Solved: What is comparative advantage and how does it affect a, Microeconomics

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What is comparative advantage and how does it affect a

1. What is comparative advantage and how does it affect a nation's expoarts and imports?

2. Explain what the terms of trade are in international trade.

3. What is the exchange rate in international trade?

4. What is the difference between a tariff and an import quota?

5. Do you believe the United States should impose international trade restrictions and why do you believe this?

6. Mary is a lawyer in Claremore that obtained her degree as a lawyer at the top of her class at the University of Tulsa. She worked as an administrative assistant at a law firm in Tulsa to finance her law degree. Now she is the best lawyer and best administrative assistant in Rogers County. What is her comparative advantage and what should she specialize in?

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Microeconomics: What is comparative advantage and how does it affect a

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