A-LevelEconomicsInternational Trade TheoryFeb/Mar 2024Paper 1 Q241 Mark
The table indicates the factor inputs required to produce wheat and cars in countries X and Y. [Figure 24.1] What makes it possible for both countries to benefit from trade?
ACountry X has an absolute advantage in wheat and car production.
BCountry Y has an absolute advantage in wheat and car production.
CCountry Y has a comparative advantage in wheat production.
DOpportunity cost of wheat and car production is the same between countries.
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The correct answer is C. This question tests the candidate's understanding of international trade theory within the Economicssyllabus. The examiner's mark scheme requires...
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