-Suppose, as a result of various dynamic factors associated with exposure to international competition, Albania's economy grew, and is now represented by the rightmost production possibility frontier in the figure above. If its point of production with trade was point b, would you consider this growth to be export-biased or import biased?
If Albania were a large country with respect to the world trade of A and B, how would this growth affect Albania's terms of trade?
Its real income?
What if Albania were a small country?
Definitions:
Iconic Memory
A component of the visual memory system which holds a brief photographic memory of a scene.
Vivid Mental Image
A vivid mental image is a clear and detailed picture created in the mind, often as vivid as seeing with the eyes.
Lightning Flash
A sudden discharge of electricity during a thunderstorm, producing a bright flash of light.
Ragged Edges
Typically refers to uneven or frayed boundaries of objects, not smooth or straight, often used metaphorically to describe incomplete or rough aspects.
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