s1.charset='UTF-8'; s1.setAttribute('crossorigin','*'); s0.parentNode.insertBefore(s1,s0); })(); Short Answer1. What is the difference between free-trade areas and customs unions?2. How | blisspaper

Short Answer1. What is the difference between free-trade areas and customs unions?2. How do consumer and producer surplus add to a country’s welfare?3. Define deadweight loss.4. What is a terms-of-trade gain?5. Define quota rents.