Trade with powerful industrialized countries
Problem: 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?
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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?
Prove that when both countries are producing both goods, the world can be made better off by allowing England and Portugal to reallocate labor and trade in accordance with the patter of comparative advantage.
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Assume the given output and labor hours for Russia and Germany in producing Wheat and Cloths. Q1. Which country has the comparative advantage in wheat? Q2. Which country has the comparative advantage in cloth?
Question 1. Why does the US have a comparative advantage in the production of manufactures? Question 2. Why does Africa have a comparative advantage in the production of food?
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