Federal Reserve Bank of St. Louis Page One Economics Newsletter: "The Global Economy: 'It's a Small World After All'" After reading the article, answer the following questions. 1. Does the concept of comparative advantage apply to individuals, countries, or both? Explain. 2. Suppose that one day of labor in each country produces the following quantities of fish and cheese: Fish Cheese Country (tons) (tons) France 80 40 Japan 200 50 Does France have a comparative advantage in the production of fish, cheese, or neither? Explain. Does Japan have a comparative advantage in the production of fish, cheese, or neither? Explain. Suppose the countries decide to trade with each other1 ton of cheese for 3 tons of fish. Would this trade be advantageous to both countries? Explain.