Question 3 a. In the country of Estanbalu, there are plans to cease international trade. You are assigned as an economist to present to the Minister, the possible gains of engaging in free trade using diagrams where possible. ( b. Clearly explain and illustrate the gains from exchange and specialization.
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- a. In the country of Estanbalu, there are plans to cease international trade. You are assigned asan economist to present to the Minister, the possible gains of engaging in free trade usingdiagrams where possible. b. Clearly explain and illustrate the gains from exchange and specialization. Answer only question b1-Analyze the following (2x2) matrices. Identify the countries having certain advantages. Moreover, specify the benefits of trade for both countries. A (2x2) matrix involves (2 countries exchanging 2 commodities or products) Matrix A Wheat (bushels/labor Cloth (yards/labor hour) hour) United States U.K. 3. (Numerical values reflect output per unit of input) a. Will trade occur??? Identify the country having the absolute advantage in wheat and the one having the absolute advantage in cloth. b. Identify the production possibility frontiers for both countries. c. Show me the gains of trade if we assume that the U.S. exchanges 6 units of wheat for 6 units of cloth.Draw for Nation 2 a figure analogous to the top panel of Figure 7.7 under the following assumptions: (a) Only the amount of labor doubles in Nation 2. (b) The terms of trade of Nation 2 improve from PY /PX = 1 with free trade before growth to PY /PX = 2 with growth and free trade. (c) Nation 2 exports 20Y with growth and free trade.
- Assist with a and b6 Consider two countries Home and Partner trading industry goods. Partner’s supply curve can be represented as follows: XSP=P-1 Home’s import demand for industry goods is given by: MD=10-P The rest of the world is represented by the following supply of industry goods. XSRoW=P-1 a) Derive and graph Home’s import supply curve and find the equilibrium price under free trade. Quantify the amount of goods exported and imported. b) Assume that Home imposes a MFN-tariff of 1 on all industry imports. Find the new equilibrium and quantify the domestic price, border prices and quantities exported and imported. c) What happens if Home removes the tariff for imports from Partner but not from the rest of the world. Find the new equilibrium and quantify domestic price, border prices and quantities exported and imported.(1 point) Consider an international trade model consisting of three countries X, Y, and Z. Suppose X uses of its production domestically, sends of its production to Y, and sends of its production to Z. Suppose Y uses of its production domestically, sends of its production to X, and sends of its production to Z. Suppose Z uses of its domestic goods, sends ½ of its production to X and sends of its production to Y. Assume this is a closed Leontief model. 5 If we know country Z produced 280 thousand units of goods, then country X produces thousand units of goods. thousand units of goods and country Y produces
- International Trade Suppose the production of chocolate and wine per hour of labor in Italy and France is as follows: Chocolate (C) Wine (W) Italy (I) 8 bars 4 bottles France (F) 6 bars 2 bottles a) Which country has the absolute advantage in chocolate production? Does the same country also have the comparative advantage in chocolate production? Explain your answers. b) Suppose that with free trade the price of one bottle of wine is 2.5 bars of chocolate. Further suppose that 100 million hours of labor are available in both countries. Carefully draw the production possibility curves in each country both with and without free trade. With reference to the graphs, briefly explain in words how free trade can help both countries become better off.A big country with a good's demand described by P= 150 - 3Q and a good's supply described by P= implements a $8 tariff, which ultimately decreases the world price from $66 to $64. 40 + 20 (a) Calculate the total surplus under each scenario: no trade, free trade, and protected trade. (b) Calculate the distortion loss that is created by the tariff. (c) Suppose the tariff led to an increase in the current account, while primary budget deficit and private saving both increased as well. What happened to the economy's investment?8
- i live in cyprus . a) What are the comparative advantages (as a product or service) of your country? Why? b)Are those products main export goods/services of your country? i) If yes, please give the percent of export share of those products. ii) If no, please indicate which products/services should beconsidered as products that they have comparative advantage considering the current export volume?i live in turkey a) What are the comparative advantages (as a product or service) of your country? Why? b)Are those products main export goods/services of your country? i) If yes, please give the percent of export share of those products. ii) If no, please indicate which products/services should beconsidered as products that they have comparative advantage considering the current export volume?07. Under open trade, (a) country 1 will be importing and country 2 exporting 12 units at a price of $10. (b) country 1 will be importing and country 2 exporting 9 units at a price of $11. (c) country 2 will be importing and country 1 exporting 15 units at a price of $11. (d) country 2 will be importing and country 1 exporting 9 units at a price of $14. (e) country 2 will be importing and country 1 exporting 9 units at a price of $11.