The world consists of Sealand and Fantasia. Each produces two goods, X and Y.
Good X needs much land but little labour. Good Y needs much labour but little land.
Sealand has plentiful land and labour. Fantasia has more labour than Sealand.
What can be deduced from the above about Sealand?
1 )
It is unlikely to gain from trade with Fantasia.
2 )
It will have an absolute advantage in the production of both X and Y.
It will have a comparative advantage in the production of X.
4 )
It will have a comparative advantage in the production of Y.
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