December 13, 2020

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CFA LEVEL 1 VOLUME 5 – FIXED INCOME AND DERIVATIVES PDF

DESIGNING YOUR PERSONAL CFA STUDY PROGRAM Create a Schedule An orderly, systematic approach to examination preparation is critical. You should dedicate a consistent block of time every week to reading and studying. Complete all assigned readings and the associated problems and solutions in each study session. Review the LOS both before and after you study each reading to ensure that you have mastered the applicable content and can demonstrate the knowledge, skills, and abilities described by the LOS and the assigned reading. Use the LOS self- check to track your progress and highlight areas of weakness for later review. Successful candidates report an average of more than 300 hours preparing for each examination. Your preparation time will vary based on your prior education and experience, and you will probably spend more time on some study sessions than on others. As the Level I curriculum includes 19 study sessions, a good plan is to devote 15−20 hours per week for 19 weeks to studying the material and use the final four to six weeks before the examination to review what you have learned and practice with practice questions and mock examinations. This recommendation, however, may underestimate the hours needed for appropriate examination preparation depending on your individual circumstances, relevant experience, and academic background. You will undoubtedly adjust your study time to conform to your own strengths and weaknesses and to your educational and professional background. You should allow ample time for both in- depth study of all topic areas and additional concentration on those topic areas for which you feel the least prepared. As part of the supplemental study tools that are included in your examination registration fee, you have access to a study planner to help you plan your study time. The study planner calculates your study progress and pace based on the time remaining until examination. For more information on the study planner and other supplemental study tools, please visit www.cfainstitute.org. As you prepare for your examination, CFA institute will e- mail you important examination updates, testing policies, and study tips. Be sure to read these carefully. CFA Institute Practice Questions Your examination registration fee includes digital access to hundreds of practice questions that are additional to the practice problems at the end of the readings. These practice questions are intended to help you assess your mastery of individual topic areas as you progress through your studies. After each practice question, you will be able to receive immediate feedback noting the correct responses and indicating the relevant assigned reading so you can identify areas of weakness for further study. For more information on the practice questions, please visit www.cfainstitute.org. CFA Institute Mock Examinations Your examination registration fee also includes digital access to three- hour mock examinations that simulate the morning and afternoon sessions of the actual CFA examination. These mock examinations are intended to be taken after you complete your study of the full curriculum and take practice questions so you can test your understanding of the curriculum and your readiness for the examination. You will receive feedback at the end of the mock examination, noting the correct responses and indicating the relevant assigned readings so you can assess areas of weakness for further study during your review period. We recommend that you take mock examinations during the final stages of your preparation for the actual CFA examination. For more information on the mock examinations, please visit www.cfainstitute.org.   2020-L1V5[tnc-pdf-viewer-iframe file=”https://knecnotes.co.ke/wp-content/uploads/2020/12/2020-L1V5.pdf” width=”100%” height=”800″ download=”false” print=”false” fullscreen=”true” share=”true” zoom=”true” open=”true” pagenav=”true” logo=”true” find=”true” current_view=”true” rotate=”true” handtool=”true” doc_prop=”true” toggle_menu=”true” toggle_left=”true” scroll=”true” spread=”true” default_scroll=”0″ default_spread=”0″ language=”en-US” page=”” default_zoom=”auto” pagemode=”none” iframe_title=””]

