Question: What gives a person a comparative advantage?

What gives a person a comparative advantage?

Step by Step Solution

★★★★★

3.49 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

A person has a comparative advantage in an activity if that pers... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

684-B-E-E-P (322).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!

Q:

1. Consider an accounting firm with two accountants. a. Fill in the blanks in the following table. b. Quigley has a comparative advantage in_____________, while Slokum has a comparative advantage...

Q:

1. A country has a comparative advantage if it has a lower ________ cost of producing a good 2. The terms of trade is the rate at which two goods can be ________ for one another. 3. Suppose a country...

Q:

Multiple Choice Questions: 1. Which of the following is part of the economic way of thinking? a. When an option becomes less costly, individuals will become more likely to choose it. b. Costs are...

Q:

1 What gives a person a comparative advantage? She then shows what happens when they each specialise in producing the good in which they have a comparative advantage. Jack specialises in producing...

Q:

1) Answer and explain the following. a)What gives a person a comparative advantage? b)Distinguish between comparative advantage and absolute advantage. c)Why do people specialize and trade? d)What...

Q:

1 What gives a person a comparative advantage?

Q:

Which person has a comparative advantage in the production of tacos, and which person has a comparative advantage in the production of cakes? Choose 1 answer: Choose 1 answer: ( Choice A ) Both have...

Q:

Please help Am Bats 10 per Hr. Gloves 15 per Hr. Questions: ' 1. Which person has absolute advantage in bats? 2. Which person has absolute advantage in gloves? 3. Which person has comparative...

Q:

Choose (a) a country or region, and (b) a particular product (or type of product) that the chosen area produces. Now respond to the following prompts: Why might that area have a comparative advantage...

Q:

Assignment prompt: Define Comparative Advantage and provide an example of a good/service that the U.S. produces because it has a comparative advantage compared to another country. Go to theCIA World...

Q:

Pb is found in common ores of Pbs, whereas MgSO4 is found in MgSO4- .PbS exists in common Pb ores. Why? explain

Q:

Repeat the preceding exercise using diameters and volumes. Sports Diameters (cm), circumferences (cm), and volumes (cm3) from balls used in different sports are listed in the table below. Is there...

Q:

Which of the following is indicated by a price - earnings ( P / E ) ratio of 1 0 for a company? Group of answer choices The stock's value will increase by 1 0 percent every year. The firm will pay a...

Q:

An important advantage of the Feds current procedures for operating the discount window and paying interest on excess reserves is that they limit fluctuations in the federal funds rate. We can use...

Q:

As more people buy computers, the demand for Internet service increases and the price of Internet service decreases. The fall in the price of Internet service decreases the supply of Internet...

Q:

Classify the following pairs of goods and services as substitutes in production, complements in production, or neither. a. Bottled water and health club memberships b. French fries and baked potatoes...

Q:

Classify the following pairs of goods and services as substitutes in production, complements in production, or neither. a. Bottled water and health club memberships b. French fries and baked potatoes...

Q:

please write bet keyboard or clear handwrittin 1) (30 p.) Acme Molding is examining five alternatives for a piece of material handling equipment. Each has an expected life of 8 years with no salvage...

Q:

Three possible outcomes emanate from each gate. They are Multiple Choice O O O O reduce scope, kill, increase scope continue, kill, enhance allocate resources, reduce resources, cancel proceed,...

Q:

for question with dropdowns 1. 82000/92400/50400/33600 2.120960/201600/84000/80640 3. posion pill/ a proxy/ a takeover/ dilution 4. proxy/ preemptive right 5.75600/100800/101800/151200 1. Rights and...