, what can be concluded about Spain’s absolute and comparative advantage for both boats and trucks?

  1. Referring to Table 1, what can be concluded about Spain’s absolute and comparative advantage for both boats and trucks?
 

Maximum Output

 
TABLE 1:
Spain Portugal
Boats 3 2
Trucks 12 6

 

 

 

  1. Referring to Table 2:

 

. Who has absolute advantage in what good?

. Italy has comparative advantage in what good?

. Greece has comparative advantage in what good?

 

        Maximum Output

 

TABLE 2:

Wine Tables
Italy 1,000 200
Greece 200 100

 

Part Two

Essay question: As a student, you are currently, paying $5,000 in tuition annually. You work and decide you want to devote more time to your studies to increase your grade point average (GPA); therefore, you give up your job earning $25,000 annually. You expect that when you graduate you will earn $40,000 annually. It takes you one year to complete your studies.

  1. Explain the concept of opportunity cost.
  2. Is it beneficial to quit your job? Why, or why not?

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