Comparative Advantage Practice Problems . Absolute Advantage: makes the most of a good (if using similar resources) Comparative Outputs: lowest opport...
Determining Comparative Advantage: Input method In order to produce 1 ton of output, Mexico and the USA require the following amount of land (in acres)
Absolute and Comparative Advantage Practice Problems . For each scenario identify: Scenario 1 . Oranges harvested in one hour Orange juice squeezed in
Comparative Advantage Practice Problems – Remember to have the comparative advantage you must have the LOWEST OPPORTUNITY COST! Tire Changes (per hour) Oil Changes
Practice Questions on Comparative Advantage Comparative Advantage Dr. McGahagan -- Microeconomics The following information applies to questions 1 - 6
COMPARATIVE ADVANTAGE PRACTICE Create a chart for each of the following problems. First- Identify if it is a output or input question Second-Identify who has the
Comparative Advantage and Competitive Advantage: An Economics Perspective and a Synthesis Satya Dev Gupta St. Thomas University, Fredericton, N.B., Canada
Answers to Practice Questions on Comparative Advantage Dr. McGahagan -- Microeconomics The following information applies to questions 1 - 6. Good X is X-ray machines
Practice problem on comparative advantage with answer: The following table shows the hours needed to produce fish and rice for two initially isolated
Worksheet: Comparative Advantage and Specialization Stewie and Brian are stuck on an island and have no way to call for help
A certain electromagnetic wave has a wavelength of 625 nm. a.) What is the ... ( Note: All electromagnetic travels at the speed of light in a vacuum). 2.8 x 107 mi x 1 ... λ = c = 2.998 x 108 m x 1 nm = 4.0 x 102 nm ν 7.5 x 1014 s-1. 10-9 m b.) Calcu
Slower car . t. . . . 0 t1t2 t3 t4 t01t2t3t4. Time. "Practice Problems . 3.2 Motion with Constant Acceleration pages 65—71 page 65. 18. A golf ball rolls up a hill toward a ... 5.1 s ' car slows from 22 m/s to 3.0 m/s at a constant rate of 2.1 m/s2.
Waves Practice Problems. PSI AP Physics B. Name___________________________________. 1. In a wave, the distance traveled by a wave during one period is called: (A) Amplitude (B) Frequency (C) Wavelength (D) Displacement. 2. A stretched wire resonates
Please do #18 in chapter 12 of your text. a. This increases the [H 2], which will increase the rate, but has no effect on k ... KINETICS Practice Problems and Solutions
ANOVA Practice Problems 1. Suppose that a random sample of n = 5 was selected from the vineyard properties for sale in Sonoma County, California, in each of three years
Microeconomics Instructor Miller Practice Problems International Trade and Comparative Advantage 1. Goods and services bought domestically but produced in other
D is the correct answer. Remember, whether we calculate sample SD from a sample of 1,000 or a sample of 3,000, both are estimating the same quantity- the population
Finance Practice Problems Ordinary Annuity ... Annuity Due 1 11 r nt n ... Find the future value of an annuity of $672 deposited at the beginning of each quarter for
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which one of the following is correct? A) ν ÷ λ = c. B) ν = cλ. C) νλ = c. D) λ = c ν. E) ν + λ = .... 23) Which electron configuration represen
Put a "1" by that unit. Then ask how many of the smaller units are in the bigger unit. Put that number in front of the smaller unit. There is your conversion factor. Make sure ... 3 mg? 27. How many mL are in 0.258 L? 28. What is the density in g /mL
Momentum and Impulse Practice Problems ... A 0.105 kg hockey puck is traveling at 12 m/s when it is struck by a stick. ... coefficient of friction is 0.5,
Holt Science Spectrum. 1. Wave Speed Practice Problems. The musical note A above middle C has a frequency of 440 Hz. If the speed of sound is known to be 350 m/s, what is the wavelength of this note? 1. List the given and unknown values. Given: frequ
1 DOES NAMIBIA HAVE A COMPARATIVE ADVANTAGE IN BEEF PRODUCTION? Luis M. Chiriboga, Chris Kilmer, Rocky Fan, and Kishore Gawande Bush School of Government and Public
