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Evaluate the following statements thoroughly: (8 marks) Trade based on external economies can have ambiguous effects on national and world welfare. The existence of dynamic

Evaluate the following statements thoroughly: (8 marks)

  1. Trade based on external economies can have ambiguous effects on national and world welfare.
  2. The existence of dynamic increasing returns to scale can potentially provide a ground for protectionism and validate the infant industry argument for protecting a domestic industry.

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