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1. What are the four main categories of resources? Explain each of them. 2. Explain what...

1. What are the four main categories of resources? Explain each of them.

2. Explain what happens in the simple circular flow diagram.

3. (a) Explain what can we learn from a country's production possibilities curve? (b) How can a nation production possibilities curve shift inward? (c) Why the production possibilities cure is bowed-out in shape?
4. Will a nation tend to export or import goods for which it has comparative advantage? Explain

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