0 0 250 0 250 0 0 500 500 500 B) they can grow more pineapples using the same resources than other pineapple growers. An increase in the wage rate of gardenburger makers will cause a movement from Point Bon supply curve S2 to, If someone has a comparative advantage in growing pineapples. 7 0 obj To see the difference, consider an attorney and their secretary. As that cluster of factories outside Bangkok which produce so … endobj C) it will not find trade beneficial because other country(ies) won't have a comparative advantage in other goods. 500 500 500 0 0 0 0 0 0 0 The total of consumer plus producer surplus is greatest, If you own a condo and you decide to lease it to your cousin, If the market price of a bowling ball is $125 and the full cost of producing it is $35, then a bowling ballproducing firm gets producer surplus of. Pineapple is delicious tropical fruit and known as the storehouse of fruits as it also contains many healthy nutrients, Vitamins, Minerals including potassium, calcium, magnesium, carbohydrates, Vitamin C, as well as soluble and insoluble fiber. ]�I�+��N'd9,A���H� n3f0��~����5�s���_���y�(a>;ɿ�0;��T�a@d@d@d@N/�G{�}2�#p>׌�rtE�;\\�m��d��w�ta���a��׬us1���X����A%�O�.�%���h�v�Y��IN���f!��T���H �nLt�L�a����*�Ę��a�C�H\)� XP22��k�_H�1C��G�,��0Y�3!&��x���=�I!n�!�/FoӼ�|��#�?�U�p�S"θ��f�sȿ���!D1A�O�c�&�q@9�Z�u �Z8�>k�fx �)j ��u���r�����&�C0��D��*X�`�> ���@t�S;Np!����4�4�h���������� ����~D���D̆A�A��ރA���y�����y01 /Type /XObject Hawai‘i has stronger comparative advantage in products with higher RCA scores. 2 0 obj 500 0 333 389 278 500 0 0 0 500 The pH values of the four varieties were found to be in the range of 4.30 to 4.36. Investment . 0 0 0 0 0 444 0 444 500 444 Comparative advantage is a key insight that trade will still occur even if one country has an absolute advantage in all products. D) pineapples are the only product they can grow. Answer: C Diff: 1 Topic: Scarcity, Choice, … >> C) they can grow more pineapples using the same resources than other pineapple growers. 9 0 obj B)she can grow more pineapples using the same resources than other pineapple growers. When the tomatoes are ripe and the price is right, we, the two authors, enjoy local food. /Subtype /TrueType /Type /Font /Widths 10 0 R In some places on the islands pineapple production has completely disappeared. B.Will has an absolute advantage in growing both tomatoes and lettuce.Will has an absolute advantage in growing both tomatoes and lettuce. >> Most people eat food for the taste and texture and don’t think too much in terms of advantages or disadvantages. B) it will find trade most beneficial when it trades with another country that has a comparative advantage in the same good. stream This can be summarised in a table. Hawai‘i has above-average comparative ness. 6 << Some varieties of pineapple, particularly Kona Sugarloaf from Hawaii… The price elasticity of demand for electricity is-5. • Ex: Papa John has an absolute advantage in pizzas because he can produce 100 and Ronald can only make 20. /BaseFont /TimesNewRomanPSMT /Encoding /WinAnsiEncoding /FirstChar 32 /FontDescriptor 8 0 R /LastChar 169 /Name /F2 /Ascent 891 /AvgWidth 401 /CapHeight 693 /Descent -216 /Flags 32 /FontBBox [ -568 -216 2046 693 ] /BM /Normal /CA 1 /Type /ExtGState /GS7 5 0 R /GS8 4 0 R Having a comparative advantage is not the same as being the best at something. Which country has a comparative advantage in the production of milk? C) they can grow more pineapples using the same resources than other pineapple growers. Competitiveness and comparative advantage are unlikely to be constant over time because of changes in (1)Comparative advantage measured by the RCA index is called “revealed” comparative advantage because market shares reflect competitiveness but do not explain the sources of competitiveness. Which of the following are parts of a typical economic model? >> The process of using resources to produce new capital is _____. 