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Dr. Steve
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In 1975, wage levels in South Korea were roughly 5% of those

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In 1975, wage levels in South Korea were roughly 5% of those in the U.S. It is obvious that if the U.S. had allowed Korean goods to be freely imported into the United States at that time the standard of living in the U.S. would decline, because no producer in the U.S. could possibly compete with such low wages. Discuss this assertion in the context of the Ricardian model. (4-5 Sentence Answer is good) ****

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