Table 2-16 -Refer to Table 2-12.This Table Shows the Number of Labor

question 71

Essay

Table 2-16

-Refer to Table 2-12.This table shows the number of labor hours required to produce a digital camera and a bushel 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 one bushel of wheat?
f.What is South Korea's opportunity cost of producing one pound of wheat?
g.If each country specializes in the production of the product in which it has a comparative advantage, who should produce digital cameras?
h.If each country specializes in the production of the product in which it has a comparative advantage, who should produce wheat?

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Definitions:

Proposal Outcome

The result or effect of a plan or suggestion that has been formally put forward for consideration.

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A local government body responsible for determining land use and zoning decisions within a municipality.

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