Distinguish between commonly used trade-restricting devices
Distinguish between commonly used trade-restricting devices, including tariffs, quotas, voluntary export restraints, and exchange-rate controls and explain their impact on the domestic economy.
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State the conditions under which a nation can gain from international trade in the context of both comparative and absolute advantage, and describe the benefits of international trade.
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Even if inflation did increase the value of exports, would the balance of trade and the exchange rate necessarily improve from inflation that is higher than in other countries?
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If the balance of payments of Alaska were prepared, what do you think it would look like? How about the balance of payments of New York City? What do you think the net investment position of these locations will be?
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