The BRICS (Brazil, Indian, Russia, China and South Africa) are some of the rapidly growing economies of the world that have been transitioning towards more open trade and free-market policies. What term has been used to describe these countries? * O Emerging Economies Globalizing economies O Transient economies O Adaptive economies
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- In this topic, you are to research globalisation. The business press bombards us with ideas about ‘The shrinkingworld’, ‘the flat world’ and ‘the border-less world’ – all catchphrases to describe the impact of globalisation.But are the (trade) borders really collapsing or are we seeing, post GFC, a resurgence in them? What is behindthe extreme demonstrations against globalisation at G7andWTC conferences?A. 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…Would you consider that imperialism, the policy of extending a country's power ad influence through diplomacy or military force, is similar in any way to globalization, in terms of concepts, driving forces, activities, or net results? What do you think will happen with respect to “globalism” post Covid?
- 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 localeconomyAssume each country's potential output per unit worker per month is given below. (answer questions 15-18 based on the following information) Corn (lb) Scarves(#)U.S. 20 10Mexico 25 5Which country has an absolute advantage in producing corn and scarves respectively a. U.S. in corn; Mexico in scarves b. U.S. in scarves; Mexico in corn c. Mexico in corn; Mexico in scarves d. U.S. in corn; U.S. in scarvesAssume that during the years 2022 to 2025 Woodland Republic could produce only two commodities: tractors and rice. Also, assume that Woodland Republic canprocuce at any of the positions represented by the production possibility schedule below. A B C D E F G H Tractors 0 2 4 7 9 11 13 14 Rice (in tons) 100 95 85 70 60 50 30 0 Suppose in 2022 the economy is producing at point D. What is the opportunity cost of producing 6 more tractors in 2023
- 1. Notice how U.S. imports rose at roughly the same rate asthose of other countries until the 1970s. What accounts forthe acceleration of U.S. imports thereafter? 2. China’s exports rose spectacularly after the 1990s. Germanyincreased its exports in this period dramatically as well. Whatevidence do you see here for increasing competition for theUnited States in a globalizing economy?The COVID-19 pandemic has adversely affected international travel and also had an impact on globalisation. There are also increasingly serious global political issues emerging including; great power rivalry, renewed border disputes and other political tensions flaring up in different parts of the world. a) From an institution-based perspective, how are national and international politics likely to influence future paths of globalization? b) How should multi-national entities respond strategically if a “new cold war” emerges due to great power rivalry?3. In the Ricardian model of trade, which of the following statements is false?A. The consumption possibilities frontier is the same as the production possibilities frontierin autarkyB. Two countries will trade so long as they each have comparative advantageC. The introduction of trade leaves the production possibilities frontier unchangedD. Trade may not lead to complete specialization
- c. Consider a Ricardian model with two countries, the US and Ecuador, producing two goods, bananas and machines. Suppose the unit-labor requirements are: aLBUS= 8, aLBE = 4, aLMUS = 2, aLME = 4. Let the US have 3200 workers and Ecuador have 400 workers. D. What would the pattern of trade be in free trade? Why? E. How much of each good would Ecuador produce in free trade if complete specialization occurred? F. Specify a plausible free trade terms of trade.On his first day in office, President Donald Trump took the United States out of the Trans Pacific Partnership (TPP), a proposed free trade deal with 11 other countries in the Asia-Pacific region, representing nearly 40% of global GDP. If the TPP had come into existence, the countries in the TPP would NOT be in violation of the most-favored nation (MFN) principle in the World Trade Organization (WTO) by giving each other preferential trade access. Why? A. There is an exception to MFN regarding the Generalized System of Preferences. Because Vietnam, a developing country, was one of the 12 members of the TPP, that exception applies to the whole partnership. B. Because the United States has the largest economy in the world, it gets to decide when MFN applies and when it doesn’t. C. There is an exception to MFN regarding regional trade agreements (RTA), and because all the proposed members inhabit the Asia-Pacific region, the TPP would have been an RTA, and therefore, members could give…Assume a Ricardian, constant-cost world. There are two countries, the United States andCanada. Each country can produce cameras and milk. The table below shows production perman-hour for each country. US Canada cameras 6 2 milk 1 2 The United States has a labor force of 1,000 workers, and Canada has a labor force of 500workers.a) Graph the world supply curve for cameras.b) Show a possible world demand curve and price (assuming that both countries completelyspecialize).