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CFA LEVEL 1 VOLUME 4 – CORPORATE FINANCE AND EQUITY PDF

DESIGNING YOUR PERSONAL CFA STUDY PROGRAM Create a Schedule An orderly, systematic approach to examination preparation is critical. You should dedicate a consistent block of time every week to reading and studying. Complete all assigned readings and the associated problems and solutions in each study session. Review the LOS both before and after you study each reading to ensure that you have mastered the applicable content and can demonstrate the knowledge, skills, and abilities described by the LOS and the assigned reading. Use the LOS self- check to track your progress and highlight areas of weakness for later review. Successful candidates report an average of more than 300 hours preparing for each examination. Your preparation time will vary based on your prior education and experience, and you will probably spend more time on some study sessions than on others. As the Level I curriculum includes 19 study sessions, a good plan is to devote 15−20 hours per week for 19 weeks to studying the material and use the final four to six weeks before the examination to review what you have learned and practice with practice questions and mock examinations. This recommendation, however, may underestimate the hours needed for appropriate examination preparation depending on your individual circumstances, relevant experience, and academic background. You will undoubtedly adjust your study time to conform to your own strengths and weaknesses and to your educational and professional background. You should allow ample time for both in- depth study of all topic areas and additional concentration on those topic areas for which you feel the least prepared. As part of the supplemental study tools that are included in your examination registration fee, you have access to a study planner to help you plan your study time. The study planner calculates your study progress and pace based on the time remaining until examination. For more information on the study planner and other supplemental study tools, please visit www.cfainstitute.org. As you prepare for your examination, CFA institute will e- mail you important examination updates, testing policies, and study tips. Be sure to read these carefully. CFA Institute Practice Questions Your examination registration fee includes digital access to hundreds of practice questions that are additional to the practice problems at the end of the readings. These practice questions are intended to help you assess your mastery of individual topic areas as you progress through your studies. After each practice question, you will be able to receive immediate feedback noting the correct responses and indicating the relevant assigned reading so you can identify areas of weakness for further study. For more information on the practice questions, please visit www.cfainstitute.org. CFA Institute Mock Examinations Your examination registration fee also includes digital access to three- hour mock examinations that simulate the morning and afternoon sessions of the actual CFA examination. These mock examinations are intended to be taken after you complete your study of the full curriculum and take practice questions so you can test your understanding of the curriculum and your readiness for the examination. You will receive feedback at the end of the mock examination, noting the correct responses and indicating the relevant assigned readings so you can assess areas of weakness for further study during your review period. We recommend that you take mock examinations during the final stages of your preparation for the actual CFA examination. For more information on the mock examinations, please visit www.cfainstitute.org.   2020-L1V4[tnc-pdf-viewer-iframe file=”https://knecnotes.co.ke/wp-content/uploads/2020/12/2020-L1V4.pdf” width=”100%” height=”800″ download=”false” print=”false” fullscreen=”true” share=”true” zoom=”true” open=”true” pagenav=”true” logo=”true” find=”true” current_view=”true” rotate=”true” handtool=”true” doc_prop=”true” toggle_menu=”true” toggle_left=”true” scroll=”true” spread=”true” default_scroll=”0″ default_spread=”0″ language=”en-US” page=”” default_zoom=”auto” pagemode=”none” iframe_title=””]

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CFA LEVEL 1 VOLUME 3 – FINANCIAL REPORTING AND ANALYSIS PDF

DESIGNING YOUR PERSONAL CFA STUDY PROGRAM Create a Schedule An orderly, systematic approach to examination preparation is critical. You should dedicate a consistent block of time every week to reading and studying. Complete all assigned readings and the associated problems and solutions in each study session. Review the LOS both before and after you study each reading to ensure that you have mastered the applicable content and can demonstrate the knowledge, skills, and abilities described by the LOS and the assigned reading. Use the LOS self- check to track your progress and highlight areas of weakness for later review. Successful candidates report an average of more than 300 hours preparing for each examination. Your preparation time will vary based on your prior education and experience, and you will probably spend more time on some study sessions than on others. As the Level I curriculum includes 19 study sessions, a good plan is to devote 15−20 hours per week for 19 weeks to studying the material and use the final four to six weeks before the examination to review what you have learned and practice with practice questions and mock examinations. This recommendation, however, may underestimate the hours needed for appropriate examination preparation depending on your individual circumstances, relevant experience, and academic background. You will undoubtedly adjust your study time to conform to your own strengths and weaknesses and to your educational and professional background. You should allow ample time for both in- depth study of all topic areas and additional concentration on those topic areas for which you feel the least prepared. As part of the supplemental study tools that are included in your examination registration fee, you have access to a study planner to help you plan your study time. The study planner calculates your study progress and pace based on the time remaining until examination. For more information on the study planner and other supplemental study tools, please visit www.cfainstitute.org. As you prepare for your examination, CFA institute will e- mail you important examination updates, testing policies, and study tips. Be sure to read these carefully. CFA Institute Practice Questions Your examination registration fee includes digital access to hundreds of practice questions that are additional to the practice problems at the end of the readings. These practice questions are intended to help you assess your mastery of individual topic areas as you progress through your studies. After each practice question, you will be able to receive immediate feedback noting the correct responses and indicating the relevant assigned reading so you can identify areas of weakness for further study. For more information on the practice questions, please visit www.cfainstitute.org. CFA Institute Mock Examinations Your examination registration fee also includes digital access to three- hour mock examinations that simulate the morning and afternoon sessions of the actual CFA examination. These mock examinations are intended to be taken after you complete your study of the full curriculum and take practice questions so you can test your understanding of the curriculum and your readiness for the examination. You will receive feedback at the end of the mock examination, noting the correct responses and indicating the relevant assigned readings so you can assess areas of weakness for further study during your review period. We recommend that you take mock examinations during the final stages of your preparation for the actual CFA examination. For more information on the mock examinations, please visit www.cfainstitute.org.   2020-L1V3[tnc-pdf-viewer-iframe file=”https://knecnotes.co.ke/wp-content/uploads/2020/12/2020-L1V3.pdf” width=”100%” height=”800″ download=”false” print=”false” fullscreen=”false” share=”true” zoom=”true” open=”true” pagenav=”true” logo=”true” find=”true” current_view=”true” rotate=”true” handtool=”true” doc_prop=”true” toggle_menu=”true” toggle_left=”true” scroll=”true” spread=”true” default_scroll=”0″ default_spread=”0″ language=”en-US” page=”” default_zoom=”auto” pagemode=”none” iframe_title=””]

