In 1944, Churchill and Stalin agreed to a postwar division of Europe. Included in the agreement was the provision that the Soviet Union and Britain have an equal say over the postwar fate of Yugoslavia and Hungary.
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- In 1938, major powers met in Munich to discuss Germany’s demands to annex part of Czechoslovakia. Let us think of the issue as the proportion of Czechoslovak territory given to Germany. Possible outcomes can be plotted on a single dimension, where 0 implies that Germany obtains no territory and 1 implies that Germany obtains all of Czechoslovakia: Most countries at Munich (“Allies” for short) wish to give nothing to Germany: their ideal point is 0, which gives them utility of 1. Their worst possible outcome is for Germany to take all of Czechoslovakia; hence an outcome of 1 gives them utility of 0. In between these extremes, the Allies could propose a compromise, X, which gives them utility of 1 – X. The question for the Allies is whether to propose a compromise or fight a war with Germany, which they are sure will ensue if they offer nothing. If they propose a compromise and Germany accepts, they get a payoff of 1 – X. If they fight, they win with probability p and lose with…In 1938, major powers met in Munich to discuss Germany’s demands to annex part of Czechoslovakia. Let us think of the issue as the proportion of Czechoslovak territory given to Germany. Possible outcomes can be plotted on a single dimension, where 0 implies that Germany obtains no territory and 1 implies that Germany obtains all of Czechoslovakia: Most countries at Munich (“Allies” for short) wish to give nothing to Germany: their ideal point is 0, which gives them utility of 1. Their worst possible outcome is for Germany to take all of Czechoslovakia; hence an outcome of 1 gives them utility of 0. In between these extremes, the Allies could propose a compromise, X, which gives them utility of 1 – X. The question for the Allies is whether to propose a compromise or fight a war with Germany, which they are sure will ensue if they offer nothing. If they propose a compromise and Germany accepts, they get a payoff of 1 – X. If they fight, they win with probability p and lose with…In 1938, major powers met in Munich to discuss Germany’s demands to annex part of Czechoslovakia. Let us think of the issue as the proportion of Czechoslovak territory given to Germany. Possible outcomes can be plotted on a single dimension, where 0 implies that Germany obtains no territory and 1 implies that Germany obtains all of Czechoslovakia Most countries at Munich (“Allies” for short) wish to give nothing to Germany: their ideal point is 0, which gives them utility of 1. Their worst possible outcome is for Germany to take all of Czechoslovakia; hence an outcome of 1 gives them utility of 0. In between these extremes, the Allies could propose a compromise, X, which gives them utility of 1 – X. The question for the Allies is whether to propose a compromise or fight a war with Germany, which they are sure will ensue if they offer nothing. If they propose a compromise and Germany accepts, they get a payoff of 1 – X. If they fight, they win with probability p and lose with…
- In 1938, major powers met in Munich to discuss Germany’s demands to annex part of Czechoslovakia. Let us think of the issue as the proportion of Czechoslovak territory given to Germany. Possible outcomes can be plotted on a single dimension, where 0 implies that Germany obtains no territory and 1 implies that Germany obtains all of Czechoslovakia: Most countries at Munich (“Allies” for short) wish to give nothing to Germany: their ideal point is 0, which gives them utility of 1. Their worst possible outcome is for Germany to take all of Czechoslovakia; hence an outcome of 1 gives them utility of 0. In between these extremes, the Allies could propose a compromise, X, which gives them utility of 1 – X. The question for the Allies is whether to propose a compromise or fight a war with Germany, which they are sure will ensue if they offer nothing. If they propose a compromise and Germany accepts, they get a payoff of 1 – X. If they fight, they win with probability p and lose with…how do I draw a comparisn between Mercantilism as an economic system with Adam Smith’s invisible hand principles as regards international trade?Analyze the following (2x2) matrix. Identify the countries having certain advantages. Moreover, specify the benefits of trade for both countries. Matrix A Wheat (bushels/labor hour ) Cloth (yards/labor hour) United States 6 4 U.K. 1 3 (Numerical values reflect output per unit of input) Will trade occur? Identify the country having the absolute advantage in wheat and the one having the absolute advantage in cloth. Identify the production possibility frontiers for both countries. Show the gains of trade if we assume that the U.S. exchanges 6 units of wheat for 6 units of cloth.
- Multiple-Choice Questions 1. If a nation has an absolute advantage in the production of a good, a. b. C. d. e. 2. If a nation has a comparative advantage in the production of a good, it can produce that good at a lower opportunity cost than its trading partner. it can produce that good using fewer resources than its trading partner. it can benefit by restricting imports of that good. it will specialize in the production of that good and export it. none of the above is true. a. b. it can produce that good at a lower opportunity cost than its trading partner. it can produce that good using fewer resources than its trading partner. it can benefit by restricting imports of that good. C. d. it must be the only country with the ability to produce that good. none of the above is true. e. 3. Which of the following statements about trade is true? a. Unrestricted international trade benefits every person in a country equally. b. People that are skilled at all activities cannot benefit from…Are the following statements true or false? Explain ineach case.a. “Two countries can achieve gains from trade evenif one of the countries has an absolute advantagein the production of all goods.”b. “Certain talented people have a comparativeadvantage in everything they do.”c. “If a certain trade is good for one person, it can’tbe good for the other one.”d. “If a certain trade is good for one person, it isalways good for the other one.”e. “If trade is good for a country, it must be good foreveryone in the countryOne might say that the West actually consisted of three frontiers: mining, ranching, and farming. Compare and contrast these frontiers.
- Suppose there is a policy debate regarding Canada's imposing trade restrictions on imported semiconductors: The prime minister of Canada argues that Canada should threaten to impose a tariff on Chinese semiconductors in order to induce the Chinese to remove its tariff on Canadian cars. Which of the following justifications is the prime minister using to argue for the trade restriction on semiconductors? Unfair-competition argument Infant-industry argument Jobs argument National-security argument Using-protection-as-a-bargaining-chip argument19. If production of specific goods exhibit the opportunity for economies of scale (Oil for example), then: A. the countries producing these goods gain from trade while other countries are worse off. B. the countries producing these goods lose from trade while other countries are better off. C. all countries gain from trade but those not producing the goods with economies of scale gain more. D. all countries gain from trade but those producing the goods with economies of scale gain more. Please give correct step by step answer with proper explanation of each option given within 40 50 minutes . Thank youA. Did you follow the still ongoing discussion about free trade in the recent election cycle? Do you thinkthat the USA is tending toward a mercantilist approach and likely to impose restrictions on foreign tradeover the next few years?B. Do you agree or disagree with Adam Smith that we are better off with some form of free trade, thanwould be the case if each country raised or lowered tariffs based on its own economic needs and politicalphilosophy? Provide a logical reason for your answer.Not at all Somewhat Completely1 2 3 4 5 6 7 8 9 10C. Thomas Freedman made the following statement in the “World is Flat”. He maintains that technologymakes it possible to compete with, or collaborate with anyone, anywhere in the world. Globalization, heargued is both inevitable and desirable. The winners says Freedman, will be the countries andcompanies that can respond quickly to change and that the loser will be those who are slow to do so.“Whatever our political and philosophical points of view we…