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
jarptica [38.1K]
2 years ago
11

Define absolute advantage and explain how a country can have a comparative advantage in the production of a good even when it do

esn't have an absolute advantage in the production of that good.
Absolute advantage:
Explanation of comparative advantage:​
Social Studies
1 answer:
lisabon 2012 [21]2 years ago
7 0

Answer:

Absolute advantage occurs when a country can produce a given good for less labor than all the other countries in the world.

For example, if there are only two countries, and country A can produce a bottle of wine in two hours of labor, while country B can produce the same bottle of wine in three hours of labor, then country A will have the absolute advantage in the production of wine.

Countries do not need to have any absolute advantage to engage and benefit from trade. The reason is that it is comparative advantage what determines trade patterns, and gains from trade. Comparative advantage occurs when a country can produce a good for a lower relative cost in terms of opportunity cost than another country.

For example, suppose that Japan can produce 1 bike in 3 hours, and 1 car in 6 hours, while China can produce 1 bike in 5 hours, and 1 car in 7 hours.

Japan clearly has the absolute advantage in the production of both goods, but China has the comparative advantage in the production of cars, and the reason is that for China, producing 1 car has a cost, in terms of bikes, of 1.4 bikes, while for Japan, producing 1 car has a cost, in terms of bikes, of 2 bikes.

Thus, China has the lower relative (opportunity cost) for producing cars, which means that China has the comparative advantage in car production even if it does not have the absolute advantage in the production of either of the goods.

You might be interested in
Frenchmen interested in settling in New France included all the following except : fur traders noblemen priests fur trappers
jekas [21]
I think the answer is noblemen
3 0
2 years ago
Read 2 more answers
Which measure of memory retention assesses the ability to draw information out of storage and into conscious awareness?
VARVARA [1.3K]

Answer:

Recall

Explanation:

Memory has 3 main processes:

  1. Encoding
  2. Storage
  3. Recall

Encoding refers to transform the information our senses are receiving to decoded information that will be stored in the brain.

Storage refers to the process that follows encoding and it refers to the actual  process of placing the information into memory (either short-term or long-term).

Recall refers to the process of retrieving the information that was encoded and stored earlier. Recall takes information from the past and brings it back to our present attention.

Therefore <u>the ability to draw information out of storage and into conscious awareness is done by the recalling process of memory retention. </u>

6 0
2 years ago
What does calcareous ooze become when it dries out? What does siliceous ooze become when it dries out?
zaharov [31]

siliceous

Deep seafloor deposition in the form of ooze is the largest long-term sink of the oceanic silica cycle (6.3 ± 3.6 Tmol Si year−1). As noted above, this ooze is diagenetically transformed into lithospheric marine chert.

calcareous

Calcareous ooze is a calcium carbonate mud formed from the hard parts (tests) of the bodies of free-floating organisms. Once this mud has been deposited, it can be converted into stone by processes of compaction, cementation, and recrystallization. ... Foraminifera are also single-celled organisms.

7 0
2 years ago
Approximately how many African American children attended school by 1900? A) one hundred thousand B) 3 million C) six hundred th
Dovator [93]

The answer is D.) 1.5 million

6 0
3 years ago
Read 2 more answers
Why would a worker decide to join a union in a "right to work” state?
____ [38]

The correct answer would be: C - to enjoy greater protection.

3 0
2 years ago
Other questions:
  • Which of these correctly describes how american society is changing?
    9·1 answer
  • _____ is the unfair or inappropriate treatment of people based on their group membership.
    12·2 answers
  • Nombre y apellido del gobierno regional del callao y del alcalde
    8·1 answer
  • The colonists will be responsible for paying off the debt from the war.
    8·1 answer
  • Assume that the maximum arable land area on Earth is 4.00 billion hectares. Using the smooth curve that you created above, deter
    7·1 answer
  • Express one light minute in km and meters
    12·1 answer
  • What are some of the difficulties with measuring the volume of a gas? Select all that apply.
    9·1 answer
  • HELP ASAP REALLY DON'T UNDERSTAND
    9·1 answer
  • 1)
    7·1 answer
  • How did the Russians "help" North Korea after World War II?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!