Answer:
Yes there would be a gain to the United States from importing any of those products from Britain because it only has absolute advantage not comparative advantage.
Explanation:
Absolute advantage in international trade is the ability of a nation to produce more goods with its resources without considering that there might a better alternative to which resources can be deployed that would yield more output compared to its trading partners.
While on the other hand ,comparative advantage is when a country has a lower opportunity costs in producing an item compared to its rival nations.
Which means the country that has comparative advantage is given up less opportunities when producing its desired goods viz-a-viz its competing nations.
In other words,absolute advantage does not guarantee efficiency,only comparative advantage does.
Answer:
Revolution
Explanation:
The Declaration of independence formalized the revolt and turned it into a revolution for independence from britain. This told the rest of the globe that the colonies were having a revolution. The document listed out the colonies grievances and thus gave justification.
Answer:
Explanation:The wool trade helped empower an English merchant class. By the fourteenth century, these merchants organized into a guild that gave them more power and privileges in English society.
