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Explain how a mutually beneficial trade is possible in a two-country two-good model even when one of the countries has absolute advantage in the production of both the commodities.
Short-Run Aggregate Supply
The total production of goods and services in an economy at different price levels in a short time frame, assuming that some production costs remain fixed.
Spending Multiplier
The ratio of a change in national income to a change in government spending that causes it, indicating the impact of fiscal policy on the economy.
Long Run
A period of time in economics where all factors of production and costs are variable, and all market adjustments have been made.
Futures Contracts
Standardized legal agreements to buy or sell something at a predetermined future date and price, typically used for commodities or financial instruments.
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