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- How do trade barriers affect the average Income level in an economy?2. Why do economists oppose policies that restrict trade among nations?Suppose eachworker in Home can produce 12wheat or 4TVs. Assume that Home has 10workers. Suppose each worker in Foreign can produce 8 wheator 2 TVs.Assume that Foreign has 20 workers.a.What is the no-trade relative price of TVs in Home and Foreign respectively?b.Which country has an absolute advantage in the production of wheat? Which country has a comparative advantage in the production of wheat?c.Use two graphs (one for Home and one for Foreign) to display production possibilities along with indifference curves and label no-trade equilibria and a trade equilibrium constructed by you. (Assume that positive quantities of both goods are consumed in both countries in all equilibria). Pick your own numbers for the relative price in the trade equilibrium and for quantities consumed in the trade and no-trade equilibria for both countries.d.What is the real wage in units of wheat in Home in the no-trade and inyour proposed trade equilibrium?e.Calculate the gains from trade for Home by…
- 1. How a single nation that is engaged in trade of a particular product may be worse off, while the world as a whole benefits from that trade?Q54 Does free trade improve the living standards of all residents of a country? a. No, because the losses in the import-competing industries outweigh the gains from trade in the new export industries. b. Yes, because inefficient import-competing industries are replaced with efficient export industries. c. Probably not. In principle, the net gains from trade could be divided such that every individual is better off, but in practice, some individuals are likely to be worse off. d. No, because the benefits from free trade are only theoretical. e. Yes, definitely, because the gains from trade outweigh the losses in the import-competing industries.Suppose there are three countries in the world: Portlandia, Sanaton, and Volcania. These three countries produce a total of 3 different kinds of goods: Raspberries, Pomegranates, and Grapefruits. If Portlandia imposes some protectionist measures on Raspberries from Sanaton, and Volcania. OThe price of Raspberries in Portlandia will increase for everyone OThe Raspberries industry in Volcania will benefit OThe Raspberries in Sanaton will be the only one to see higher prices for this product
- why countries trade goods and services, and why such trade can increasewelfare.Suppose you are an economist advising the Canadian government as to whether to erect trade barriers for the protection of Canada's textile industry. You are likely to study the gains to be realized in this industry and weigh those against Select one: A. the lower factor prices that occur in competing domestic industries. B. the cost in terms of lower national income of Canada's trading partners. C. the effect on factor incomes of Canada's trading partners. D. the cost in terms of higher prices to Canadian consumers.. The countries of Orion and Scorpius are small mountainous nations. Both produce granite and blueberries. Each nation has a labor force of 800. The following table gives production per month for each worker in each country. Assume productivity is constant and identical for each worker in each country. Orion workers Scorpius workers Tons of Granite Bushels of Blueberries 18 6 3 12 Productivity of one worker for one month a. Which country has an absolute advantage in the production of granite? Which country has an absolute advantage in the production of blueberries? b. Which country has a comparative advantage in the production of granite? Of blueberries? c. Sketch the PPF's for both countries. d. Show that specialization and trade can move both countries beyond their PPF's
- 1. Do you think that GATT was essential to promoting world trade? Why or why not?2. Define WTO. In what ways do you think the WTO is still essential to global trade?10. We have focused on the case of trade involving only two countries. Suppose that thereare many countries capable of producing two goods, and that each country has onlyone factor of production, labor. What could we say about the pattern of productionand trade in this case? (Hint: Try constructing the world relative supply curve.)cates well. Cléarly, you can do everything better than VV 7. Plot the PPC of a nation given by the following data. your friends and acquaintances. As a result, the term specialization has no meaning for you. Specialization would cost you rather than benefit you." All Other Combination Health Care Goods h Shot 13. During China's Cultural Revolution in the late 1960s and early 1970s, highly educated people were forced to move to farms and work in the fields. Some were common laborers for eight or more years. What does this policy say about specialization and the PPC? Would you predict that the policy would lead to an increase in output? A 100 De.479 1g 25 90 C 50 70 75 40 E 100 a. Calculate the marginal opportunity cost of each combination. en Shot ..0.24.24 b. What is the opportunity cost of combination C? c. Suppose a second nation has the following data. Plot the PPC, and then determine which nation has the comparative advantage in which activity. Show 14. In elementary school and…
