Question

According to the chart, which country has an absolute advantage over the other countries in oil production

Answer 1

Answer:

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United States

Absolute advantage is a concept used to explain international trade strategies. A country has an absolute advantage over another in the production of a given good if it is more efficient in producing that same good, that is, if it can produce more quantity for each unit of production factor used.

Absolute advantage is a concept used to explain international trade strategies. A country has an absolute advantage over another in the production of a given good if it is more efficient in producing that same good, that is, if it can produce more quantity for each unit of production factor used.In the table, we can see that the US can produce one barrel of oil with 6 hours of work, while the other countries use at least 7 hours of work. Thus, in absolute terms, the US has a productive advantage.

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Answer 2

Answer:

Saudi arabia

Explanation:

It has an absolute advantage in production of oils as compared to any other states because it can produce oil much cheaper than other and also there is no other economic activity to perform.

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