Answer to Question #73343 in Macroeconomics for june
(Absolute and Comparative Advantage) information concerning the production of wheat and corn in the United States and Russia?
Millions of tons of grain produced in one year
Russia wheat 15 Corn 150
U.S Wheat 60 Corn 300
a. What is the opportunity cost of producing a unit of wheat in Russia? In the United States?
b. Which country has an absolute advantage in producing wheat? In producing corn?
c. Which country has a comparative advantage in producing wheat? In producing corn?
d. Which country should specialize in producing wheat? In producing corn?