Distinguish absolute advantage and comparative advantage
Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?
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Describe difference between absolute advantage and comparative advantage. Which is more significant in determining trade patterns, absolute advantage or comparative advantage? Why?
Economic and financial factors can affect the value of a country's currency in both the short-term and the long-term. Explain how the following factors affect a country’s currency both in the short term and long term:
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Write the arguments in favor of trade restrictions, and what are counterarguments? According to most economists, do any of these arguments actually justify trade restrictions? Describe.
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