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  3. The table below shows the bushels of wheat and the yards of cloth that the Unite

The table below shows the bushels of wheat and the yards of cloth that the Unite

游客2025-06-21  0
问题 The table below shows the bushels of wheat and the yards of cloth that the United States and Britain can produce with one hour of labor time.
(a)Please identify the commodity in which the U.S. and Britain have an absolute advantage or disadvantage?
(b)Indicate the commodity in which the U.S. and Britain have a comparative advantage or disadvantage?
(c)If the two countries are to trade with each other, which goods should they expert? Why?
(d)Would trade benefit both of them? Why?
选项
答案 (a)The table shows that the U.S. has absolute advantage in producing both goods, six times as efficient as Britain in producing cloth, but only three times in producing wheat.
(b)The U.S. has a relative or comparative advantage in producing cloth. The reason is that the opportunity cost of 1 yard of cloth is 1 bushel of wheat in the U. S., but higher in Britain at 2 bushels of wheat. Similarly Britain has a comparative advantage in producing wheat since the opportunity cost of 1 bushel of wheat is 0.5 yard of cloth in Britain, but higher in the U. S. at 1 yard of cloth.
(c)According to (b), the U.S. should export cloth and Britain wheat if the two commies are to trade with each other. The reason: The law of comparative advantage states that if each country specializes in the products in which it has the greatest comparative advantage, trade will be beneficial to all concerned.
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