1. If the United States could produce five televisions per hour of labor and China could produce three televisions per hour of labor, would it necessarily follow that the United States should specialize in television production? Why or why not?
2. Describe the target guest for each class of hotel (star or diamond rating). Based on the customer segment and market trends, what are some potential revenue-generating ideas the hotels in each class could implement?
3. Discuss the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns? Justify your answer.