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1) Why do economist typically view trade as beneficial to all other countries involved? In your answer, explain what are the gains to trade. Are all individuals within a country better off as a result of trade with other countries? Explain your reasoning. (5 marks)

2)Consider a country that adopts a fixed exchange rate regime. What are the potential benefits of adopting a fixed exchange rate regime? What are the potential costs of adopting a fixed exchange rate regime? (4 marks)