SCENARIO: ABSOLUTE ADVANTAGE
The United States requires 20 hours of labor to produce a ton of steel
And 30 hours of labor to produce 1,000 board feet of lumber.In Canada,
20 hours of labor are required to produce a ton of steel and 25 hours of
Labor to produce 1,000 board feet of lumber.
Reference: Ref 24
(Scenario: Absolute Advantage) Which country has an absolute
Advantage in the production of steel?
A) the United States
B) Canada
C) Neither the United States nor Canada has an absolute advantage.
D) Both the United States and Canada have an absolute advantage.
Correct Answer:
Verified
Q67: In equilibrium, which of the following statements
Q68: SCENARIO: ABSOLUTE AND COMPARATIVE ADVANTAGE
Poland requires 4
Q69: SCENARIO: ABSOLUTE ADVANTAGE
The United States requires 20
Q70: SCENARIO: ABSOLUTE AND COMPARATIVE ADVANTAGE
Poland requires 4
Q71: SCENARIO: ABSOLUTE AND COMPARATIVE ADVANTAGE
Poland requires 4
Q73: SCENARIO: ABSOLUTE AND COMPARATIVE ADVANTAGE
Poland requires 4
Q74: In the home equilibrium situation, the relative
Q75: SCENARIO: ABSOLUTE ADVANTAGE
The United States requires 20
Q76: SCENARIO: ABSOLUTE AND COMPARATIVE ADVANTAGE
Poland requires 4
Q77: SCENARIO: ABSOLUTE AND COMPARATIVE ADVANTAGE
Poland requires 4
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