The following table shows the hours of labor required to produce 1 unit of each commodity in
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Which country has an absolute advantage in wheat? In clothing? Why? If trade takes place between the United States and the United Kingdom at a barter price of 1 clothing for 2 wheat (or 1 wheat for 1/2 clothing), why does each country gain from trade? Explain.
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The United States has an absolute advantage in the production of wheat 3 hrsunit ...View the full answer
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