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1) Explain the gains from trade as a result of specialization and exchange. Relate the topics of production possibilities, consumption possibilities, comparative advantage, and opportunity
- 1) Explain the gains from trade as a result of specialization and exchange. Relate the topics of production possibilities, consumption possibilities, comparative advantage, and opportunity cost to the gains from trade
- 2) Explain how trade restrictions 1) affect gains from trade and 2) impact net exports in the U.S.
- 3) Summarize the main arguments for trade restrictions and their potential impacts on net exports in the U.S.
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