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In 1975, wage levels in South Korea were roughly 5% of those in the United States. It is obvious tha

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In 1975, wage levels in South Korea were roughly 5% of those in the United States. It is obvious tha

In 1975, wage levels in South Korea were roughly 5% of those in the United States. It is obvious that if the United States had allowed Korean goods to be freely imported into the United States at that time, this would have caused devastation to the standard of living in the United States, because no producer in this country could possibly compete with such low wages. Discuss this assertion in the context of the Ricardian model of comparative advantage.

Textbook

International Economics: Theory and Policy

Edition: 10^th

Author: Krugman

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Chako Author

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8 years ago

Good answer, thank you

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machukian

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8 years ago

Good luck

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