Make the case in favor of international trade based on comparative advantage.

Q: What are the two main sources of economic gains from intra-industry trade?

A: Intra-industry trade occurs when goods that belong to the same classification or that belong to the…

Q: How can individual Government hinder the smooth operations of World Trade? in 100 words

A: In world trade, various countries enter the market and make an exchange of different products and…

Q: Which of the following perspectives on international trade describe the evolution of products and…

A: There are various theories that try to explain the pattern of international trade.

Q: Differentiate the trade based on absolute advantage vs. absolute disadvantage over another nation…

A: When a nation has the capacity to carry out the production of a particular commodity in large…

Q: What does national security have to do with trade barriers?

A: A tariff is a tax levied on goods imported, and a quota is a quantitative limitation on goods…

Q: Why are some economists who favor free trade concerned about the proliferation of regional trade…

A: Some economists favor the free trade situation and they are concerned about the proliferation of…

Q: Why do countries place restrictions on international trade?

A: Introduction :  The exchange of commodities and services between countries is known as international…

Q: Why should the United States feel the need to trade with other nations when so much can be grown and…

A: International trade: - it means the buying and selling of goods and services with other countries.

Q: Do consumers benefit from intra-industry trade? For instance?

A: Intra-industry Trade: Intra-industry trade refers to the interchange of products that are similar…

Q: The Price of Specialization of Trade?

A: Specialization refers to a country's propensity to specialise in such items that it trades for other…

Q: Discuss the advantages and disadvantages in participating in international trade

A: International trade takes place when the countries interact with each other and transport goods and…

Q: What is the smith's theory of absolute advantage in international trade?

A: Adam Smith, the father of economics in his book " Wealth of Nation" stated the concept of absolute…

Q: Do the rules of international trade require that all nations impose the same consumer safety…

A: The consumer safety standards mean the guidelines set up by international organizations to ensure…

Q: Why is trade an important component of international political economy?

A: We must first understand what is an international political economy is. International Political…

Q: which of the four options best represents specialization and its relationship with trade? absolute…

A: From the four options comparative advantage is the best representative of specialization and it…

Q: Explain the opportunity cost theory of international trade. How trade takes place under different…

A: Opportunity cost is the amount or worth of the alternative that is forgone when one alternative is…

Q: When should a company consider expanding from strictly domestic trade to international trade?

A: The exchange of goods and services within the boundaries of a single nation is known as domestic…

Q: Before international trade, each governmental unit would practice isolationism, or providing for its…

A: Global trade has multiple benefits: a) It makes countries achieve expertise in production of a good…

Q: Do consumers benefit from intra-industry trade?

A: Intra-industry trade refers to the trading or business which is happening between the same…

Q: How is the Production Possibility Frontier applicable to international trade?

A: please find the answer below.

Q: Please use the theory of comparative advantage to explain how international trade between two…

A: The comparative advantage refers to the advantage of production of goods and and service at a lower…

Q: What does the domestic price that prevails without international trade say about a nation's…

A: The exchange of goods and services between different nations in the world is known as international…

Q: What is the fundamental source of the gains from international trade?

A: Gains from international trade would depend oncomparative advantage.

Q: Are the Bretton Woods institutions still capable of efficiently governing world trade?

A: The Bretton woods institutions were created to serve the economy with their financial support and…

Q: Make the case for restricting international trade.

A: Countries place restrictions on international trade due to politics related to economics. Even…

Q: What are the sociocultural forces affecting global trade?

A: Global trade gets impacted by a few factors and powers like monetary and legitimate variables; socio…

Q: Explain the impact of intra and inter-industry trade on a country;

A: Intra industry trade implies trading based on comparative advantage ie lower opportunity cost would…

Q: Suppose there are two countries Japan and US and they produce two goods Computers and Cars. Japan…

A: International trade refers to the flow of goods and services across the borders of economies.…

Q: . The mercantilists maintained that: a. Trade benefits one nation only at the expense of another…

A: Mercantilists were of the opinion that the country should always be in a Trade surplus that is the…

Q: How did trade impact the production use of oil in North Africa and the Middle East.

A: In order to strengthen the economic status, oil is a important source to many countries in North…

Q: What role do governments play in making decisions about international trade?

A: Government plays a crucial role in making decisions about international trade. The policies that a…

Q: Does intra-industry trade contradict the theory of comparative advantage?

A: Intra-industry trade refers to exchanging goods and services within the different branches and the…

Q: Highlight the basis for trade between two countries with identical production possibility frontiers…

A: When a nation has the capacity to carry out the production of a particular commodity in large…

Q: Explain the statement: “Countries that specialize based on comparative advantage gain from trade.”

A: The measure that involves the transfer of either services or goods being from one entity or person…

Q: 'If a country has an absolute advantage in the production of all goods then it cannot gain from…

A: Absolute advantage: It refers to the ability of a company, or an economy under which they are able…

Q: Why do nations trade? What would the world be like without international trade?

A: Nations in the world trade because that allows them to specialize in the market and consume at a…

Q: In the international trade, two countries gain if: a) Price ratios are different b) Cost ratios are…

A: International trade refers to the exchange of goods and services between countries. It occurs when…

Q: What economic impact have pandemics such as COVID-19, had on global trade

A: Globalization refers to integration of a country with rest of the world. Globalization includes…

Q: Explains it correctly All transactions in international trade starts with what?

A: International trade is the trading of capital, products, and administrations across global lines or…