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1. International trade:
(a) Explain the concept of comparative advantage between two countries (use a numerical example to illustrate, and do not use the identical example in the lecture note).
(b) Explain the advantages of free trade.
(c) What are the potential problems (disadvantages) associated with free trade?
"Although the price levels appear to display short-run stickiness in many countries, a change in the money supply creates immediate demand and cost pressures that eventually lead t
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