Question 1 (1 point) The phenomenon in which a country's imports affect its exports and its exports affect its imports is referred to as Trade feedback effect. Balance of trade. Exchange loop. Trade equity. Question 2 (1 point) Michael Porters has identified four key elements in a nation's competitive advantage. They are demand conditions: related and supporting industries, and company strategy, structure, rivalry; and: industry diversity. consumer behaviour. factor conditions. B O governmental regulations