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Explain how the terms of trade can lead to gains. Explain how comparative advantage determines trade. Describe absolute advantage in the context of trade. Describe

Explain how the terms of trade can lead to gains.

Explain how comparative advantage determines trade.

Describe absolute advantage in the context of trade.

Describe the factors that cause the production possibilities frontier to shift.

Determine whether a country will be an importer or exporter of a good if the country opens up to international trade.

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