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Suppose we have a two country, two good Ricardian model where country A can produce in an hour 500 bushels of wheat or 20 computers, whereas country B in the same hour can produce 800 bushels of wheat or 25 computers. Explain the implications in both countries from opening up to trade with each other in terms of comparative advantage, specialization, gains from trade (if any), along the lines of the discourse presented in any of the previous audio lectures. (To obtain points you need to be specific in terms of what will happen in each country and explaining why?)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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