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10. When a nation's economy grows:
Score: 1 of 111. In one hour, the United States can produce 25 tons of steel or 250 automobiles. In one hour, Japan can produce 30 tons of steel or 275 automobiles. This information implies that:Japan has a comparative advantage in the production of automobiles.the United States has an absolute advantage in the production of steel.Japan has a comparative advantage in the production of both goods.the United States has a comparative advantage in the production of automobiles.Score: 1 of 112. If they spend all night writing computer programs, Laurence can write 10 programs, and Carrie Anne can write 5. If they spend all night making sunglasses, Laurence can make 6 pairs, and Carrie Anne can make 4. Given this information and supposing Laurence and Carrie Anne have constant opportunity costs, we know that _____ has an absolute advantage in _____.
Score: 1 of 113. Reference: Ref 2-20(Table: Coffee and Salmon Production Possibilities II) Look at the table Coffee and Salmon Production Possibilities II. This table shows the maximum amounts of coffee and salmon, both measured in pounds, that Brazil and Alaska can produce if they just produce one good. Brazil has a comparative advantage in producing:
Score: 0 of 114. To achieve the gains from trade, each nation should specialize in the production of a good or service if:Score: 1 of 1