Question: Follow-up to question 3: Suppose that the data in Table 18-2 pertain to a newly industrialized country (NIC) and America. What are the gains from

Follow-up to question 3: Suppose that the data in Table 18-2 pertain to a newly industrialized country (NIC) and America. What are the gains from trade between the two countries? Now suppose that NIC adopts American technology and has production possibilities identical to those in the American column of Table 18-2. What will happen to international trade? What will happen to NIC's living standards and real wages? What will happen to America's living standards?

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