What is meant by the term economic integration

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Question: 1. How can trade liberalization exist on a nondiscriminatory basis versus a discriminatory basis? What are some actual examples of each?

2. What is meant by the term economic integration? What are the various stages that economic integration can take?

3. How do the static welfare effects of trade creation and trade diversion relate to a nation's decision to form a customs union? Of what importance to this decision are the dynamic welfare effects?

Reference no: EM132172631

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