Business, 07.08.2021 01:30 keigleyhannah30
Suppose the United States and Taiwan produce only cell phones and digital music players. Assume that each country uses only labor to produce each good, and that the cell phones and digital music players made in the United States and Taiwan are exactly alike. The table below shows how much each country can produce of each good with one hour of labor.
Output per Hour of Labor
Cell Phones Digital Music Players
United States 5 8
Taiwan 24 14
According to the table, has an absolute advantage in producing cell phones, and has an absolute advantage in producing digital music players.
At the same time, has a comparative advantage in producing cell phones, and has a comparative advantage in producing digital music players.
Answers: 1
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Suppose the United States and Taiwan produce only cell phones and digital music players. Assume that...
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