In 2017, Ecuadors biggest export was crude (unprocessed) petroleum, 63% of which it exported to the United
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In 2017, Ecuador’s biggest export was crude (unprocessed) petroleum, 63% of which it exported to the United States, and Ecuador’s biggest import was refined (processed) petroleum, of which 70% was imported from the United States. What does this tell you about the countries’ comparative advantages in extracting petroleum and refining petroleum?
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This information suggests that Ecuador has a comparative advantage in extracting crude petroleum whi...View the full answer
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