1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
viktelen [127]
3 years ago
10

"(Absolute and Comparative Advantage) You have the following information concerning the production of wheat and cloth in the Uni

ted States and the United Kingdom: Labor Hours Required to Produce One Unit A.The United Kingdom The United States Wheat 2 1 Cloth 6 5 What is the opportunity cost of producing a unit of wheat in the United Kingdom? In the United States? Which country has an absolute advantage in producing wheat? In producing cloth? Which country has a comparative advantage in producing wheat? In producing cloth? Which country should specialize in producing wheat? In producing cloth?"
Social Studies
1 answer:
iren [92.7K]3 years ago
5 0

Answer:

• opportunity cost is the best alternative forgone when an item or activity is chosen, otherwise thought of as opportunity lost.

The opportunity cost of producing a unit of wheat in the United Kingdom is one third to the production of cloth. In the case of taking one hour to produce one unit of wheat or six hours to produce one unit of cloth, the opportunity the production of three units of wheat to one unit of cloth. The opportunity cost of producing a unit of wheat in the United States is one fifth the production of cloth. By the same standards, producing one unit of wheat occurs faster than producing one unit of cloth and yields five units of wheat to one unit of cloth.

• Absolute advantage is the ability to make something using fewer resources than other producers use.

In this case, the United States has the absolute advantage producing wheat because they can produce one unit in one hour and therefore can produce twice as much as the United Kingdom. Although not by much, the United States also has the absolute advantage in producing cloth because they can produce one unit of cloth in 5 hours while it takes the United Kingdom an additional hour to produce the same outcome.

• Comparative advantage is the ability to make something at a lower opportunity cost than other producers face.

The United States has the comparative advantage in producing wheat as the opportunity cost is one fifth of a unit of cloth which is less than the one third of cloth the United Kingdom can produce. The United Kingdom has the comparative advantage in production of cloth with three units of wheat to the United States cost of five units of wheat giving United Kingdom a lower opportunity cost.

• The law of comparative advantage states that the individual with the lower opportunity cost of producing a particular output should specialize in that output. Therefore, the United States should specialize in producting wheat because they can produce twice as much wheat in the same amount of time, while the United Kingdom should specialize in cloth because although they are not quite as fast as the United States, they will still produce nearly the same amount as the United States while they are producing wheat and something is better than nothing.

You might be interested in
The NCAA imposes the "death penalty" by: A. prohibiting a school from offering any athletic scholarships B. forcing a school to
Viktor [21]

Answer:

Option B

Explanation:

NCAA Stands for "National Collegiate Athletic Association which is responsible for banning schools from participating in sports for at least a year.

The death penalty is the harshest form of penalty it can give, and most of this punishment result in schools not competing in sports for the duration of the death penalty.

The imposition of "Death Penalty" by NCAA Forces a school to eliminate a sport which they face the punishment for, which can be a year or more depending on NCAA.

6 0
3 years ago
A study examining the relationship between humor and memory compares memory performance scores for one group presented with humo
Hatshy [7]

Extraneous

An <em>extraneous variable</em> is a variable in an experiment that you are not intentionally studying. These variables usually provide undesired affects on the experiment.

In this example, the independent variable is whether a sentence is humorous or not, and the dependent variable is the memory performance score. However, because the humorous sentences are only given to males, and the non-humorous sentences are only given to females, gender becomes an extraneous variable as you are not intentionally testing gender's relation to the dependent variable, but it is still affecting the experiment.

4 0
3 years ago
Why are women proud of Kamala Harris?
WINSTONCH [101]

Answer:

Because she's the first female vice president of the united states

Explanation:

8 0
3 years ago
Read 2 more answers
For centuries, Somariya was a capitalist country where the rich became richer and the poor became poor. A group calling itself t
erastovalidia [21]

Answer: Social democrats

7 0
3 years ago
Who were the malcontents
3241004551 [841]

They were a group of colonists who were unhappy and constantly complaining.

Source:https://quizlet.com/51709465/colonization-flash-cards/

3 0
3 years ago
Other questions:
  • Federalism is a system of government in which power is divided, by the constitution, between the central(national) government an
    10·1 answer
  • There are how many approaches to decision making?
    15·2 answers
  • Who made it possible for women to be able to vote
    11·2 answers
  • What explains why african slavery was introduced to the americas
    8·1 answer
  • According to Charles Horton Cooley, how do we develop our self concept?
    13·1 answer
  • Jack’s mother made some cookies. Jack asks if he can have one. His mother tells him that he needs to wait until after lunch. Jac
    12·1 answer
  • Which option describes a pull factor that influenced European immigration to the United States?
    14·1 answer
  • M-3 is money that people can gain access to quickly and easily to pay for goods and services.
    5·1 answer
  • How many Rebels stand guard at Kips Bay? *
    10·1 answer
  • A country has adopted a dirty-float system over a clean-float system. In doing so the country has agreed to?.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!