Table 2.10 -Refer to Table 2.10. This Table Shows the Number of Shows

question 111

Essay

Table 2.10

-Refer to Table 2.10. This table shows the number of labour hours required to produce a digital cameras and a kilogram of wheat in China and South Korea.
a.Which country has an absolute advantage in the production of digital cameras?
b.Which country has an absolute advantage in the production of wheat?
c.What is China's opportunity cost of producing one digital camera?
d.What is South Korea's opportunity cost of producing one digital camera?
e.What is China's opportunity cost of producing 1 kilogram of wheat?
f.What is South Korea's opportunity cost of producing 1 kilogram of wheat?
g.If each country specialises in the production of the product in which it has a comparative advantage, who should produce digital cameras?
h.If each country specialises in the production of the product in which it has a comparative advantage, who should produce wheat?
_____________________________________________________________________________________________
_____________________________________________________________________________________________

---

Definitions:

Career Advancement

The process of moving forward in one’s career, often marked by increased responsibilities, higher status, and better compensation.

Commitment

A state or quality of being dedicated to a cause, activity, or goal, showing loyalty or allegiance.

Reluctant

Feeling or showing aversion, hesitation, or unwillingness to do something.

Free-Agent Economy

An economic system where individuals act as independent contractors or freelancers, rather than being committed to a single, long-term employer.