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    @@Assignment-Trade and Specialization

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    Abhishek Mishra
    The document contains an assignment on trade and specialization with multiple charts comparing the time it takes different individuals to complete tasks. It asks 27 questions about opportunity costs, absolute advantages, comparative advantages, and terms of trade based on the data provided in the charts.

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    @@Assignment-Trade and Specialization

    Uploaded by

    Abhishek Mishra
    14 views2 pages
    The document contains an assignment on trade and specialization with multiple charts comparing the time it takes different individuals to complete tasks. It asks 27 questions about opportunity costs, absolute advantages, comparative advantages, and terms of trade based on the data provided in the charts.

    Original Description:

    Microeconomics practice assignment

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    © © All Rights Reserved

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    The document contains an assignment on trade and specialization with multiple charts comparing the time it takes different individuals to complete tasks. It asks 27 questions about opportunity costs, absolute advantages, comparative advantages, and terms of trade based on the data provided in the charts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    14 views2 pages

    @@Assignment-Trade and Specialization

    Uploaded by

    Abhishek Mishra
    The document contains an assignment on trade and specialization with multiple charts comparing the time it takes different individuals to complete tasks. It asks 27 questions about opportunity costs, absolute advantages, comparative advantages, and terms of trade based on the data provided in the charts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 2

    Student Name: ____________

    Assignment: Trade and Specialization

    Use the charts to complete the following questions:

    MIKE & DEBBY


    Mike Debby

    Vacuum room 60 minutes 45 minutes

    Wash Dishes 30 minutes 45 minutes

    Mike: DEBBY:
    1 room = 1 room =
    1 load = 1 load =

    1. What is Mike’s opportunity cost of vacuuming in terms of washing dishes?

    2. What is Mike’s opportunity cost of washing dishes in terms of vacuuming?

    3. What is Debbie’s opportunity cost of vacuuming in terms of washing dishes?

    4. What is Debbie’s opportunity cost of washing dishes in terms of vacuuming?

    5. Who has the absolute advantage in vacuuming?

    6. Who has the absolute advantage in washing dishes?

    7. Who has the comparative advantage in vacuuming?

    8. Who has the comparative advantage in washing dishes?

    9. What should be the terms of trade?

    ANDY & HANNAH


    Andy Hannah

    cleaning offices 60 minutes 20 minutes

    cleaning jail cells 30 minutes 15 minutes

    ANDY: HANNAH:
    1 office = 1 office =
    1 jail cell = 1 jail cell =
    10. What is Andy’s opportunity cost of cleaning offices in terms of cleaning jail cells?

    11. What is Hannah’s opportunity cost of cleaning offices in terms of cleaning jail cells?

    12. What is Andy’s opportunity cost of cleaning jail cells in terms of cleaning offices?

    13. What is Hannah’s opportunity cost of cleaning jail cells in terms of cleaning offices?

    14. Who has the absolute advantage in cleaning offices?

    15. Who has the absolute advantage in cleaning jail cells?

    16. Who has the comparative advantage in cleaning offices?

    17. Who has the comparative advantage in cleaning jail cells?

    18. What should be the terms of trade?

    US & JAPAN
    US JAPAN

    Cars 12 10

    Computers 4 6

    US: JAPAN:
    1 car = 1 car =
    1 computer = 1 computer =

    19. What is the US’s opportunity cost of making cars?

    20. What is Japan’s opportunity cost of making cars?

    21. What is US’s opportunity cost of making computers?

    22. What is Japan’s opportunity cost of making computers?

    23. Who has the absolute advantage in cars?

    24. Who has the absolute advantage in computers?

    25. Who has the comparative advantage in cars?

    26. Who has the comparative advantage in computers?

    27. What should be the terms of trade?

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