Question: A nations production capacity is explained by the PPF and the differences give rise to trade. Define a PPF. Describe the issues of trade off

A nations production capacity is explained by the PPF and the differences give rise to trade. Define a PPF. Describe the issues of trade off of production. (4 marks)

In developing your explanation consider the following: a nations terms of trade and welfare is determined by price and a nations volume of exports and imports. Define Terms of Trade. Explain whether it is negative or positive which increases national welfare. (3 marks)

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