-Using the Figure above for Australia and New Zealand determine which country has the comparative advantage in the production of cotton and which the comparative advantage in the production of wheat.
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Q3: Q4: Explain absolute advantage. Q5: Scenario 1 Q6: bushels of corn. Draw the production possibilities Q7: What is the theory of comparative advantage? Q9: Explain comparative advantage. Q10: Critically evaluate the following statement. "Only if Q11: Compare and contrast absolute advantage and comparative Q12: Define trade surplus and trade deficit. Q13: Discuss the Corn Laws and their purpose.
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