Given the Following Ricardo-Type Table Showing the Amount of Labor

question 22

Multiple Choice

Given the following Ricardo-type table showing the amount of labor input required to produce one unit of output of each of the two goods in each of the two countries:
$\begin{array}{lll}&\underline{\text { Wheat }}&\underline{\text { Clothing }}\\\text { United Kingdom } & 6 \text { days } & 5 \text { days } \\\text { United States } & 4 \text { days } & 3 \text { days }\end{array}$

• A) The United Kingdom has an absolute advantage in neither good.
• B) The United States has a comparative advantage in wheat.
• C) The United States has a comparative advantage in both goods.
• D) A post-trade price ratio (terms of trade) of 1 wheat:1.5 clothing is a feasible
• Equilibrium post-trade price ratio.

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Definitions:

Row Values

Specific data points or entries within a row in a spreadsheet or database, representing various attributes of a single record.

Shortest Processing Time

A scheduling priority rule that sequences jobs or tasks based on the shortest time needed to complete them, aiming to minimize the overall processing time.

Processing Times

The amount of time required to complete a specific step or operation in the manufacturing or service delivery process.

Jobs Processed

The number of tasks or work items completed in a given period.