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1.Explain, using the Heckscher-Ohlin Model, why we would expect to see winners and losers from trade in the long-run? 2.Explain, using the Standard Trade Model

1.Explain, using the Heckscher-Ohlin Model, why we would expect to see winners and losers from trade in the long-run?

2.Explain, using the Standard Trade Model (STM), how changes in the terms of trade and economic growth affect the welfare of nations engaged in international trade.

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