Would you rather have a comparative or absolute advantage?

Describe how comparative advantage is relevant for trade and how even when a country has an absolute advantage in both goods it can still gain from trade.

Define and explain the difference between absolute advantage and comparative advantage. What is the significance of each in international trade processes?

Illustrate, using a hypothetical scenario (data), how a nation could have an absolute disadvantage in the production of two goods and could still have a comparative advantage in the production of one of them.

Explain the difference between comparative advantage and absolute advantage. Economics is not my strong suit however, if you could maybe explain this to me in laymans terms along with maybe an example that would be great.

Explain the difference between comparative advantage and absolute advantage. Explain how economies benefit with specialization and trade.

Illustrate the principles of absolute and comparative advantage by using two nations in a hypothetical investment scenario.

1. Referring to Table 1, what can be concluded about Spain's absolute and comparative advantage for both boats and trucks? Maximum Output Table 1: Boats (Spain 3) (Portugal 2) Trucks (Spain 12) ( Portugal 6) 2. Referring to Table 2:  Who has absolute advantage in what good?  Italy has comparative advant

Still remaining within the Ricardian framework, consider that Canada has 100 units of labor available for production while Mexico has 200 units of labor and both countries produce corn and wheat. Table B summarizes outputs of corn and wheat produced per hour of work in Mexico and Canada with labor (or, hours of work) as the only

1. In a day of production, firms in Angola can produce 200 liters of oil or 100 kilograms of tungsten. Firms in Namibia can produce 160 liters of oil or 60 kilograms of tungsten. Which country has an comparative advantage in the production of tungsten? a. Both countries are equally advantageous in production. b. Neither c