0
What else can I help you with?
Does a country have a comparative advantage in the production of some good?
Yes, a country has a comparative advantage in the production of a good when it can produce that good at a lower opportunity cost compared to other countries.
In which country does a comparative advantage in the production of a good exist if it can?
A comparative advantage in the production of a good exists in a country when it can produce that good at a lower opportunity cost compared to other countries.
What is an example that illustrates the difference between comparative advantage and absolute advantage in international trade?
An example that illustrates the difference between comparative advantage and absolute advantage in international trade is the scenario where Country A can produce both cars and computers more efficiently than Country B. However, Country A has a comparative advantage in producing cars, while Country B has a comparative advantage in producing computers. This means that even though Country A has an absolute advantage in both products, it is more beneficial for both countries to specialize in the product they can produce most efficiently and trade with each other.
If a country has comparative advantage in the production of all goods should it trade?
Yes, since each country can individually specialize in its comparative advantage, the total income for both countries will increase. This is even true if one country has an absolute advantage in the production of all goods.
Difference between absolute cost advantage theory and comparative cost advantage theory?
absolute cost advantage talks about the efficiency and cheaply a country incure in the production of goods and services against other country whiles comparative advantage talks about the opotunity cost of goods
Does a country have a comparative advantage in the production of some good?
Yes, a country has a comparative advantage in the production of a good when it can produce that good at a lower opportunity cost compared to other countries.
In which country does a comparative advantage in the production of a good exist if it can?
A comparative advantage in the production of a good exists in a country when it can produce that good at a lower opportunity cost compared to other countries.
What is an example that illustrates the difference between comparative advantage and absolute advantage in international trade?
An example that illustrates the difference between comparative advantage and absolute advantage in international trade is the scenario where Country A can produce both cars and computers more efficiently than Country B. However, Country A has a comparative advantage in producing cars, while Country B has a comparative advantage in producing computers. This means that even though Country A has an absolute advantage in both products, it is more beneficial for both countries to specialize in the product they can produce most efficiently and trade with each other.
If a country has comparative advantage in the production of all goods should it trade?
Yes, since each country can individually specialize in its comparative advantage, the total income for both countries will increase. This is even true if one country has an absolute advantage in the production of all goods.
What is a country called that produces all the goods it needs?
comparative advantage :)
What illustrates the law of comparative advantage?
a country that makes the good it produuces
Difference between absolute cost advantage theory and comparative cost advantage theory?
absolute cost advantage talks about the efficiency and cheaply a country incure in the production of goods and services against other country whiles comparative advantage talks about the opotunity cost of goods
What Comparative advantage?
A country has comparative advantage if it can produce a good for less cost than any other nation. (study island)A comparative advantage is the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else.
What statement illustrates the law of comparative advantage?
a country that makes the good it produuces
Will a nation tend to export or import goods which it has a comparative advantage?
A nation will export goods for which it has a comparative advantage. By exporting goods, it has the comparative advantage because it means they have a lower opportunity cost for producing the good. A country can produce it well and can produce most likely a lot of it.
When doe one country have a comparative advantage over another country?
When the opportunity cost of its production is lower.
When one country can produce a product more cheaply than another country can this is called a?
comparative advantage