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CFA LEVEL 1 VOLUME 2 – ECONOMICS PDF

DESIGNING YOUR PERSONAL CFA STUDY PROGRAM Create a Schedule An orderly, systematic approach to examination preparation is critical. You should dedicate a consistent block of time every week to reading and studying. Complete all assigned readings and the associated problems and solutions in each study session. Review the LOS both before and after you study each reading to ensure that you have mastered the applicable content and can demonstrate the knowledge, skills, and abilities described by the LOS and the assigned reading. Use the LOS self- check to track your progress and highlight areas of weakness for later review. Successful candidates report an average of more than 300 hours preparing for each examination. Your preparation time will vary based on your prior education and experience, and you will probably spend more time on some study sessions than on others. As the Level I curriculum includes 19 study sessions, a good plan is to devote 15−20 hours per week for 19 weeks to studying the material and use the final four to six weeks before the examination to review what you have learned and practice with practice questions and mock examinations. This recommendation, however, may underestimate the hours needed for appropriate examination preparation depending on your individual circumstances, relevant experience, and academic background. You will undoubtedly adjust your study time to conform to your own strengths and weaknesses and to your educational and professional background. You should allow ample time for both in- depth study of all topic areas and additional concentration on those topic areas for which you feel the least prepared. As part of the supplemental study tools that are included in your examination registration fee, you have access to a study planner to help you plan your study time. The study planner calculates your study progress and pace based on the time remaining until examination. For more information on the study planner and other supplemental study tools, please visit www.cfainstitute.org. As you prepare for your examination, CFA institute will e- mail you important examination updates, testing policies, and study tips. Be sure to read these carefully. CFA Institute Practice Questions Your examination registration fee includes digital access to hundreds of practice questions that are additional to the practice problems at the end of the readings. These practice questions are intended to help you assess your mastery of individual topic areas as you progress through your studies. After each practice question, you will be able to receive immediate feedback noting the correct responses and indicating the relevant assigned reading so you can identify areas of weakness for further study. For more information on the practice questions, please visit www.cfainstitute.org. CFA Institute Mock Examinations Your examination registration fee also includes digital access to three- hour mock examinations that simulate the morning and afternoon sessions of the actual CFA examination. These mock examinations are intended to be taken after you complete your study of the full curriculum and take practice questions so you can test your understanding of the curriculum and your readiness for the examination. You will receive feedback at the end of the mock examination, noting the correct responses and indicating the relevant assigned readings so you can assess areas of weakness for further study during your review period. We recommend that you take mock examinations during the final stages of your preparation for the actual CFA examination. For more information on the mock examinations, please visit www.cfainstitute.org.   2020-L1V2[tnc-pdf-viewer-iframe file=”https://knecnotes.co.ke/wp-content/uploads/2020/12/2020-L1V2.pdf” width=”100%” height=”800″ download=”false” print=”false” fullscreen=”true” share=”true” zoom=”true” open=”true” pagenav=”true” logo=”true” find=”true” current_view=”true” rotate=”true” handtool=”true” doc_prop=”true” toggle_menu=”true” toggle_left=”true” scroll=”true” spread=”true” default_scroll=”0″ default_spread=”0″ language=”en-US” page=”” default_zoom=”auto” pagemode=”none” iframe_title=””]

