Chapter 9, Problem 9SQ

Demonstrate competence in words the theory & evolution of international trade with emphasis on comparative advantage.

By demonstrating competence in words the theory and evolution of international trade with emphasis on comparative advantage.

I need a brief/short and understandable explanation as to how the development of the world trading system changed over a period of several centuries.

Q8 An agreement among a group of countries to eliminate trade barriers among themselves, to present a common trading front to the rest of the world in terms of common tariffs, but which does not permit free movement of factors of production among member countries, is called a... a. Free-trade area. b. Customs union. c. Confederation. d. Reciprocity association. e. Common market.

Reasons for international trade include all except: a. Differences in technology b. No difference in capital stock c. Difference in demand d. Increasing returns to scale

Discuss the formation of private business cooperationa and their regulations.

What is the rationale for international trade? Provide a critical assessment of traditional and modern theories of international trade in promoting international trade. Why would a country promote protectionism?

how do the legal–political, economic, and cultural environmental differences within a country affect a firm’s international business transactions?

What is Comparative Advantage? Why is this theory important to consider for international business? Please no plagarism.