Question: can you please help out 1. What is the difference between trade creation and trade diversion? - Trade creation will mean that consumption shifts from

can you please help out 1. What is the difference can you please help out

1. What is the difference between trade creation and trade diversion? - Trade creation will mean that consumption shifts from a high-cost producer to a low-cost producer and trade therefore expands. Trade diversion on the other hand means that trade shifts from a lower cost producer outside the union to a higher cost producer inside the union. 2. What are a few of the current EU problems? Which is the most critical one now? How about for the longer term - what is the biggest issue? 3. What are the problems with the EU currency for eurozone members? List two. 4. What is and when did Brexit (finally) complete? What has been the outcome? Briefly explain

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