Below is some hypothetical data for the countries of Canada and Mexico.(Assume that Canada has 10 million workers per month available and Mexico has 20 million. )
Canada's Production Possibilities
(Output in millions of bushels per month)
Mexico's Production Possibilities
(Output in millions of bushels per month)
Output Before Trade
(Output in millions of bushels per month)
-Refer to the information above to answer this question.If each country totally specializes according to its comparative advantage and the terms of trade are 1 bushel of beans for 1.25 bushels of rye,what will be the gains from trade?
Definitions:
Industrial Output
The total volume of products and services produced by an industry, often used as an indicator of industrial activity and economic health.
Internal Combustion
A process where fuel is burned within an engine, producing power through the expansion of gases.
Carburetor
A device in an internal combustion engine that mixes air with a fine spray of liquid fuel.
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