Illustrate country has an absolute advantage in both goods

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Reference no: EM1361654

a) 4 problems facing developing countries that make their path to development difficult are political instability, corruption, lack of appropriate institutions and lack of investment. Briefly explain these problems, indicating how they make development difficult.

b) Illustrate what is the difference between absolute advantage and comparative advantage? If a country has an absolute advantage in both goods (in a simple economy with just two goods) is it still worth it to speacialize and trade? Explain.

Reference no: EM1361654

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