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Ireland and Japan are assumed to produce only wool and steel, to have full employment and complete ...

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Ireland and Japan are assumed to produce only wool and steel, to have full employment and complete ...

Ireland and Japan are assumed to produce only wool and steel, to have full employment and complete mobility of resources between industries. Their production possibilities boundaries before trade are drawn in solid lines. It is assumed that the two countries have the same amount of resources. Their consumption possibilities after trade are shown by the dotted lines. The outputs of wool and steel are given in physical units.

FIGURE 19-1

Refer to Figure 19-1. Japan has an absolute advantage in

▸ wool.

▸ steel.

▸ both goods.

▸ neither good.

▸ Insufficient information to determine the answer.

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Microeconomics

Edition: 17^th

Author: Ragan

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