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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Dq_Wk5

Dq_Wk5

Q Part A: Economists argue that ceteris paribus (other things being equal), a rise in a country's terms of trade increases its welfare. Now, reflect on what happens if we relax the ceteris paribus assumption, and allow for the law of demand to operate internationally?

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The ceteris paribus assumption gives way for a number of the conclusions. The assumption can be dissolved and we can have a good amount of the analysis of the different types of the issues in the international trade. First of all if the other things remaining same then the different types of the issues in the various types of the trades can be solved. When the ceteris paribus assumption is solved then the different types of the issues are going to arise and there is also a thing that there might not be the welfare scheme for the country.