Quiz 10 - Comparative Advantage (Part I) Part II is 5 questions in class, which will be given on Thurs. The final is Tues 19th
1) (5 points) Below is the maximum amount of CD's or PC's that can be built by the US and Japan.
Pre-Specialisation
UK
Personal Computers
2,000
CD Players
500
Japan
Personal Computers
4,000
CD Players
2,000
1) Who has the absolute advantage in PC's?
2) Who has the absolute advantage in CD players?
3) Who has the comparative advantage in PC's?
4) Who has the comparative advantage in CD Players?
5) Based on this, who should specialize in CD Players and who should specialize in PC's?
6) Name and explain 2 objections to free trade and the counter argument provided by Economists.
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