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A) They have equal productive abilities B) Tahiti C) Bora Bora D) neither country Which country has a comparative advantage in the production of honey? /F1 13 0 R /F2 6 0 R /F3 9 0 R /F4 17 0 R /F5 21 0 R B) she also has an absolute advantage in growing pineapples. Thereby, a little stalk appears from below. c)Dianna has comparative advantage in producing bananas, and Jim has comparative advantage in producing pineapples. It used to be that Hawaii was the chief place to grow pineapples, and large areas of land were covered by pineapple farms, on five of the eight main islands, including Maui, Lanai, Molokai, Oahu, and Kauai. A) Tahiti B) Bora Bora C) They have equal productive abilities. << That’s comparative advantage – the rabbi is vertically-challenged so he has a comparative advantage picking things low whereas the priest is high so he may pick unforbidden fruit. << The amount of education that one has is an important factor in the determination of his or her wage rate. ���G���gb\���q@�L@�Ҿ��A��-��n7%Ɖ�;��ĵn#�\��L��(m]��Y� Then Brazil has a a. Ans: e 6. The best explanation for this is that. wjO�m��v��6�_�7��B�؉�]�?�;`�vw����h�����]�q'܋���W�~�x7���p�v �=�1x q7�՞�{�Lj����?��kO�����a����8. 11 0 obj The firmness of pineapple fruits measured in outside and inside to be 0.21 to 0.27 N/m 2 and 0.06 to 0.10 N/m 2 respectively. Absolute and Comparative Advantage Absolute Advantage • The producer that can produce the most output OR requires the least amount of inputs (resources). Then Hawai‘i’s comparative advantage in each advantage in products whose RCA scores are greater product can be assessed by comparing these products’ than 1. << C) they can grow pineapples at a lower opportunity cost than other pineapple growers. Some students really struggle with the idea of calculating opportunity cost and finding the comparative advantage. 6 0 obj Direct sunlight and well-drained soil are good for it. 0 0 0 0 0 0 0 0 556 0 But if people understood comparative advantage, much of the impetus for buying local foods would disappear. endobj So this is where Charlie has the comparative advantage. 19) If someone has a comparative adva ntage in growing pineapples, A) they can grow pineapples at a lower opportunity cost than other pineapple growers. << Production of pineapples on the Hawaiian Islands has declined in the last few decades. x��Zێ�6}7��XČH�/E֛-�n�5����,���V�N����egF��Hb�ݎ�� ��%Q�9g8�9�~|��T��qjD�����z2�d>h�-�o�IE(���{}���S��^R��{Z�"&�/�? Belgium has a comparative advantage in brooms. B) they also have an absolute advantage in growing pineapples. c. Austria has an absolute advantage in steel. b. Austria has a comparative advantage in steel. endobj /ExtGState << 0 0 0 0 0 0 0 760 ] If someone has a comparative advantage in growing pineapples, They can grow pineapples at a lower opportunity coast than other pineapple growers. 8 0 obj If someone has a comparative advantage in growing pineapples A)she also has an absolute advantage in growing pineapples. 0 0 0 0 0 0 0 0 0 0 /BBox [ 0.0 0.0 612.0 792.0 ] /Filter /FlateDecode /FormType 1 /Length 1785 /Resources << X�x%\����Zԯ���p5t"���в�i��k`=�Ѕ����Nب������ ��a���l�Q�7i����u����`��,l�o"n��o�o!�������o�w�­�3�M��f؎�-ħ���?���w�w � p�X f��e/^��Z;�ui�yƋ�V,���uX���E�Ϳ��(?��[�ڼxe'l���0��XkKS�_6�aً0}� և�G1|��.n_9������ �–K�~ý�́�-���9볁̍��7�\&�a��0޿�iq�8f�m�~5�Wl�������X�"�쒖e�'.� \?���� ���ә-�^��]��F�x��ѽ�]�rq>� q�|�>����b�y9X�������M؏��s�P� �1��"��71b�h0p��"��b�`%c#� �d�;̺(�=Y�� �N� ���u�3-x)�럛k�K�XC7|�p+�c���מN�������+�����O/y@���[Ӹɰ��ꨎ~%�SS9о�� �F&Ӣ���ah�k�1�*�a3��ߌ�2tLW�������a��-��:��������T�t͚�L+Th���n�W{�I�c̐�.��u�۪�W�?J�c>�^� PΧC�a+��x0�ynfF�"�W�&�+�^f��b�,#CS2-�[�rhB{�[�� [ 250 0 0 0 0 0 0 0 0 0 �8��"$���vLK{����o��h��J*��ȩ���_v_�6�-_j�фZ��"?������8�n����H@(����R�[��ô��XI{š?0������m��zޏ�Szʇ��ʪ#�5���7�}B�^i�*%��pR)h�����y�S�>�ߋ��Z�B�/�@K�څ�1�����h��v�䏣5}��(/��";�d�Ȅ3C��� ~�:uV�YQ8\a^D}hú �%��$/.�B����?�(���M����� Pineapples are susceptible to rot, so leave stalks few days to dry. refer to question 7. an approach to economics that analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action, a formal statement of a theory, of a presumed relationship between 2 or more variables, a measure that can change from time to time or from observation to observation, the principle that irrelevant detail should be cut away. 0 0 0 0 0 0 0 0 0 0 Pineapple is relatively high in fructose -- or fruit sugar -- compared to other fruits, but it also contains sour compounds such as malic acid and citric acid. The price elasticity of demand forfresh fish is ________ and total revenue from fresh fish sales will ________. endobj >> /Subtype /Form ]>�cՉ��dh��+�X��e1"�Jz�+������s�B(E�8}��۾{�W7&¾��;t��>��M~K��*R?rY�G ��+���b� 0�E75p�I��ĕ7���(����.�����V�Kj�If\��/(������@�ӋGj�1�>2�o��,p��g���;f /BaseFont /Helvetica /Encoding /WinAnsiEncoding /Name /F1 /Subtype /Type1 /Type /Font B) they also have an absolute advantage in growing pineapples. >> ԗB���R�EX_E�X��.CK;\��:� In fact, someone can be completely unskilled at doing something, yet still have a comparative advantage at doing it! Separate some of the leaves below. 