Essay
a. Neverland imports 60 per cent of its beef. What does this say about Neverland's ability to produce beef compared to other countries?
b. Imports of beef into Neverland have been falling over the last 10 years, and forecasts suggest that within another five years Neverland will become an exporter of beef. What does this say about Neverland's changing comparative advantage/disadvantage in producing beef?
Correct Answer:
Verified
Correct Answer:
Verified
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