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Suppose the government decides to increase her tariff on all imports. Assume this act does not affect the overall tax receipts. Using the Classical Theories

Suppose the government decides to increase her tariff on all imports. Assume this act does not affect the overall tax receipts.

Using the Classical Theories of a small open economy, explain the effects of this act on the net capital outflow, real exchange rate and trade balance in the long run.

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