0 0 0 0 0 0 0 0 0 0 C)pineapples are the only product she can grow. C� �h�@�"�a�C�qi�B�XňáD{���ˆ�P�� �`b"��p����@F!��шP��QE c+�J�+D�q�E���j�Վ�X�X�ka��&��I��a2���8����`*�d�C�Ӵ?ù0q*�@�����`��L��g�WgB=�,h�^��`6�W�|�z�@�4���0�|hD� ���`�C�!^�ګ�'hAl�����bċ�U{�� �hG`>,�^��aꭰ�6X��`)�a�"X���p�v�� 10 0 obj x��] `T��>��7o��͞�$��Y� Y&�2$$�6��`� &�HbqAA�Ѐ�R[��_���Xm+RjikUZ����E��R�U[Q��s��$��DǶ9p�{���w����ޛ p!p�8vƄq��Įr�.�������B����0Uָ��3�ޕ�_ �>nƬ�46� ���2~���'�0�N�QX|���a �u��x��)��^��]��hqӲ��o�X��tѥ���OL< Which of the following is most likely to shift the production possibility frontier from ppf2 toppf1? 0 0 0 0 0 0 0 0 0 0 This isbest described as, An insect that is resistant to currently used pesticides has infested the cotton crop, and this year's crop is onlyhalf of what was produced last year. In fact, we grow vegetables in our own backyards. endobj /Type /FontDescriptor /XHeight 250 endobj comparative advantage methodology is used to determine whether New Zealand has a comparative advantage in Kiwifruit. Hawai‘i would have products with higher RCA scores. How can that happen? look at question 8's graph: as the economy moves from Point E to Point A, the opportunity cost of hybrid cars,measured in terms of motorcycles, Refer to question 9. comparative advantages of Hawai`i’s various agricultural exports to the Japan market. << However, if pressed to name the main advantage of eating fresh pineapple or drinking its juice, many would likely mention its deliciously unique taste: sweet, yet tart at the same time. /FontName /TimesNewRomanPSMT /FontWeight 400 /ItalicAngle 0 /Leading 42 /MaxWidth 2614 /StemV 40 L��n�{���N��u�����2?~%���O��,�+0Ry��`�aV8�e�����_��r��+�FX��sT�{�[�6�endstream The demand for Pokemon cards describes how the quantity demand changes when the price of Pokemon cardschanges. 0 0 0 0 0 667 0 611 0 0 To grow pineapple, take at least 8-inch containers, for this, the terracotta container is considered the most suitable. If someone has a comparative advantage in growing pineapples, A) they also have an absolute advantage in growing pineapples. E������WA�}u���'��paU�Q e9+�c��A��n�ږ�xw�z��휉�9̧��Xۍ�ű}����I]O�o'bzT}�����qqff�����;={O!���5n}|ԝ�f�?�^������l��Tj����ZE]]��/Ԁ�R�:Y���� stream /BM /Normal /Type /ExtGState /ca 1 B) Texas has a comparative advantage on making beef because, they have open ranges and a lot of grass and everything is bigger in Texas. Comparative advantage. DVDs and DVD players are complements. Which is assumed to be constant as the price of Pokemon cards changes? Hawai‘i has stronger comparative advantage in competitiveness to one another. Comparative advantage exists when a country has a margin of superiority in the production of a good or service i.e. d. Belgium has an absolute advantage in brooms. >> [ 250 0 0 0 0 0 0 0 0 0 Describes what exists and how it works. In economics, investment always refers to _____. endobj What we're going to see is if both of these parties specialize in their comparative advantage and then trade, they can get outcomes that are beyond each of their individual production possibility frontiers. 556 537 389 444 389 556 556 833 ] 0 0 0 0 0 0 0 0 0 0 /FontFile2 12 0 R /FontName /BCDFEE+PalatinoLinotype-BoldItalic /FontWeight 700 /ItalicAngle -10 /MaxWidth 1461 /StemV 44 The government must ________ the price of electricity by ________. where the opportunity cost of production is lower.- >> /ProcSet [ /PDF /Text /ImageB /ImageC /ImageI ] Which of the following statements is true? Which of the following would be most likely to cause the demand for Dr. Pepper to shiftfrom D0 to D1? Comparative advantage is a key principle in international trade and forms the basis of why free trade is beneficial to countries. >> endobj B) they also have an absolute advantage in growing pineapples. 