Econ (44).pdf - e ia icombination iof ibowed-out iand...

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e. i a i combination i of i bowed-out i and i straight i curves. 208. i Chapter i 2 Choice, i Opportunity i Costs, i and i Specialization i Questi65 i Given i the i differences i in i opportunity i costs i within i individual i countries, i it i makes i sense i for i countries a. i to i insist i on i protection i against i foreign i competition i through i legislation. b. i to i force i protectionism i of i the i most i important i domestic i industries, i using i tariffs i and i quotas. c. i to i devalue i their i currencies i at i least i once i a i year. *d. i to i specialize i in i activities i in i which i opportunity i costs i are i lowest i and i then i trade. e. i to i specialize i in i activities i in i which i opportunity i costs i are i highest i and i then i avoid i trade i in i order i to i manage i trade i deficit.

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