Discuss the difference between absolute advantage and comparative advantage Which is more important in determining trade patterns

Fantastic news! We've Found the answer you've been seeking!

Question:

Discuss the difference between absolute advantage and comparative advantage Which is more important in determining trade patterns Justify your answer

Related Book For answer-question

Managerial Economics Markets and the Firm

ISBN: 978-0618988624

2nd edition

Authors: William Boyes

See More Books

Posted Date: Sep 20, 2020 06:45 AM

See More Questions

What is the difference between absolute advantage and comparative advantage? How can a less developed country like Mexico have a comparative advantage relative to the US?
Which is more important in ensuring a successful planning cycle for a business, the direction in which its strategy is moving the organization toward, or the tactics the organization must employ to...
Distinguish between absolute advantage and comparative advantage.
In Exercises solve the first-order differential equation by any appropriate method. y' = 2x1 - y
In an effort to reduce the number of bottles that contain less than 1.90 liters, the bottler in Problem 6.46 sets the filling machine so that the mean is 2.02 liters. Under these circumstances, what...
Solve each system of equations by sketching the graphs. Use the slope and the y-intercept or both intercepts. Estimate the result to the nearest 0.1 if necessary. 3x + 2y = 6 x - 3y = 3
A water jet pump (see Fig. P5.17) involves a jet cross-sectional area of $0.01 \mathrm{~m}^{2}$, and a jet velocity of $30 \mathrm{~m} / \mathrm{s}$. The jet is surrounded by entrained water. The...
Garvey's Fine Furnishings manufactures upscale custom furniture. Garvey's Fine Furnishings currently uses a plantwide overhead rate, based on direct labour hours, to allocate its $1,200,000 of...
Use the squeeze theorem to evaluate lim 2 x sin (4x). lim 2 x sin (4x)= Number 0
One way to see whether this procedure will be successful is to split the original data set into two subsets: one subset for estimation and one subset for validation. A regression equation is...
Design a recruiting strategy to fill a vacancy (real or fictitious) in your organization, including position title, recruiting strategy and sources, and staffing process (pre- employment testing,...
A thermally isolated system at constant pressure consists of $10 \mathrm{~kg}$ of air at a temperature of $1000 \mathrm{~K}$ and $10 \mathrm{~kg}$ of water at $300 \mathrm{~K}$, connected...
A system at constant pressure consists of $10 \mathrm{~kg}$ of air at a temperature of $1000 \mathrm{~K}$. Calculate the maximum amount of work which can be obtained from the system if the...
Solve the systems in Problems 15-26 by the substitution method. $\left\{\begin{array}{l}y=3-2 x \\ 3 x+2 y=-17\end{array} ight.$
The rate of change of mole concentration of constituent $A$ in a chemical reaction is expressed as \[\frac{\mathrm{d}[\mathrm{A}]}{\mathrm{d} t}=-k[\mathrm{~A}]^{\mathrm{n}}\] While mole...
A gas turbine operates between an inlet pressure of 15 bar and an exhaust pressure of 1.2 bar. The inlet temperature to the turbine is $1500 \mathrm{~K}$ and the turbine has an isentropic...
Example 6 As an example of using a table to define a group, let G be the set {e, a, b, c} with operation given by the table e a b c 2909 e e a b a b 500 a e C e 998 b a b a e Associativity can be...
What is removed during each of the three stages of wastewater treatment: primary, secondary, and tertiary? During which state would you expect items to be recovered that were accidentally flushed,...
Look up planned obsolescence online and then make a case for and against planned obsolescence in competitive markets.
What is the market process? Describe the role of the entrepreneur in the market process.
If average fixed costs equal $40 and average total costs equal $100 when output is 10, then total variable costs when output is 10 must be: a. $40 b. $60 c. $600 d. $6,000
Brown India Limited manufactures office tables. Normal capacity of the factory is 60,000 tables per annum. Following are the cost and inventory details for the year 200506. Required: Carry out the...
Usha Corporation Ltd. sought the advice of an investment advisor for deployment of surplus funds of around Rs. 45 lakh in the stock market. The advisor advised to invest in Bhonsle India Ltd. and...
Ram Lakhan Company Ltd. produces one unit of product B by using one unit of raw material A. During 200506 A costed the company 4,200. Conversion cost was 850. As on 31st March 2006, being the...

Discuss the difference between absolute advantage and comparative advantage Which is more important in determining trade patterns

Question:

Expert Answer:

Absolute advantage refers to productivity as in the producer who can produce a product at a l ower c... View the full answer

Managerial Economics Markets and the Firm

Students also viewed these economics questions