Table 2-10 -Refer to Table 2-10.This Table Shows the Number of Labor

question 55

Essay

Table 2-10

-Refer to Table 2-10.This table shows the number of labor hours required to produce a wristwatch and a bushel of rice in Japan and Thailand.
a.Which country has an absolute advantage in the production of wristwatches?
b.Which country has an absolute advantage in the production of rice?
c.What is Japan's opportunity cost of producing one wristwatch?
d.What is Thailand's opportunity cost of producing one wristwatch?
e.What is Japan's opportunity cost of producing one bushel of rice?
f.What is Thailand's opportunity cost of producing one bushel of rice?
g.If each country specializes in the production of the product in which it has a comparative advantage,who should produce wristwatches?
h.If each country specializes in the production of the product in which it has a comparative advantage,who should produce rice?

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Definitions:

Constricting Pupils

The process where the pupils of the eyes become smaller, often in response to bright light or focusing on close objects.

Psychological Safety

A cultural feature where individuals feel safe to express ideas, ask questions, and admit mistakes without fear of punishment or embarrassment.

Implicit Trust

A form of trust that develops naturally or is assumed to exist without the need for verbal confirmation or explicit evidence.

Social Network Trust

involves the level of trust established within networks of individuals, particularly in digital or social networking contexts.