Business, 22.08.2020 02:01, Heavenleigh302
Two nations, Mars and Venus, each produce food and clothing. The table gives points on each nationâs PPF. The asterisks indicate their current point of production. Which of the following statementsis correct based on the concept of comparative advantage?
Mars Venus
Food Clothing Food Clothing
0 30 0 40
2 24 4 32
4 18 8 24
5 12 12 16
8 6 16 8
10 0 20 0
a. Mars and Venus should continue producing the quantities indicated by the asterisks.
b. Mars should specialize in the production of food.
c. Mars should specialize in the production of clothing.
d. Venus has the comparative advantage in clothing.
e. Mars has an absolute advantage in the production of food.
Answers: 3
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Two nations, Mars and Venus, each produce food and clothing. The table gives points on each nationâs...
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