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1. Read What Do Undergrads Need To Know About Trade? by Paul Krugman and answer the following questions. (a) Why does Krugman claim that

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1. Read "What Do Undergrads Need To Know About Trade?" by Paul Krugman and answer the following questions. (a) Why does Krugman claim that " imports, not exports, are the purpose of trade"? (b) Explain why Krugman believes that while productivity growth is impor- tant for increasing living standards, it is a fallacy "that we need to be productive 'to compete in the global economy"

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