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What does absolute advantage have to do with making economic choices?
Think that you're country A, wanting to buy pen and paper. Country B produces 1 million pen and 1 BILLION paper Country C produces 1 BILLION pen and 1 million paper Or, country B has the absolute advantage over production of paper while country C has the absolute advantage over production of pen. Coming back our theory of economy of scale, we know that to a certain point, increased production would lead to lower average cost and thus, lower price. This would mean that paper from country B is cheaper than country C whereas pen from country C is cheaper than country B. Therefore, you would choose to trade paper with country B while trading pen with country C. And this is why it is important to making economic choices.
What are 4 economic goals for a country?
1) Full employment 2) Price Stability 3) Economic Growth 4) Efficiency in production
What are two levels of production?
two levels of production are: 1-subsistance production2-surplus production
What does China export the most of?
Electronics are the things that the country of China exports the most of. China is ranked number 1 as the country that exports the most products.
GDP only measure current production according to my lecture notes What is the definition of production. Goods PRODUCED?
GDP per capita reflects the income of individuals, and can be used to compare countries whereas GDP reflects the total income in the economy and can't be used to compare economies with different populations. For example: If the GDP of country A is 100 and country B is 200, it appears that country B is better off. But if country A has a population of 50 and country B has a popultion of 200, then each citizen in country A has an income of 2 and each citizen of country B has an income of 1, so country A is actually better off.
What European country ranks number 1 in the world in olive production?
Spain.
What is Arkansas number 1 for what product?
rice
Who is the current largest uranium producing country?
This country is Kazakhstan.The uranium production of Kazakhstan is approx. 1/3 from the world production.
What does 1-800-rice-5890 mean?
It's a phone number.
Why do you have to dial 1?
1 is the country code of the US. If you are outside of the US, you must dial 1 before any number to reach any number within the US. Every country has a different country code that you add to the beginning of a number in that country to dial a number in that country.
What country first colonized El salvador?
the Chinese did and they sell rice & dumpling for 1 dollar
What are the most consumed foods in world?
Number 1 is rice and 2 potatoes.
Where the production of rice is very high?
China is number 1India is number 2But in near future India will be number 1 overtaking China.
What does the number 1 115 at the bottom of a silver candy dish mean?
Possibly a production number?
How many servings are in a one pound bag of rice?
A good measure is half a cup of uncooked rice per person Based on the US Rice Federation's estimate, there are about 7 oz to a half cup of rice, making the number of serving per pound of rice = 2 and a quarter. 1 LB dry rice makes 1 pint (2 cups) cooked rice.
Which is the largest rubber production country in the World?
1 Thailand 2 malaysiya 3 Indonesia
How many cups of rice is 350grams of rice?
1 and 1/2 cups of cooked rice.
