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The Fact That International Specialization and Trade Based on Comparative

question 91

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The fact that international specialization and trade based on comparative advantage can increase world output is reflected in the fact that:


Definitions:

Gross National Product

A measure of a country's economic performance, calculating the total value of all goods and services produced over a specific time period, including income from abroad.

Wages Increased

The phenomenon of rising levels of payment made to employees for their labor, typically in response to economic, social, or political factors.

Golden Age

A period in history marked by peace, prosperity, and cultural achievements, often idealized or considered a pinnacle in a civilization's history.

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