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1. Identify the basic questions with which modern 12 trade theory is concerned. 2. How did Smith's views on international trade differ from those of

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1. Identify the basic questions with which modern 12 trade theory is concerned. 2. How did Smith's views on international trade differ from those of the mercantilists? 3. Develop an arithmetic example that illustrates how a nation could have an absolute disadvantage in the production of two goods and still have a Ta comparative advantage in the production of one of them. Ste

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