Shinoj and Mathur: Comparative Advantage of India in Agricultural Exports 61 with WTO also had a major impact leading to redefining of its agricultural trade
Comparative Federalism uses a comparative approach to explore the contemporary nature and meanings of federalism and federation. Providing both a detailed theoretical
Comparative Advantage Practice Problems Absolute Advantage: makes the most of a good (if using similar resources) Comparative Outputs: lowest opportunity costs of producing a good (use “other goes over”) Comparative Inputs: least resources or effort needed to make one unit (use “other goes under”) Terms of trade: trade can occur only if the “price” of the good each country obtains from trade is less than their opportunity cost of producing the good themselves. *Pay attention to the format of the chart to determine if it is an input or output viewpoint. It makes a difference!* #1. Hats Delta 1200 Epsilon 600 AA Hats = AA Bicycles = CA Hats = Trade can occur: _____________ hats for ________________ bicycles
Bicycles 300 300
#2. Fish Alpha 10 labor hours Beta 20 labor hours AA Fish = AA Wheat = CA Fish = Trade can occur: _____________ fish for ________________ wheat
Wheat 20 labor hours 80 labor hours CA Wheat =
#3. Cloth Gamma 10 Kappa 10 AA Cloth = AA Food = CA Cloth = Trade can occur: _____________ cloth for _______________ food
Food 2 1
#4. Cars Lambda 30 Mu 20 AA Cars = AA Tractors = CA Cars = Trade can occur: ____________ cars for ______________ tractors
Tractors 10 40
#5. Watches 40
CA Bicycles =
CA Food =
CA Tractors =
Omega
10
Phi 10
20
Radios
AA Watches = AA Radios = CA Watches = Trade can occur: __________ watches for _____________ radios
CA Radios =
#6. Minutes needed to produce 1 radio Minutes needed to produce 1 bushel of wheat Ted 20 minutes 5 minutes Nancy 30 minutes 15 minutes AA Radios = AA Wheat = CA Radios = CA Wheat = Trade can occur: __________ radios for ___________wheat
Comparative Advantage Practice Problems KEY Absolute Advantage: makes the most of a good (if using similar resources) Comparative Outputs: lowest opportunity costs of producing a good (use “other goes over”) Comparative Inputs: least resources or effort needed to make one unit (use “other goes under”) Terms of trade: trade can occur only if the “price” of the good each country obtains from trade is less than their opportunity cost of producing the good themselves. *Pay attention to the format of the chart to determine if it is an input or output viewpoint. It makes a difference!* #1. Hats Bicycles Delta 1200 (1 hat = ¼ bike) 300 (1 bike = 4 hats) Epsilon 600 (1 hat = ½ bike) 300 (1 bike = 2 hats) AA Hats = Delta AA Bicycles = Neither/both CA Hats = Delta CA Bicycles = Epsilon Trade can occur: _____3________ hats for _______1_________ bicycles #2. Fish Alpha 10 labor hours (1 fish = ½ wheat) Beta 20 labor hours (1 fish = ¼ wheat) AA Fish = Alpha AA Wheat = Alpha CA Fish = Beta Trade can occur: _______3______ fish for ________1________ wheat
#3. Cloth Food Gamma 10 (1 cloth = 1/5 food) 2 (1 food = 5 cloth) Kappa 10 (1 cloth = 1/10 food) 1 (1 food = 10 cloth) AA Cloth = Neither/both AA Food = Gamma CA Cloth = Kappa CA Food = Gamma Trade can occur: __6, 7, 8, or 9__ cloth for ________1_______ food #4. Cars Tractors Lambda 30 (1 car = 1/3 tractor) 10 (1 tractor = 3 cars) Mu 20 (1 car = 2 tractors) 40 (1 tractor = ½ car) AA Cars = Lambda AA Tractors = Mu CA Cars = Lambda CA Tractors = Mu Trade can occur: _____1_______ cars for _______1_______ tractors #5. Watches 40
Omega Phi
Omega
10
Watches 40 (1W = ¼ R) 10 (1W = 2R)
Radios 10 (1R = 4W) 20 (1R = ½ W)
Phi 10
20
Radios
AA Watches = Omega AA Radios = Phi CA Watches = Omega Trade can occur: _____1_____ watches for ______1_______ radios
CA Radios = Phi
#6. Minutes needed to produce 1 radio Minutes needed to produce 1 bushel of wheat Ted 20 minutes (1 radio = 4 wheat) 5 minutes (1 wheat = ¼ radio) Nancy 30 minutes (1 radio = 2 wheat) 15 minutes (1 wheat = ½ radios) AA Radios = Ted AA Wheat =Ted CA Radios = Nancy CA Wheat = Ted Trade can occur: _____1_____ radios for ______3_____wheat
