ECO 372 Week 1 participation Principles of Macroeconomics, Ch. 9: Application — International Trade

Consider the following as you read:

1. Consider what the domestic price that prevails without international trade tells us about a nation’s comparative advantage.
2. Consider how to define what a tariff is and its economic effects.
3. Consider the difference between the unilateral and multilateral approaches to achieving free trade. Be prepared to give an example of each.