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Question 1
Which of the following is NOT a result of specialization?
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Increased productivity
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Innovation
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Higher transaction costs
-
Increased trade
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- explains that specialization and trade makes people (and the world) better off. Please explain this in your own words and give one example each, one from the film and one of your own that helps clarify the importance of specialization and trade as key underpinnings of successful economic systems.4.1 Who first developed the theory that the size of the market would encourage specialization and lead to higher productivity? Joseph Schumpeter Milton Friedman Adam Smith John Maynard KeynesQUESTION 10 Why do countries trade? International law requires them to. They have similar comparative advantages. They have identical comparative advantages. They have different comparative advantages. They have identical absolute advantages.
- Q)5 a)Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization? Division of labor International trade Economies of scale b) In a market economy, ___ own(s) the means of production. individuals everyone the government or ruling class c)Which of the following is required for specialization to work? (Choose the best answer) Technology Education Trade solve this earlyQ)5 a)Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization? Division of labor International trade Economies of scale b) In a market economy, ___ own(s) the means of production. individuals everyone the government or ruling class c)Which of the following is required for specialization to work? (Choose the best answer) Technology Education Trade solve all three subparts early.with short explanation and correctlyQ5) a)Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization? Division of labor International trade Economies of scale b) In a market economy, ___ own(s) the means of production. individuals everyone the government or ruling class c) Which of the following is required for specialization to work? (Choose the best answer) Technology Education Trade choose correct option, solve all three subparts early
- Question 3: Economies of Scale, Imperfect Competition and International Trade Trade need not be the result of comparative advantage but it can be a result of economies of scale. Discuss in detail“The world’s a stage; each plays his part, and takes his share” – Dutch proverb. Briefly discuss what this proverb means to you in reference to Globalization. Outline and explain what factors have contributed to the growth of Globalization in recent decades and suggest why companies engage in International Business? Critical discuss the negative effects of Globalization and how these effects have affected your country? provide examples to justify your points for each section.Globalization and international trade can be beneficial and harmful to countries. State and briefly explain 3 advantages and 3 disadvantages in engaging in trade.
- Study sheet: Chapter 2: The Power of Trade and Comparative Advantage Absolute Advantage Comparative Advantage Opportunity Cost Production Possibilities Frontier Trade. How does specialization and trade make individuals and countries wealthier? Think about why countries benefit from foreign trade. Also consider a scenario where Country A is more productive than Country B at producing all goods. Why is it still in Country A’s best interest to trade with Country B? Chapter 3: Supply and Demand Demand Curve and Factors that shift the Demand Curve Supply Curve and Factors that shift the Supply Curve Substitutes and Complements Normal Goods and Inferior Good Producer Surplus and Consumer Surplus Chapter 4: Equilibrium: How Supply and Demand Determine Prices Surpluses and Shortages Equilibrium Price Equilibrium Quantity How does an outward shift in the demand curve affect equilibrium price and quantity? How does an inward shift in the demand curve affect equilibrium price and quantity?…Question 4a. What are the gains to be derived from free trade? b. Illustrate, with the use of diagrams, and discuss the gains from free trade?c. Clearly explain and illustrate the gains from exchange and the gains from specialization?The theories of absolute and comparative advantage have been offered as an economic rationale for trade between and among regions and countries. Compare and contrast the two concepts. Which of the two do you think is more important for explaining the growth in global trade during the last 25 years? Why” The size of a country’s population and the associated age distribution can be causal factors for economic growth. Why is the size of the population important to economic development? Can size be a disadvantage? Why is age distribution important?
