Suppose the United Kingdom and Norway both produce oil and fish oil, which are sold for the
Question:
The following table shows the combinations of both goods that each country can produce in a day, measured in thousands of barrels, using the same amounts of capital and labor:
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a. Who has the comparative advantage in producing oil? Explain.
b. Can these two countries gain from trading oil and fish oil? Explain.
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a When the United Kingdom produces one more barrel of fish oil ...View the full answer
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