absolute and comparative advantage 1
Macroeconomics
Absolute and Comparative Advantage
Use the table below to answer the questions concerning absolute and comparative advantages.
|
|
Lumber |
Automobiles |
|
United States |
8 |
8 |
|
Canada |
4 |
2 |
- Which country has an absolute advantage in producing lumber?
- Which country has an absolute advantage in producing automobiles?
- Which country has a comparative advantage, if any, in producing lumber?
- Which country has a comparative advantage, if any, in producing automobiles?
- Should the U.S. trade with Canada? If so, what should be imported and what should be exported?
- Should Canada trade with the U.S.? If so, what should be imported and what should be exported?
Please provide original work. No plagiarizing.
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