country ABC can produce a unit of good 1 by sacrificing fewer units of good 2 than can country​…

A: Comparative advantage refers to the ability to produce the good in a country at lower opportunity…

Q: Consider the following information: • Country A's opportunity cost of producing vegetables is lower…

A: Two countries specialise in production due to comparative advantage. When one country is able to…

Q: Consider the PPF of a country with movies on the horizontal axis and computers on the vertical axis.…

A: Answer -  Production Possibility frontier (PPF) - It is a curve which shows combinations of two…

Q: If people specialize in producing those goods for which they possess a comparative advantage, then…

A: International trade is carried out by expanding the products beyond the reach of the local…

Q: If Larry can produce more donuts in a day than Sue can produce in one day, then Select one: a.Larry…

A: When a good (donuts) can be produced in a larger quantity by person A than person B, given the same…

Q: With a given amount of labor and other resources, producers in the nation of Germany can produce…

A: Opportunity cost of producing sedans in germany=SUV sacrificedSedan producedOpportunity cost of…

Q: TRUE OR FALSE: It is possible to have comparative advantage in producing a good or service without…

A: Answer is given below

Q: In this assignment, you will demonstrate your ability to draw a simple production possibilities…

A: From this data, we understand  that the nation has 12 units of labor, which can be used to produce…

Q: Person 1 can allocate her 8-hour day between the production of two goods. A and B. Each hour devoted…

A: In a market, when two individuals are producing two types of goods, they can trade with each other…

Q: GOOD A 75 50 COUNTRY X COUNTRY Y TRADE SCENARIO #1 GOOD B 75 100 TRADE SCENARIO #1 Which country has…

A: Absolute advantage is the ability to produce goods or services more better by one country than other…

Q: There are 100 workers in Pakistan, and each worker can produce either 10 shirts or 2 hats. There are…

A: The production-possibility curve in economics is a model that measures production efficiency based…

Q: Assume that two countries Alpha and Beta use a variety of inputs in their production Alpha exports…

A: Opportunity Cost refers to the next best alternative forgone.

Q: Draw a PPF that represents the production possibilities for goods X and Y if there are constant…

A:

Q: Q)choose correct option,  When a country has a comparative advantage in producing a certain good,…

A: The theory of the comparative advantage says that a country has a comparative advantage in producing…

Q: Which trade advantage is used more commonly among economists? absolute advantage comparative…

A: Trade advantages are key to get involved in the international trade. The trade advantages are…

Q: With 1 resource unit 2 countries, A and B, are each capable of producing 2 goods, X and Y, according…

A: In the above diagram, the PPF A represents the country's A PPF, and PPF represents the country's B…

Q: Suppose there are a million workers in France. Each worker can product 2 cars or 40 bushels wheat.…

A: Opportunity cost (OC) is defined as the next best forgone alternative. It is the lost benefit that…