Question

The Economic Commission for Latin America and the Caribbean (ECLAC) says the region's foreign trade in 2020 had its worst performance since the global financial crisis of 2008-2009, because of the economic crisis prompted by the global COVID-19 pandemic and the restrictions imposed by governments to stop its spread. (Daily Gleaner, dated September 27, 2021) a) List and explain three (3) benefits of international trade. (6 marks) b) Outline two (2) trade restrictions the government could have implemented to stop the spread of the virus. (4 marks) c) How can the restrictions stated in (b) above contribute to the "foreign trade in 2020 having its worst performance." (2 marks) d) Explain two (2) arguments in favor of free trade and two (2) arguments against free trade. (8 marks)

          The Economic Commission for Latin America and the Caribbean (ECLAC) says the region's foreign trade in 2020 had its worst performance since the global financial crisis of 2008-2009, because of the economic crisis prompted by the global COVID-19 pandemic and the restrictions imposed by governments to stop its spread. (Daily Gleaner, dated September 27, 2021)
a) List and explain three (3) benefits of international trade.
(6 marks)
b) Outline two (2) trade restrictions the government could have implemented to stop the spread of the virus.
(4 marks)
c) How can the restrictions stated in (b) above contribute to the "foreign trade in 2020 having its worst performance."
(2 marks)
d) Explain two (2) arguments in favor of free trade and two (2) arguments against free trade.
(8 marks)

The Economic Commission for Latin America and the Caribbean (ECLAC) says the region's foreign trade in 2020 had its worst performance since the global financial crisis of 2008-2009, because of the economic crisis prompted by the global COVID-19 pandemic and the restrictions imposed by governments to stop its spread. (Daily Gleaner, dated September 27, 2021)
a) List and explain three (3) benefits of international trade.
(6 marks)
b) Outline two (2) trade restrictions the government could have implemented to stop the spread of the virus.
(4 marks)
c) How can the restrictions stated in (b) above contribute to the "foreign trade in 2020 having its worst performance."
(2 marks)
d) Explain two (2) arguments in favor of free trade and two (2) arguments against free trade.
(8 marks)

Added by Stephen C.

Question

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