What distinguishes comparative advantage from absolute advantage in production? (1 point) Apples Bananas A country has comparative advantage in Country A 500 1500 production when its opportunity costs of producing Country B 800 1600 a good are lower than another country's. A country has comparative advantage in If all resources of Country A and Country B were dedicated toward production when its opportunity costs of producing the production of either apples or bananas, the maximum a good are higher than another country's. production of each is summarized in the table above. In order for both countries to benefit from trade, which country should A country has comparative advantage in specialize in banana production, and why? production when it requires fewer total inputs than (1 point) does another country to produce the same output. A country has comparative advantage in production when it requires more total inputs than O Country A since it has the absolute advantage in does another country to produce the same output. banana production. If both Japan and the United States directed all of their resources O Country B since it has the comparative advantage to the production of laptops, the United States would produce a in banana production. greater quantity laptops in any period of time. Given this information, which of the following is necessarily true? (1 point) O Country B since it has the absolute advantage in banana production. O Japan has a comparative advantage in laptop production. O Country A since it has the comparative advantage in banana production. O The United States has an absolute advantage in laptop production. A country produces books and video games exclusively. In the same time it takes to produce one video game, the country could O Japan has an absolute advantage in laptop production. produce 4 books. If the country currently produces 800 books and 200 video games but would like to consume a combination of 100 The United States has a comparative advantage in video games and 1,400 books, which of the following is true? O laptop production. (1 point) At most, a country could produce 20,000 units of Good A or 5,000 O The country can produce 600 more books and 100 units of Good B. What is the opportunity cost of producing one fewer video games itself, or it can engage in trade. unit of Good B in terms Good A? (1 point) O The country might consume 100 video games and 4 units of Good A 1,400 books following trade. O + unit of Good A This is only possible if the country produces 600 more books and 100 fewer video games itself. 4 units of Good B O It is impossible for the country to consume a O - unit of Good B combination of 100 video games and 1,400 books