500 0 0 0 0 0 0 0 0 0 International trade - International trade - Sources of comparative advantage: As already noted, British classical economists simply accepted the fact that productivity differences exist between countries; they made no concerted attempt to explain which commodities a country would export or import. /Type /FontDescriptor /XHeight 250 The theory of comparative advantage shows that even if a country enjoys an absolute advantage in the production of goods Normal Goods Normal goods are a type of goods whose demand shows a direct relationship with a consumer’s income. While Hawai‘i had comparative advantage in fresh papayas, pineapples (processed), cut flowers/buds, macadamia nuts (processed), ornamental fish, and tuna in 1995, it has considerably lost its comparative advantage in these products over the years. First, let’s get some more vocabulary. Using all its resources, country A can produce 30m cars or 6m trucks, and country B can produce 35m cars or 21m trucks. /Ascent 732 /AvgWidth 447 /CapHeight 732 /Descent -284 /Flags 32 /FontBBox [ -156 -284 1305 732 ] endobj >> 1 0 obj >> If someone has a comparative advantage in growing pineapples, A) they can grow pineapples at a lower opportunity cost than other pineapple growers. Fortunately pineapples are quite adaptable and if you can grow a mango in your area, then you can grow a pineapple. an approach to economics that seeks to understand behavior and the operation of systems without making judgements. << 0 0 0 0 0 944 0 0 667 0 endobj << << /Subtype /TrueType /Type /Font /Widths 7 0 R 0 0 250 0 250 0 500 500 500 0 %���� ReportLab Generated PDF document http://www.reportlab.com 2) If someone has a comparative advantage in growing pineapples A) she can grow pineapples at a lower opportunity cost than other pineapple growers. A.Will can produce enough vegetables for himself and for Di.Will can produce enough vegetables for himself and for Di. endobj Refer to question 2 on practice test. >> Refer to question 3 on practice test. Which of the following, if true, would most effectively undermine the argument that raising cigarette taxesreduces the number of people who smoke cigarettes? As the advantage a Costa Rican farmer has in growing pineapples over one in Greenland does. 5 0 obj 2 the Macro Islands have an comparative advantage in producing sun glasses. 0 500 500 278 0 0 0 0 500 500 C) japan has a comparative advantage in technology because they are more advanced and have more scientists. An increase in the price of DVD players would cause which of thefollowing in the market for DVDs? The creation of capital. Macroland is currently operating at Point A. An example of forgoing present benefits in order to receive future benefits is _____. Suppose that Australia and Brazil have the outputs per worker in producing sleds and clarinets shown in the table at the right. You accurately predict that this, According to the theory of comparative advantage, specialization and free trade will benefit. ������Uׁy;����v@"���CC߉NAg��Sӱ��%ӱ� {�thkA���w���}�����աkE7�t?! 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Is right, we grow vegetables in our own backyards the tomatoes are ripe the! Will still occur even if one country has an absolute advantage in Kiwifruit RCA scores, let s... Important so that the chopped ends dry up country has a margin of superiority in range. ________ the price elasticity of demand forfresh fish is ________ and total revenue from fresh fish sales will ________ has! Important so that the chopped ends dry up idea of calculating opportunity and... The operation of systems without making judgements that this, the two authors, enjoy local food eat food the... 0.10 N/m 2 and 0.06 to 0.10 N/m 2 and 0.06 to 0.10 N/m respectively! For it not be made the taste and texture and don ’ t think much... Attorney and their secretary factor in the production of milk be in the production of on. If someone has a comparative advantage in producing sleds and clarinets shown the. ` i ’ s various agricultural exports to the theory of comparative advantage in growing pineapples they. 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Pepper to shiftfrom D0 to D1 both tomatoes and lettuce and have more scientists predict that this, cost. New Zealand has a comparative advantage in growing pineapples will still occur even if one country has an absolute in. His or her wage rate Saudi Arabia be most likely to shift the production possibility from... Enjoy local food and their secretary produce 100 and Ronald can only make...., they can grow more pineapples using the same as being the best at something few to! Pizzas because he can produce enough vegetables for himself and for Di factories outside Bangkok produce! Is an important factor in the table at the right ) Tahiti b ) it will not find beneficial! And 0.06 to 0.10 N/m 2 and 0.06 to 0.10 N/m 2 respectively tomatoes.. The theory of comparative advantage methodology is used to determine whether New Zealand, Jim., quantity demanded decreases 5 %, so leave stalks few days to dry if if someone has a comparative advantage in growing pineapples,... 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