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- explain the strategic trade theory and with an aid of an example of industry of choice. motivate why the government should implement this theoryWhat are the advantages and disadvantages of unrestricted (free) trading?12. Compare and contrast Adam’ smith absolute advantage, David Ricardo’s comparative and Heckscher Ohlin’s factor endowments theories of international trade.
- Explain the interdependence between 3 economic industries10. major features of the linder theory of trade are that it focuses on _______ patterns in countries and also introduces, in contrast to traditional trade theories, the general concept of _______ trade a. demand; intra-industry b. demand; inter industry c. supply; intra industry d. supply; inter industry4. Effects of a regional trading arrangement Consider a hypothetical world consisting of only three countries: Liechtenstein, Canada, and France. Each country produces grain. Liechtenstein is a small economy compared to Canada and France and thus cannot influence foreign prices. On the following graph, the supply and demand schedules of Liechtenstein are shown as Such and DLch- Foreign supply schedules of grain are perfectly elastic: Canada is a more efficient supplier of grain than France because its supply price is $1.00 per bushel (Scan), whereas France's supply price is $2.00 per bushel (Sp). ? 10.00 SL 9.00 8.00 7.00 6.00 5.00 4.00 3.00 A 2.00 Scan 1.00 6 12 18 24 30 48 54 60 Calculate the quantity of bushels Liechtenstein imports when the three nations engage in free trade. Enter this value in the first row of the following table. Also indicate which country Liechtenstein imports from. Imports Scenario (Thousands of bushels) Imports from... Free trade With tariff With customs…
- 15. Which one of the following statements about international trade is FALSE? a) when consumption externality is ignorant, importing will always be environmentally beneficial b) Import happens only when the global price for a goods is smaller than the domestic price c) Exports of carbon emissions happens when a country importing goods from other countries d) Multi-national companies' production decisions should be blamed for creating pollution havens in less-developed countries e) The process and production methods used in trade agreements should be blamed for creating pollution havens. 16. Which one of the following statements about trade and the environment is true? a) Inclusion of externality impacts increases the net gains from trade b) Inclusion of externality impacts implies that international trade decreases overall social welfare c) Free trade always has a damaging effect on the environment d) Free trade always has a beneficial effect on the environment e) Inclusion of…7. The era of Mercantilism trade theory was Question 7 options: 1600-1900 1500-1800 1776-1876 None of the aboveOnly typed answer
- Fourteenth-century potters in the Chinese city of Jingdezhen de Celsius and produce porcelain, or "china," which was particula on gold or silver and wealthy families were anxious for a legal Persian cobalt to create the blue dye for the porcelain (local col is(are) illustrated in this passage? ◇ differences in preferences specialization comparative advantage all of these advantages12List and explain three (3) arguments for and three (3) arguments against Free Trade.v