The people who live on Shangri-La Island consume only rice and fish. Last year, which was the reference base year, the price of rice was $4 a pound, the price of fish was $5 a pound, and the average urban household spent $12 on rie and $15 on fish. This year, the price of rioe is $8 a pound and the price of fish is $7 a pound. What is the CPI in the current year? >>> Answer to 1 decimal place The CPI in the current year is

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.