Trade restrictions and recession

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Reference no: EM1375448

Question1. Will a country do better importing or exporting a good for which it has a comparative advantage? Why?

Question2. Why does competition among traders affect how much of the gains to trade are given to the countries involved in the trade?

Question3. Suppose if you were economic adviser to a nation that was following your advice about trade restrictions and that nation fell into a recession, would you change your advice? Why, or why not?

Reference no: EM1375448

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