In a two-good world (goods X and Y), consider the following information for (small) country I, which
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(a) What is the volume of trade and the trade pattern for country I in 2005? In 2010? In 2015?
(b) What type of production effect occurs between 2005 and 2010? Between 2010 and 2015? Explain.
(c) What type of consumption effect occurs between 2005 and 2010? Between 2010 and 2015? Explain.
(d) What is the "net effect" on trade of this country's growth between 2005 and 2010? Between 2010 and 2015? Explain.
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a Volume of trade2005 20 units of exports of good X 10 units of imports of good Y Volume of trade201...View the full answer
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