Scenario: It is often argued that nations that adhere to the tenets of free and fair trade predicated on the theories of absolute and comparative advantages among others realize significant gains, as has been demonstrated. Yet in the real world, some nations do restrict trade.
Examine restricted trade in a 1,400-word report that addresses the following:
• Examine why nations restrict trade.
• Explain how nations restrict trade.
• Analyze the major consequences of trade restrictions.
• Identify fundamental strategies for combating trade restrictions.
• Explain the role of the World Trade Organization (WTO) in promoting free and fair trade.