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Question: suppose the united kingdom and norway both produce oll and...

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Suppose the United Kingdom and Norway both produce oll and fish oil, which are sold for the same prices in both countries. The following table shows combinations of both goods that each country can produce in a day, measured in thousands of barrels, using the same amounts of capital and labor United Kingdom Oil Fish Oil Oil Fish Oil 20 15 10 10 20 Who has the comparative advantage in producing oil? O A. Norway has a comparative advantage producing oil because its opportunity cost of producing oil is lower. B. Neither country has a comparative advantage producing oll because their opportunity costs of producing oil are equal. O C. O The United Kingdom has a comparative advantage producing oil because it can produce more oil. D. Norway has a comparative advantage producing oil because it can produce more oil. E. The United Kingdom has a comparative advantage producing oil because its opportunity cost of producing oil is lower Can these two countries gain from trading oi and fish oil? O A. These countries can gain from trade because Norway has an absolute advantage producing oil. O B. These countries cannot gain from trade because neither has an absolute advantage producing either good. ° C. These countries cannot gain from trade because neither has a comparative advantage producing either good O D. These countries can gain from trade because The United Kingdom has an absolute advantage producing fish oil. O E. These countries can gain from trade because their opportunity costs of producing each good are the same

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