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Absolute and comparative advantage

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Problem: (Absolute and Comparative Advantage) You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:

                     Labor Hours Required to Produce One Unit

                      United Kingdom              United States

       Wheat                 2                                   1

       Cloth                  6                                   5

  1. What is the opportunity cost of producing a unit of wheat in the United Kingdom? In the United States?
  2. Which country has an absolute advantage in producing wheat? In producing cloth?
  3. Which country has a comparative advantage in producing wheat? In producing cloth?
  4. Which country should specialize in producing wheat? In producing cloth?

Reference no: EM132435679

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