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1 Question 1 Autarky is a situation in which countries create and consume in isolation from one another, with no cross-border trade.Here, we’ll look at a concave production option called Frontier. Assume that labors aren’t all the same. The community indifference curves IC0, IC1, IC2, and so on are plotted. If a market is perfectly competitive, the economy will attain pre-trade equilibrium when the production possibility frontier intersects a community indifference curve. 2 Question 2 You can tell if a country has an absolute advantage whenever it produces products that outperform other countries in terms of productivity. As a result, it uses fewer resources to produce a product that outperforms others. In contrast, you can establish if a country has a comparative advantage if its product production costs are lower than those of other

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