ECON 1311 Lecture : Note_Mar_22_2022_9_56_11_AM
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Number of Labor Hours needed to produce one unit of:
Chocolates | Shirts | |
Switzerland | 10 hours | 15 hours |
U.S. | 12 hours | 24 hours |
1. Who has absolute advantange in chocolates? Who has absolute advantage in shirts?
2. Who has comparative advantage in chocolates? Who has comparative advantage in shirts?
3. If these nations trade freely, what does the U.S. import from Switzerland?