The United States can produce 1,000 shoes if it specializes in shoe production.Alternatively, it can produce 500 shirts.Taiwan can produce 500 shoes or 200 shirts.Explain which country will specialize in shoe production and which in shirt production.What are the possible terms of trade?

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The Answer of The United States can produce 1,000 shoes if it specializes in shoe production.Alternatively, it can produce 500 shirts.Taiwan can produce 500 shoes or 200 shirts.Explain which country will specialize in shoe production and which in shirt production.What are the possible terms of trade?

The United States Can Produce 1,000 Shoes If It Specializes