Table 2-31 -Refer to Table 2-31. This Table Shows the Number of Shows

question 333

Essay

Table 2-31

-Refer to Table 2-31. This table shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland.
a. Which country has an absolute advantage in the production of cell phones?
b. Which country has an absolute advantage in the production of lumber?
c. What is Estonia's opportunity cost of producing one cell phone?
d. What is Finland's opportunity cost of producing one cell phone?
e. What is Estonia's opportunity cost of producing one board foot of lumber?
f. What is Finland's opportunity cost of producing one board foot of lumber?
g. If each country specializes in the production of the product in which it has a comparative advantage, who should produce cell phones?
h. If each country specializes in the production of the product in which it has a comparative advantage, who should produce lumber?

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Definitions:

Second Green Revolution

An agricultural movement aimed at improving food security and sustainability through advances in technology, genetic modification of crops, and farming practices.

High-Yield Varieties

Plants bred specifically to produce more food per acre compared to traditional varieties.

Global Food Production

The total output of food commodities produced worldwide, encompassing agriculture, aquaculture, and livestock sectors.

Green Revolution

A period during the 20th century characterized by significant increases in agricultural production worldwide, achieved through the introduction of high-yield crop varieties, chemical fertilizers, and pesticides.