World commodity prices have fallen in the past six weeks. Crude oil prices dropped 7%, beef prices
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World commodity prices have fallen in the past six weeks. Crude oil prices dropped 7%, beef prices fell 5%, and corn prices fell 4%.
The United States imports crude oil and exports beef. How do these price falls change the U.S. gains from trade in each good and the distribution of the gains?
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The United States does not have a comparative advantage in producing crude oil so the fall in ...View the full answer
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