How might you evaluate the claim by developing countries

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Reference no: EM131917768

Problem

1. In the light of the Ricardian model, how might you evaluate the claim by developing countries that they are at a disadvantage in trade with powerful industrialized countries?

2. Suppose that Portugal requires 4 days of labor to produce 1 unit of wine and 6 days of labor to produce 1 unit of clothing, while England requires 8 days of labor to produce 1 unit of wine and 12 days of labor to produce 1 unit of clothing. Which country has absolute advantages and why? What is the situation with respect to comparative advantages?

Reference no: EM131917768

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