Problem
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?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.