Critical Thinking Many developed countries, includingthe U.S., have in recent decades become primarily ser-vice economies; that is, there is relatively little manu-facturing of goods, and most people in the economyare employed by service industries. Why do you thinkthis has occurred? In what ways is this trend a goodand/or a bad thing for a country? Do you think thistrend will continue?

The service industry is considered the 3rd sector of the economy after manufacturing and raw…

Answered: Critical Thinking Many developed…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 10RQ: What factors does Paul Krugman identity that supported expanding international trade in the 1800s?

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Critical Thinking many developed countries, includingthe u.s., have in recent decades become primarily serviceeconomies; that is, there is relatively little manufacturingof goods, and most people in the economy are employedby service industries. Why do you think this has occurred?in what ways is this trend a good and/or a bad thing for acountry? Do you think this trend will continue?
Did the COVID-19 pandemic create new globalization opportunities for growth in yourCaribbean territory? YES/NOBased on your answer, write an answer that identifies those accepts that contribute to thegrowth, expansion and advancement of your local economy. On the contrary, if you do notbelieve that new opportunities were created, write an answer that identifies those acceptsthat negatively contributed to the negative growth, contraction and deceleration of our localeconomy
a. What has changed in our communities because of global migration? b. How are people coping with the visit or return of the immigrants? c. What changed among the immigrants/overseas workers when they went back (or visited) home?
Did the COVID-19 pandemic create new globalization opportunities for growth in yourCaribbean territory? YES/NOBased on your answer, write an answer that identifies those accepts that contribute to thegrowth, expansion and advancement of your local economy. On the contrary, if you do notbelieve that new opportunities were created, write an answer that identifies those acceptsthat negatively contributed to the negative growth, contraction and deceleration of our localeconomyPlease explain
a.Why did Globalisation happen? b.What impact does Globalisation have? c.Who does Globalisation impact and in what way?
5. Is globalization leading to cultural convergence (i.e., grow similar over time)? If so how?
Reflective Wr Do you consider the Philippines as a "Third World Country"? If yes, why? If no, why not?
Some companies play up their home-country roots asthey expand internationally, such as the way BMW andMercedes emphasize their German engineering. ShouldH&M promote some aspect of its “Swedishness”? Why orwhy not?
1. Do globalization and regionalization converge? How and when do they converge?
What does a mixed economy mean? (detailed please??? the more info the better??) What are it’s characteristics? What countries are counted to have mixed economies?
Economic Scenario: Country A has one of the highest real GDP while Country B has one of thehighest real GDP per capita in the world respectively. a.what are the (3) comparative differences between real GDP and real GDP per capita. b.What does this tell us, about the well-being of the residents of Country A and B?
9. Answer ALL parts of this question. Consider the standard trade model with two goods and two factors, labour and capital. (a) Suppose that a country experiences an increase in its labour force. Assume thatgood X is labour intensive and good Y is capital intensive. How would theproduction possibility frontier change as a result? Illustrate this with a simplediagram. (b) What does it mean for the “terms of trade” to improve and why might this matter interms of welfare? (c) Consider two countries: Home and Foreign. Each country produces two goods,cloth (C) and food (F). Assume Home is an exporter of cloth. Now suppose Homeimposes a 20 percent tariff on the value of food imports. What will be the effect ofthe food tariff on the relative price of cloth and terms of trade? Illustrate youranswer with a relevant diagram. You may assume that Home is large enough toaffect the world market.

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