4. (a) International trade makes all the consumers, the producers and the country better off. Why or why not? (b) Tarif on imports makes every one worse off. Explain. (c) Are the workers in a poorer nation better off or worse off when the poorer nation trades with the US? What about the workers in the US?

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.