Table 2-31 -Refer to Table 2-31. This Table Shows the Number of Shows

question 333

Essay

Table 2-31

-Refer to Table 2-31. This table shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland.
a. Which country has an absolute advantage in the production of cell phones?
b. Which country has an absolute advantage in the production of lumber?
c. What is Estonia's opportunity cost of producing one cell phone?
d. What is Finland's opportunity cost of producing one cell phone?
e. What is Estonia's opportunity cost of producing one board foot of lumber?
f. What is Finland's opportunity cost of producing one board foot of lumber?
g. If each country specializes in the production of the product in which it has a comparative advantage, who should produce cell phones?
h. If each country specializes in the production of the product in which it has a comparative advantage, who should produce lumber?

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Definitions:

Jobless Situation

This is the state of being unemployed, where an individual is actively seeking work but unable to find a job.

Withdrawn

The state of being introverted or disengaged from social interactions, often as a response to emotional distress or personal preference.

Personal Values

The beliefs, principles, or ethical standards that individuals consider important and guide their behavior and decision-making.

Critical Thinking

The objective analysis and evaluation of an issue in order to form a judgment.