Trading/ keynesian economics and supply side economists, economics, Microeconomics

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1) Describe (with an example) how trading can lead to an increase in world output if countries specialize in the good in which they have a comparative advantage. How does the introduction of tariffs and quotas lead to a reduction in domestic total welfare.

2) Describe the main differences between Keynesian Economics and Supply Side economists. Discuss how the two schools of though differ on the effectiveness of and fiscal/monetary policy to increase Real GDP.

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