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CFA LEVEL 1 VOLUME 1 – ETHICAL AND PROFESSIONAL STANDARDS AND QUANTITATIVE METHODS PDF

DESIGNING YOUR PERSONAL CFA STUDY PROGRAM Create a Schedule An orderly, systematic approach to examination preparation is critical. You should dedicate a consistent block of time every week to reading and studying. Complete all assigned readings and the associated problems and solutions in each study session. Review the LOS both before and after you study each reading to ensure that you have mastered the applicable content and can demonstrate the knowledge, skills, and abilities described by the LOS and the assigned reading. Use the LOS self- check to track your progress and highlight areas of weakness for later review. Successful candidates report an average of more than 300 hours preparing for each examination. Your preparation time will vary based on your prior education and experience, and you will probably spend more time on some study sessions than on others. As the Level I curriculum includes 19 study sessions, a good plan is to devote 15−20 hours per week for 19 weeks to studying the material and use the final four to six weeks before the examination to review what you have learned and practice with practice questions and mock examinations. This recommendation, however, may underestimate the hours needed for appropriate examination preparation depending on your individual circumstances, relevant experience, and academic background. You will undoubtedly adjust your study time to conform to your own strengths and weaknesses and to your educational and professional background. You should allow ample time for both in- depth study of all topic areas and additional concentration on those topic areas for which you feel the least prepared. As part of the supplemental study tools that are included in your examination registration fee, you have access to a study planner to help you plan your study time. The study planner calculates your study progress and pace based on the time remaining until examination. For more information on the study planner and other supplemental study tools, please visit www.cfainstitute.org. As you prepare for your examination, CFA institute will e- mail you important examination updates, testing policies, and study tips. Be sure to read these carefully. CFA Institute Practice Questions Your examination registration fee includes digital access to hundreds of practice questions that are additional to the practice problems at the end of the readings. These practice questions are intended to help you assess your mastery of individual topic areas as you progress through your studies. After each practice question, you will be able to receive immediate feedback noting the correct responses and indicating the relevant assigned reading so you can identify areas of weakness for further study. For more information on the practice questions, please visit www.cfainstitute.org. CFA Institute Mock Examinations Your examination registration fee also includes digital access to three- hour mock examinations that simulate the morning and afternoon sessions of the actual CFA examination. These mock examinations are intended to be taken after you complete your study of the full curriculum and take practice questions so you can test your understanding of the curriculum and your readiness for the examination. You will receive feedback at the end of the mock examination, noting the correct responses and indicating the relevant assigned readings so you can assess areas of weakness for further study during your review period. We recommend that you take mock examinations during the final stages of your preparation for the actual CFA examination. For more information on the mock examinations, please visit www.cfainstitute.org.   2020-L1V1[tnc-pdf-viewer-iframe file=”https://knecnotes.co.ke/wp-content/uploads/2020/12/2020-L1V1.pdf” width=”100%” height=”800″ download=”false” print=”false” fullscreen=”false” share=”true” zoom=”true” open=”true” pagenav=”true” logo=”true” find=”true” current_view=”true” rotate=”true” handtool=”true” doc_prop=”true” toggle_menu=”true” toggle_left=”true” scroll=”true” spread=”true” default_scroll=”0″ default_spread=”0″ language=”en-US” page=”” default_zoom=”auto” pagemode=”none” iframe_title=””]

