Suppose an economist develops an international trade model based on the assumption that there are only two countries and two goods. We can say that the model O can be useful in the classroom, but has no use in the real world. can be useful only in situations involving two countries and two goods. O is worthless, since the actual world has many countries trading many goods. can be useful in helping economists to understand the complex world of international trade involving many ppy goods

Suppose an economist develops an international trade model based on the assumption that there are only two countries and two goods. We can say that the model O can be useful in the classroom, but has no use in the real world. can be useful only in situations involving two countries and two goods. O is worthless, since the actual world has many countries trading many goods. can be useful in helping economists to understand the complex world of international trade involving many ppy goods

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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