Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506756
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 2, Problem 7CQ
To determine
Explain the law of
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In the past, comparative advantages have sometimes shifted from one nation to another. What factors do you think caused these shifts? Why? Was there anything a nation could have done to prevent an advantage from shifting to another nation?
The U.S. can produce 100 pounds of beef or 10 cars; in contrast Germany can produce 40 pounds of beef or 30 cars.
Which country has the absolute advantage in beef?
Which country has the absolute advantage in producing cars?
What is the opportunity cost of producing one pound of beef in the U.S.
What is the opportunity cost of producing one pound of beef in Germany?
Define the term comparative advantage in the context of economics.
Please explain in a well manner.
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Macroeconomics: Private and Public Choice (MindTap Course List)
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