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What is meant by complete specialization? By incomplete specialization? Under the Ricardian model, why are both nations likely to gain from trade in the first
What is meant by complete specialization? By incomplete specialization? Under the Ricardian model, why are both nations likely to gain from trade in the first instance but only the small nation in the second? (think in terms of the pre and post trade price ratios likely to prevail in each case) -
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