What is the terms-of-trade effect of growth

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What is the terms-of-trade effect of growth? What is the wealth effect of growth? How can we measure the change in the welfare of the nation as a result of growth and trade when the nation is too small to affect relative commodity prices? When the nation is large enough to affect relative commodity prices?

Reference no: EM131129544

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What is the terms-of-trade effect of growth : When the nation is large enough to affect relative commodity prices?

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