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The trade balance is defined by the difference in value of exports minus imports. Now a depreciation in a the home currency means it that one unit of foreign currency (lets say $) can now purchase more £'...

def factorial(x): #base case if x == 1:    return 1 #recursive call  else:    return (x * factorial(x-1))Recursive algorithms are written using a strategy called divide and conquer. You try and break the ...