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1. (20) Briefly discuss what we mean by Static Gains from Trade and Dynamic Gains from Trade. Compare and contrast the importance of these two

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1. (20) Briefly discuss what we mean by "Static Gains from Trade" and "Dynamic Gains from Trade". Compare and contrast the importance of these two categories. Make sure to refer to the Coughlin article in your answer for full credit. 2. (20) In a brief essay, outline the arguments made by mercantilists. Discuss the main fallacies of Mercantilism as presented by some of the Classical Economists Philosophers we have considered in class

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