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CHAPTER 7 : ECONOMIC DEVELOPMENT AND PLANNING NOTES PDF

Economic Growth This is the increase in the productivity of a country which can be seen in the continued increase in the national income over a period of years. It can be measured by taking the average percentage of increase in national income over a period of time (number of years) and be assumed to be the average rate of economic growth in the country   Economic Development This is the quantitative change or increase in a country’s national income over the years, accompanied by favorable changes in the structures within the country that leads to general improvement of the individual well being, as well as the entire nation A country may experience economic growth without experiencing economic development. This is because the increase in the national income may be as a result of people working for long hours without any time for rest, recreation and other development to occur in their body. This will make them not to have better living, despite the fact that the national income shall have increased. The expected structural changes to be realized in a case of economic development include; Shifting from depending on agricultural sector to manufacturing sector in the economy Reducing illiteracy levels Increase in skilled manpower in the economy Improvement in health facilities within the country Increase in technology and improvement of entrepreneurial ability Increase and improvement of institution that handles new methods of productive economic activities Outline the differences that exist between economic growth and economic development Economic Growth Economic Development ·         An increase in size of the country’s National income ·         An increase in the size and quality of the country’s National income ·         Number of people living in absolute poverty can increase despite the increase in national income ii) Number of people living in absolute poverty does not increase iii)Increase in national income could be due to increase in income of only few people ·         Increase in national income is attributed to general increase of incomes of majority of the people in the country ·         No tendency to bridge the gap between the rich and the poor iv)Tends to bridge the gap between the rich and the poor   Underdevelopment This refers to a situation whereby the economic growth is in the negative direction (decreasing) accompanied by uneven distribution of wealth and decrease in quality and quantity of the factors of production available   Characteristics of Underdevelopment High level of poverty. This is characterized by most of the people in the country depending on mainly subsistence, or lives below the poverty levels. Their per capita income is lower as compared to the developed countries High disparity in income distribution. The income in this countries are not evenly distributed with the few rich people earning so much while the poor majority earns so little Low levels of savings and investments. They have very little if at all exist to save and invest for their further development, making them to continue being poor. This is well illustrated in the vicious circle of poverty High population growth rates. This is due to some of them not being able to afford, ignorant about or simply refusing to use the modern birth control methods since they find consolation on their high number of children Dominance of subsistence sector. This is due to their inability to raise capital for indirect production Problem of unemployment. The high population growth rate leads to high supply of labour that the country’s economy cannot afford to absorb all, leading to unemployment Under utilization of natural resources. This may be due to lack of capital in this countries or in appropriate technology they use Dependence on the developed countries. This is due to their in ability to sustain themselves financially, which makes them keep on calling upon the developed partners for financial assistance Poor infrastructure. Their roads and communication networks are not properly maintained due to the in availability of adequate resources to improve them   Goals of Economic Development The following are the changes that economic development seeks to put in place, which in Kenya they have been joined together in what is referred to as the millennium development goals. They includes Eradicate extreme poverty and hunger Achieve universal primary education Promote gender equality and empower women Reduce child mortality Improve maternal health Combat HIV/AIDS, malaria and other diseases Ensure environmental sustainability Develop a global partnership for development Some includes Reducing income disparity in distributions Reducing unemployment Provision of important basic needs such as food, shelter, etc   Factor which may hinder development in a country The rate of a country’s economic development may be influenced negatively by the following factors Low natural resource endowment. Absence or inadequacy of natural resources such as raw materials, fertile land for agriculture, etc may slow the pace of the country’s economic development Inadequate capital. This reduces the rate at which they exploit their natural resources, or produce in the economy Poor technology used. The traditional methods of production that they use cannot sustain their requirement any more Poor human resource endowment. Their inability to train adequate skilled manpower together with their inappropriate system of education leads to their slow development Unfavorable domestic environment. Their political, social and economic institutions within their countries are not structured to favour economic development. For example Their political system is characterized by corruption, authoritarian kind of leadership with lengthy procedures and bureaucratic controls that scares the investors Their social environment is still full of outdated or retrogressive cultural values and negative attitude towards work and investment, leading to slow development Their Economic institutions has allowed their markets to be influenced so much that that leads to interference in their smooth operations   Development Planning This is the process through which the country establishes their objectives to be achieved, identify the resources that will be required and put in place the strategies or methods of acquiring the resources and achieving their pre-determined objectives. In most cases their objectives or goals are the goals of economic development

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CHAPTER 6 : INTERNATIONAL TRADE NOTES PDF

