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What is terms of trade

Assignment Help Macroeconomics
Reference no: EM132264468

Question:

Complete the questions below that are based on your chapter readings.

"When two countries trade, each one can specialize and make the combined output higher which expands consumption possibilities of both the countries." Do you agree? Explain your answer.

a. What is Terms of Trade? How is it computed? Explain with an example.

b. What is Comparative Advantage? Explain with an example of a two-country and two-commodity

Reference no: EM132264468

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