Which policy would domestic consumers prefer and why

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Q. Explain why domestic producers who supply a good that competes with imports would prefer an import-substitution approach to trade rather than an export promotion approach. Which policy would domestic consumers prefer and why?

Q. When one person saves, that person's wealth is increased, meaning that he or she can consume more in future. But when everyone saves, everyone's income falls, meaning that everyone must consume less today. Explain this seeming contradiction.

Reference no: EM1371605

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