A trade involving the exchange of goods and services between two or more countries. If the exchange is between two countries only, then it is referred to as bilateral trade, but if it is between more than two countries then it is referred to as multilateral trade. Advantages of International Trade It enable the country to get access to wider range/variety of goods and services from other countries It enable the country to get what it does not produce It helps in promoting peace among the trading countries It enable the country to specialize in it’s production activities where they feel they have an advantage It earns the country revenue through taxes and licenses fees paid by the importers and exporters in the country It enable the country to dispose of its surplus goods and services thereby avoiding wastage It creates employment opportunities to the citizens of that country either directly or indirectly It may lead to the development of the country through importation of capital goods in to the country It encourages easy movement of factors of production across the boarders of the countries involved It enable countries to earn foreign exchange which it can use to pay for its imports A country may be able to obtain goods and services cheaply than if they have been produced locally During hard times or calamities such as wars, the country is able to get assistance from the trading partners It brings about competition between the imported and locally produced goods, leading to improvement in their quality It gives the country an opportunity to exploit fully its natural resources, due to increased market   Disadvantages of International trade It may lead to collapse of the local industries, as people will tend to go for the imported goods. The collapse may also lead to loss of employment It may also lead to importation of harmful foods and services such as drugs and pornographic materials May lead to over depending on imported commodities especially the essential ones, making the country to be a slave of the other countries, interfering with their sovereignty It may make the country to suffered during emergencies if they mainly rely on the imported goods May make the country to suffer from import inflation May lead to acquisition of bad culture from other countries as a result of their interactions May lead to unfavorable balance of payment, if the import is higher than exports   Terms of Trade This refers to the rate at which the country’s export exchanges with those from other country. That is: Terms of trade =     It determine the value of export in relations to import so that a country can know whether it’s trade with the other country is favourable or unfavourable Favourable terms of trade will make the country spent little on import and gain a lot of foreign exchange from other countries For example; Then table below shows trade between Kenya and China in the year 2004 and 2005, with the Kenyan government exporting and importing to and from china, and China also importing and Exporting from and to Kenya. Year Average prices of export Kenya China 2004 1000 4000 2005 1200 6500   Calculate the Terms of trade for; Kenya China Solution;   Kenya Export price index (E.P.I) =              x  100   =      x100 = 120% Import price index (I.P.I) =                                                                     x 100 =           x 100 =  162.5% Terms of trade (T.O.T) =       x  100 =        x 100 = 73.8% This implies that Kenya is importing from China more than it is exporting, leading to unfavourable terms of trade i.e. when the percentage is less than 100%, it implies unfavourable terms of trade.   China                                (work out) The average prices is the various prices of the individual export or import items divide by their number   Factors that may lead to either favourable or unfavourable terms of trade The country is experiencing a favourable terms of trade if: The prices of imports decline and those of export remains the constant The prices of imports declines while those of exports increase The price of imports remains constant while those of exports increase The prices of import and export increases but the rate of increase in export is higher Both prices decrease but the decrease in import prices is higher     The country will experience unfavourable terms of trade if; Prices of import increases while those of exports decline Prices of import remains constant while those of export declines Prices of import increase as the export remains constant Both prices increase, but for imports increases at a higher rate than export Both prices decrease, but for export decreases at a higher rate than import   Reasons for differences in terms of trade between countries The terms of trade may differ due to: The nature of the commodity being exported. If a country exports raw materials, or unprocessed agricultural products, its terms of trade will be unfavourable, as compared to a country that exports manufactured goods Nature of the commodity being imported. A country that imports manufactured goods is likely to have unfavourable terms of trade as compared to that which imports raw materials or agricultural produce Change in demand for a country’s export. An increase in demand for the country’s export at the world market will make it have favourable terms of trade as compared to those with low demand at the world market Existing of world economic order favouring the products from more developed countries. This may make the developing countries to have deteriorating terms of trade Total quantity supplied. A country exporting what most countries are exporting will have their products trading at a lower price, experiencing unfavourable terms of trade as compared to a country that export what only few countries export Trade restrictions by trading partners. A country with no trading restrictions is likely to import more products, leading to unfavourable terms of trade, as compared to if it impose trade restrictions Balance of

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