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The table below shows bushels of wheat and the yards of cloth that the United States and the United Kingdom can produce with one hour
The table below shows bushels of wheat and the yards of cloth that the United States and the United Kingdom can produce with one hour of labor time under four different hypothetical situations. 1. Indicate in each case whether or not trade is possible and the basis for trade (absolute or comparative advantage) 2. Indicate the pattern of trade (whether the country exports or imports the product)
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