Question: 1. Explain the difference between macroeconomics and microeconomics (provide examples). 2. Explain the difference between absolute and comparative advantage (provide examples). 3. Explain advantages and

1. Explain the difference between macroeconomics and microeconomics (provide examples).

2. Explain the difference between absolute and comparative advantage (provide examples).

3. Explain advantages and disadvantages of international trade for developed and underdeveloped nations (provide examples).

4. What are various reasons that nations establish and enforce trade restrictions (you can provide past and present examples)?

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