Table 2-30
-Refer to Table 2-30. 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 pound of rice?
f. What is Thailand's opportunity cost of producing one pound 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?
Definitions:
Accessible and Strong
Refers to memories or knowledge that are easily recalled and impactful, often influencing decision-making and perceptions significantly.
Community Problems
Issues or challenges that affect the well-being or functioning of a community and its members.
Vicarious Dissonance
A psychological phenomenon in which an individual experiences dissonance or conflict by observing another person engage in behavior that contradicts their beliefs or values.
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