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How does the fact that many goods are nontrade affect extent

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a. Anyone who has visited Japan knows it is an incredibly expensive place; although Japanese workers earn about the same as their U.S. counterparts, the purchasing power of their incomes is about one-third less. Extend your discussion from question 7 to explain this observation. (Hint: Think about wages and the implied prices of non- traded goods.)

b. How does the fact that many goods are nontrade affect the extent of possible gains from trade?

Reference no: EM13868232

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