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Hypothetical information about the united states

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1. Consider the following hypothetical information about the United States and South Korea shown in Exhibit 4.

a. OUTPUT PER WORKER PER DAY

UNITED SOUTH

STATES KOREA

Tons of steel 8 4

Bushels of wheat 80 8

b. Absolute advantage in wheat production?

c. Comparative advantage in steel production? __________________________

d. Comparative advantage in in wheat production? ____________________________

e. If these countries trade steel and wheat with each other, which country will export steel and import wheat?

Reference no: EM132559808

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