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What is the opprotunity cost of rice for country

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Reference no: EM132500304

Japan rice (bushels per hour): 4 Thailand rice (bushels per hour): 8

Japan apparel (units per hour): 40

Thailand apparel (units per hour): 16

What is the opprotunity cost of rice for each country?

What is the opprotunity cost of apparel for each country?

Japan has an abosolute advantage in the production of what?

Thailand has an absolute advantage in the production of what?

Japan has a comparative advantage in the production of what?

Thailand has a comparative advantage in the prouction of what?

In order for both countries to benefit from the exchage, the terms of trade must be between what amount of bushels of rice per unit of apparel?

 

Reference no: EM132500304

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