(Table) Referring to the table, we see that France may now consume wine and cheese. Country and Product France Before Specialization 40 After Specialization After Trade 45 Wine 60 Checse 40 40 England Wine 10 Cheese 20 40 20 O more; less O less; the same amount of O less; more more; the same amount of

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Comparative Advantage and Absolute Advantage Analysis

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