Submit : Macroeconomics

Question 3 The following table shows the total production that can be produced by two countries at 100 workers. I .. Saudi Arabia United States a) Which country has an absolute advantage in the production of oil and corn? (2 Marks) b) Calculate the opportunity cost of producing one barrel of oil and one bushel of corn in each country. (4 Marks) c) According to the principle of comparative advantage. which country should specialize in producing of oil and com? (2 Marks) d) Identify which country should import corn and oil (2 Marks) 9) When import greater is in a country that can increase level of competition between for local and foreign country. discuss FIVE (5) tools how government can protect local industry from foreign competition. (10 Marks)