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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

What is the difference between the unilateral and multilateral approaches to achieving free trade? Give an example of each.

To determine

The unilateral and multilateral approach to achieve free trade.

Explanation

International trade is the exchange of goods and services between different nations in the world. The exchange will take place where the two main processes are exports and imports. Exports are the sale of domestic goods to the foreigners and imports are the purchase of the foreign goods by the domestic country.

The unilateral approach to international trade explains that when a country voluntarily removes the different types of trade barriers, it makes the situation ready for international free trade to take place...

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