Gains from comparative advantage and trade exchange rates

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Reference no: EM13982081

Australia and the United States produce white and red wins. current domestic prices for each prices for each wine are given in the following table:

Aust

white wine 5 AU$ red wine 10 AU$

White Wine 10 US$ Red Wine 15 US$

Exchange rate: 1AU$ = 1 US$

A. define and identify instances of absolute and comparative advantage

B. Gains from comparative advantage & trade exchange rates

C. describe Hackschar - Ohlin Theorem

D. different forms of protection from foreign competition

Reference no: EM13982081

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