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If a country is not engaged in trade at all with its neighbours, and then begins to trade, it will

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If a country is not engaged in trade at all with its neighbours, and then begins to trade, it will

If a country is not engaged in trade at all with its neighbours, and then begins to trade, it will

▸ be consuming inside its production possibilities boundary.

▸ expect a decrease in the average standard of living, but will see increased profits for firms in the export business.

▸ import those goods which are acquired more cheaply through trade than through domestic production.

▸ experience an increase in its average standard of living only if it begins with an absolute advantage in the production of all goods.

▸ experience increases in employment in all industries.

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

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jayboskeet Author

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This helped my grade so much Perfect

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Helped a lot

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