A country decides to remove all its tariffs and engage in free international trade.
What will be the final decision the country has to make before free trade takes place?
1 )
deciding which resources to allocate to the production of goods and services for international trade
2 )
deciding which goods and services should be provided for international trade
3 )
identifying the opportunity costs of production of goods and services which might be used for international trade
setting an appropriate exchange rate for the international trade of goods and services
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