Soal Soal Pertemuan 7 1. The effects of international trade on a country’s development are often related to four basic economic concepts: efficiency, growth, equity, and stability. Briefly explain what is meant by each of these concepts as they relate to the theory of international trade. 2. Explain some of the reasons why most non oil-producing countries of the Third World seem to have benefited relatively less than the developed nations over the past 30 years from their participation in international trade. 3. Traditional free-trade theories are based on six crucial assumptions, which may or may not be valid Third World nations (or for developed nations for that matter). What are these crucial assumptions, and how might they be violated in the real world of international trade?