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2 years ago

To achieve gains from trade, each nation should specialize in the production of a good or service if:

Business

1 answer:

irinina [24]2 years ago

3 0

Answer:

Explanation:

A country gains from trade if it specialises in the production of the good for which it has a comparative advantage

A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries. this means that the country can produce the good by forgoing fewer alternative products

For example, country A produces 10kg of beans and 5kg of rice. Country B produces 5kg of beans and 10kg of rice.

for country A,

opportunity cost of producing beans = 5/10 = 0.5

opportunity cost of producing rice = 10/5 = 2

for country B,

opportunity cost of producing rice = 5/10 = 0.5

opportunity cost of producing beans = 10/5 = 2

Country A has a comparative advantage in the production of beans and country B has a comparative advantage in the production of rice

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1 year ago

Wildhorse Co. sells merchandise on account for $2800 to Morton Company with credit terms of 2/8, n/30. Morton Company returns $8

kipiarov [429]

Answer: Cash $1,960

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Explanation:

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Sales returns = $800

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podryga [215]

Answer:

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