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Question 2 a) Diffrentiate the following terms: 1. International Trade and Domestic Trade. (4 Marks) 11. Trade surplus and Trade Deficit. (2 Marks) Ill. Quotas

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Question 2 a) Diffrentiate the following terms: 1. International Trade and Domestic Trade. (4 Marks) 11. Trade surplus and Trade Deficit. (2 Marks) Ill. Quotas and Tariffs. (4 Marks) b) Explain the concept of comparative advantage and its importance in international trade. Provide an example to illustrate your explanation. (10 Marks) (Total: 20 Marks)

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