CSEC Economics · May/June 2010 · Paper 2 · Question 3(a)
Define the term 'comparative advantage'.
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- 3(b)List THREE reasons why countries trade.[3 marks]
- 3(c)Discuss TWO problems that can arise with the balance of payments of non-oil-producing Caribbean countries as a result of rising oil prices.[6 marks]
- 3(d)Explain TWO ways in which devaluation can impact the small, open economies of the Caribbean.[4 marks]
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