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Law Incorporation [45]
3 years ago
5

Suppose the UK and Norway both produce oil and shoes, which are sold for the same prices in both countries. UK's opportunity cos

t of producing one unit of oil is 2 pairs of shoes and Norway's opportunity cost of producing one unit of oil is 1/2 pair of shoes. If both countries decide to specialize and then trade between themselves, which country should produce oil
Business
1 answer:
forsale [732]3 years ago
4 0

Answer:

Norway

Explanation:

UK and Norway are producing two goods: Oil and shoes

UK's opportunity cost of producing 1 unit of oil = 2 pairs of shoes

Norway's opportunity cost of producing 1 unit of oil = 1/2 pair of shoes

Therefore,

Once trade is allowed among the trading nations, then a nation is exporting a commodity in which it has a comparative advantage and importing a commodity in which it has a comparative disadvantage.

Norway has a comparative advantage in producing oil because it has a lower opportunity of producing oil as compared to UK.

Hence,

Norway should produce oil.

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3 years ago
An organization decides to improve its raw material handling process by buying a material handling robot. This is an example of
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Answer:

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A supervisor finds the mean number of miles that the employees in a department live from work. He finds and . Which statement mu
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Complete Question:

A supervisor finds the mean number of miles that the employees in a department live from work. He finds x=2.9 and s=3.6. Which statement must be true?

z376 is within 1 standard deviation of the mean.

z37 is between 1 and 2 standard deviations of the mean.

z37 is between 2 and 3 standard deviations of the mean.

z37 is more than 3 standard deviations of the mean.

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z37 is between 2 and 3 standard deviations of the mean.

Explanation:

Standard deviation is a way of measuring of how much the value sample varies or disperses. A low standard deviation means that the values are near the mean value of the set, whereas a high standard deviation implies that the values are distributed over a wider range.

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