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13 questions from this quiz
Producing with less resources & lower cost
Producing at lower opportunity cost
Export pricesImport prices×100\frac{\text{Export prices}}{\text{Import prices}} \times 100Import pricesExport prices×100
Trade, migration, financial flows, tech
PED for exports + PED for imports > 1
Current account worsens before improving
Access to larger markets & economies of scale
Real incomes while competing globally
Country A
Can buy more imports for given exports
Makes exports cheaper & imports dearer
Initial worsening then improvement over time
Deterioration in terms of trade
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