Following are the production possibilities curves for the fictional nations of Bergsakeria and Solbergia showing their respective
Question:
Following are the production possibilities curves for the fictional nations of Bergsakeria and Solbergia showing their respective capacities for producing gizmos (G) and widgets (W). Use this information to answer the questions that follow.
a. Which nation has an absolute advantage in producing gizmos (and widgets for that matter)? Explain.
b. Which nation has a comparative advantage in producing gizmos? How do you know? Which nation has a comparative advantage in producing widgets? Explain.
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Neither nation has an absolute advantage in producing gizmos To determine which nation has a comparative advantage in producing gizmos we need to calc...View the full answer
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