47) The figure shows how much a worker can produce in one day. The opportunity cost of 1 unit of food in Australia is

Answer is:

1/2 of a unit of electronics.

Australia has a comparative advantage in the production of both food and electronics

Korea has a comparative advantage in the production of both food and electronics

Korea has a comparative advantage in the production of food while Australia has a comparative advantage in the production of electronics.

Australia has a comparative advantage in the production of food while Korea has a comparative advantage in the production of electronics.

Answer is:

specialize in electronics production, export electronics, and import food

produce neither good because it has an absolute disadvantage in the production of both goods

produce both goods because neither country has a comparative advantage

specialize in food production, export food, and import electronics

Answer is:

The price must be greater than 1/5 of a unit of food but less than 1/4 of a unit of food.

The price must be greater than 4 units of food but less than 5 units of food

The price must be greater than 2 of a unit of food but less than 4 of a unit of food

The price must be greater than 1/4 units of food but less than 1/2 units of food

Answer is:

If the UK has an absolute advantage in the production of food, then Spain must have an absolute advantage in the production of clothing

If the UK has a comparative advantage in the production of food, Spain might also have a comparative advantage in the production of food.

If the UK has a comparative advantage in the production of food, it must also have a comparative advantage in the production of clothing.

If the UK has a comparative advantage in the production of food, then Spain must have a comparative advantage in the production of clothing

Answer is: