This week, as we explored the concept of trade, we looked at many factors that influence international trade positions. Thinking back to this weeks lecture and discussion, answer the following prompts in your own words:
Do you feel the following statement is true? Explain why or why not.
Trade makes a nation wealthy, and conversely, trade restrictions make a nation poorer.
Explain what industries tariffs above 25% ad valorem are typically seen. How can this impact your personally? Describe any situations where you have felt the effects of tariffs.Your response should be at least 150 of your own words.
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