The gains-from-trade theorem tells us that irrespective of what other countries do, free trade is the best
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The “gains-from-trade” theorem tells us that irrespective of what other countries do, free trade is the best policy for any country. Yet countries routinely threaten to pursue restrictive trading practices if their trading partners do so as well. Reconcile these two observations using the arguments in the text.
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The gainsfromtrade theorem asserts that countries can benefit from trade by specializing in producing goods or services in which they have a comparati...View the full answer
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