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1. Answer the following short questions: 1) Why is the effect of tariffs on large countries' welfare ambiguous when compared to small country outcomes? 2)

1. Answer the following short questions: 1) Why is the effect of tariffs on large countries' welfare ambiguous when compared to small country outcomes? 2) What does recent research on the multifibre arrangement suggest about its affect on trade outcomes for the US? Consider both price and quantity changes

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