please help Refer to the graph below: An economic expansion is illustrated on th

Question

please help

Refer to the graph below: An economic expansion is illustrated on the graph at point T2. at point T3. between T1 and T2. between T2 and T3. along the straight line. Use diagrams to illustrate how international trade affects both the production possibilities and consumption possibilities of a trading nation. Using a supply and demand diagram, illustrate the effects of the tariffs imposed on imported steel by the United States. [Use example from book or Chapter 10 slides]. How will these tariffs affect American manufacturers and consumers?

Explanation / Answer

The graph shows that there is a overall growth in economy so the straight line shows the economic expansion while t2, t3 etc. show real GDP at a specific time.

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