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Exercise: You have been tasked with advising the trade policy of a small island nation (approx. 10 million people). The representatives of this nation are

Exercise: You have been tasked with advising the trade policy of a small island nation (approx. 10 million people). The representatives of this nation are considering whether to follow a policy of free trade or to follow strong protectionist policies. Discuss the potential advantages and disadvantages of following each policy.

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