Suppose one country is better at producing agricultural products (because they have land that is more fertile),
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Suppose one country is better at producing agricultural products (because they have land that is more fertile), while another country is better at producing manufactured goods (because they lJave a better educational system and more engineers). If each country produced their specialty and traded, would there be more or less total output than if each country produced all of their agricultural and manufacturing needs? Why?
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Related Book For
Study Guide For N. Gregory Mankiw's Principles Of Microeconomics
ISBN: 9783030019983
5th Edition
Authors: David R. Hakes
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