What will these nations trade?

A.A nation will typically import those goods in which

 

a. the nation has an absolute advantage.

b. the nation has a comparative advantage.

c. other nations have an absolute advantage.

d. other nations have a comparative advantage.

B. Suppose that in the United States, producing an aircraft takes 10,000 hours of labor and producing a shirt takes 2 hours of labor. In China, producing an aircraft takes 40,000 hours of labor and producing a shirt takes 4 hours of labor. What will these nations

trade?

a. China will export aircraft, and the United States will export shirts.

b. China will export shirts, and the United States will export aircraft.

c. Both nations will export shirts.

d. There are no gains from trade in this situation.

C. Kayla can cook dinner in 30 minutes and wash the laundry in 20 minutes. Her roommate takes twice as long to do each task. How should the roommates  allocate the work?

a. Kayla should do more of the cooking based on her comparative advantage.

b. Kayla should do more of the washing based on her comparative advantage.

c. Kayla should do more of the washing based on her absolute advantage.

d. There are no gains from trade in this situation.

 

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