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Explain the theory of absolute advantage.
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Explain the theory of comparative advantage.
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What is the difference between a tariff and a quota?
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Illustrate the deadweight loss of a tariff versus a quota.
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Why, from a political perspective, are quotas often preferred to tariffs?
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Briefly summarize the six major arguments in support of protectionism.
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When does dumping occur?
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Provide several examples of non-tariff barriers to trade.
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What is the GATT?
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What is NAFTA?
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Describe the European Union.
