What does New Zealand have an absolute advantage in?
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What does New Zealand have an absolute advantage in?
NEW ZEALAND NZ has an absolute advantage in the production of both goods. We will see that the countries can still gain from specialization and trade.
What are the top 3 Exports of New Zealand?
Searchable List of New Zealand’s Most Valuable Export Products
| Rank | New Zealand Export Product | 2020 Value (US$) |
|---|---|---|
| 1 | Concentrated/sweetened milk, cream | $5,646,614,000 |
| 2 | Sheep or goat meat | $2,572,566,000 |
| 3 | Frozen beef | $2,069,414,000 |
| 4 | Rough wood | $2,289,112,000 |
What does Australia have a comparative advantage in?
Australia has a comparative advantage in the export of resource and agricultural commodities. Together these commodities account for a relatively large share of our exports and have more volatile prices than those of the goods and services Australia imports.
Which country has an absolute advantage in producing cotton?
b) What is the opportunity cost of 1 bushel of wheat for Fireland? What is the opportunity cost of 1 bushel of wheat for Redland? Answer: Opportunity cost of a bushel of wheat for Fireland = 40/10 = 4 bushels of cotton. c) What is the opportunity cost of 1 bushel of cotton for Fireland?
Does Australia have an absolute advantage in cotton?
Australia has a comparative advantage over New Zealand in cotton production, and New Zealand has a comparative advantage over Australia in wheat production.
What is New Zealand’s biggest industry?
The biggest industries in New Zealand include the Agricultural and horticulture sector, mining, and fishing industries.
What Does Thailand have a comparative advantage in?
In terms of the results of the study, all the indicators reveal that Thailand has recently acquired a comparative advantage in computers and parts production. Moreover, the country’s investment in information technology seems to have caused significant positive growth in its total factor productivity.
Does Austria have an absolute advantage?
A. Belgium has a comparative advantage in brooms. B. Austria has a comparative advantage in steel….
| Country\Output per worker | Sleds | Clarinets |
|---|---|---|
| Austria | 300 | 2 |
| Brazil | 200 | 1 |