-Refer to Table 2-10

question 37

Essay

-Refer to Table 2-10. This table shows the number of labour 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 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?

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Definitions:

High-Status Group

A social group that is considered to have higher prestige, power, or importance in a society compared to others.

Social Identity

An individual’s sense of self derived from perceived membership in social groups, which shapes self-concept and behavior in group contexts.

Speech Elocution

The skill or art of clear and expressive speech, including the production of distinct sounds and the proper use of tone, pitch, and pace.

Social Mobility Belief System

The set of beliefs and values about the ability of individuals to move within or between social strata or classes.