Steel (millions of tons) 20 10 0 Country A Production possibilition curve 10 20 30 40 Chemicale (millions of tons) From the diagrams, it can be seen that 50 Steel (millions of tons) 40 30 20 10- 0 Country B Production possibilities curve 10 20 30 40 Chemicals (millions of tons) O the slopes of the two curves indicate both countries will specialize in chemicals. country B has an absolute advantage in both commodities. O it is more costly in terms of resources to produce steel in country A. O country B has a comparative advantage in chemicals. country A has a comparative advantage in both commodities. 50
Steel (millions of tons) 20 10 0 Country A Production possibilition curve 10 20 30 40 Chemicale (millions of tons) From the diagrams, it can be seen that 50 Steel (millions of tons) 40 30 20 10- 0 Country B Production possibilities curve 10 20 30 40 Chemicals (millions of tons) O the slopes of the two curves indicate both countries will specialize in chemicals. country B has an absolute advantage in both commodities. O it is more costly in terms of resources to produce steel in country A. O country B has a comparative advantage in chemicals. country A has a comparative advantage in both commodities. 50
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
ChapterA: The Use Of Mathematics In Principles Of Economics
Section: Chapter Questions
Problem 3RQ: Exercise A3 What dome slices of a pie chart represent?
Related questions
Question
![Steel (millions of tons)
8
30
20-
10
0
Country A
Production
possibilition
curve
10
20
30
40
Chemicals (millions of tons)
From the diagrams, it can be seen that
50
Steel (millions of tons)
8
20
10
0
Country B
Production
possibilities
curve
10
20
30
40
Chemicals (millions of tons)
O the slopes of the two curves indicate both countries will specialize in chemicals.
O country B has an absolute advantage in both commodities.
O it is more costly in terms of resources to produce steel in country A.
O country B has a comparative advantage in chemicals.
O country A has a comparative advantage in both commodities.
50](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3975f56-aa16-4cd4-8271-6c196f804ad0%2F314a9845-bd32-4e1d-b47c-18f16f50d4dc%2Fxv9idi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Steel (millions of tons)
8
30
20-
10
0
Country A
Production
possibilition
curve
10
20
30
40
Chemicals (millions of tons)
From the diagrams, it can be seen that
50
Steel (millions of tons)
8
20
10
0
Country B
Production
possibilities
curve
10
20
30
40
Chemicals (millions of tons)
O the slopes of the two curves indicate both countries will specialize in chemicals.
O country B has an absolute advantage in both commodities.
O it is more costly in terms of resources to produce steel in country A.
O country B has a comparative advantage in chemicals.
O country A has a comparative advantage in both commodities.
50
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