Table 2-5 -Refer to Table 2-5.This Table Shows the Number of Labor

question 26

Essay

Table 2-5

-Refer to Table 2-5.This table shows the number of labor hours required to produce a digital cameras 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 pound of wheat?
f.What is South Korea's opportunity cost of producing one pound of what?
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:

Musical

Pertaining to music; often involves the creation, performance, or appreciation of music as an art form.

Naturalist

A person who studies or is an expert in the field of natural history, particularly in the study of plants and animals in their natural environment.

Culture Biased

The tendency to interpret or judge phenomena through the lens of one's own cultural norms and values.

Culture Fair

Designed to be impartial and free from cultural bias, often referring to tests that aim to assess intelligence or aptitude without favoring any group.