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All five questions have the same A,B,C,D questions as shown in #1 1. It takes Canadians 6 hours to produce one unit of calculators and
All five questions have the same A,B,C,D questions as shown in #1
1. It takes Canadians 6 hours to produce one unit of calculators and 4 hours to produce one unit of backpacks. It takes the Japanese 2 hours to produce the calculators and 3 hours to produce the backpacks. A. Does Output vary or does Input vary in this problem? B. Who has the absolute advantage for each product? C. Who has a comparative advantage for the rst product? D. Who has a comparative advantage for the second product? 2. Americans produce 50 computers or 50 TV's per million hours of labor. Chinese produce 30 computers or 40 TV's per million hours of labor. 3. Renery EM can produce 22 gallons of gasoline or 18 gallons of ight fuel per barrel of crude oil. Renery CG can produce 18 gallons of gasoline or 16 gallons ofight fuel per barrel of crude oil. 4. It takes Ted 20 minutes to produce one unit of radios and 5 minutes to produce one bushel of wheat. It takes Nancy 30 minutes to produce the radios and 15 minutes to produce the wheat. 5. Anna produces 100 lbs. of potatoes or 200 lbs. of cabbage in a week. Barry produces 120 lbs. of potatoes or 150 lbs. of cabbage in a weekStep by Step Solution
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