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2) Define International Trade. Why is the understanding of international trade theories useful to managers in international business? 3) What are Ethnocentrism, Regiocentrism, Polycentrism and Geocentrism (ERPG)? What are the Advantages and problems associated with them? 4) Differentiate Franchising and Licensing. What are its main benefits and drawbacks? Illustrate with Indian examples. 5) What are the main features of each type of legal system (common, civil, theocratic)? Explain how they impact international business?