Suppose that in the absence of trade, the U.S. price for bicycles was higher than the world price for bicycles. Would allowing international trade, mean that the U.S. would import or export bicycles? Who in the U.S. would benefit and who would lose with a free trade policy, and would the gains be greater than the losses?

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Q: 1. Now home opens up to trade. How does home's export supply curve change, if at all, after the…

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A: Answer a).

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A: Opportunity Cost refers to the next best alternative forgone

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Q: Suppose that you are a presidential candidate who is totally against free trade and I am a pro-free…

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Q: QUESTION 17 Consider two countries: Ireland and Belgium. Each country has 40 workers, each supplying…

A:

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Q: 12. Supposed that an economy opens to international trade and becomes an importer in a particular…

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A: Open trade: It means speculative trade or transaction that has not been closed.

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A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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A: Free trade refers to the trade policy that advocates a complete removal of administrative and…