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- Is the following statement (in italics) true or false? Justify your claim using a relative demand-supply (RD-RS) graph. General equilibria, in a two-country-two-good-one-factor Ricardian model of free and frictionless international trade, include the possibility of both countries producing both goods.As you may have heard, Russia decided to invade its neighbor, which has led to international condemnation (albeit not on all fronts). The EU, a former major importer of gas from Russai, went ahead with sanctions. Imagine, if you will, that the respective heads of state get together and try to negotiate a trade agreement to end sanctions. They each have three possible choices: (a) Maintain tariffs against the other nation (T); (b) Seek mediation from the WTO, which would implement an international trade agreement at a small cost (M); (c) Unilaterally remove tariffs (F). The payoff matrix is as given below. Is there a dominant strategy for either player? Find all the (pure strategy) Nash equilibria in the game. How would this change if, instead, the mediation is costless and yields a payoff of 50 to each nation (assuming mutually successful mediation) and a payoff of 0 (if the other nation chooses otherwise)? **Fill in the gaps (1 word per gap), there are extra words. Studying international business is a complex task. The nature of the topic demands a generalist approach that (0)……………….. not just diverse countries, but cultures, industry sectors and specific firms. Whereas international trade has existed for millennia, it has grown from an estimated 6% of world GDP in the early 19th Century to approximately 60% in the early 21st Century – a tenfold rise. At its most basic, it includes the sale of goods and services between countries. Yet, varying forms ofinternational business can be observed. For example, a business that produces components or goods overseas but sells them (1)……………….. can be considered an international business, as can a firm that (2)……………….. services, such as call centers, to locations where labor expenses might be cheaper. For most organizations, decisions around building, producing, and selling products or services are informed by many factors. Fundamentally, a firm’s…
- Three South American countries enter into an agreement to remove all tariffs and trade barriers between them. They decide on a common external trade policy and charge the same tariffs. Which level of economic integration best describes this arrangement? Question 4 options: political union customs union common market economic union monetary unionProcurment- In global trade, laws may not apply, so it's a good idea to specify what laws will apply to your transaction. True FalseIn the United States, what percent of gross domestic product does international trade account for?Chapter 325 percentO 12.5 percentO 75 percent50 percentO 90 percent Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- (g) Explain how is the production structure (i.e. which goods are produced) affected in each country by opening up to trade. Is this consistent with the empirical evidence we observe in reality? How can this model be modified to produce a less stark result?International trade: If Germany (which is a large country) imposes an import tariff on textile imports, we can conclude that: (a)The world price of textile rises, and Germany imports less. (b)The world price of textile stays constant, and Germany imports less. (c)The world price of textile falls, and Germany imports less. (d)The world price of textile stays constant, and Germany imports the same as before. Explain your answer clearly. Limit your explanation to 200 words.Question 7 According to the liberal perspective, interdependence through free trade O decreases the likelihood of peace because it perpetuates economic inequalities. O increases regional stability because it leads to the promotion of norms around conduct of economic interaction. O increases the likelihood of peace by making war costly. O decreases the chances for peace by increasing competition.
- Question 3 a) With aid of a diagram, explain the general equilibrium framework of the Hecksher Ohlin(H-O) model. b) Draw a figure showing the consumption, production, trade, revenue and redistribution effects of an import tariff when the nation is assumed to be too small to affect world prices. What is the protection cost of the tariff?Question 11 Use the AS/AD framework to show what happens to GDP and the price level in the short and long run following a permanent increase in government spending, when the country starts at potential GDP.What is likely to hannen to consumption, inyestment and net exports during the adjustment to the long run?The war Russia is waging against Ukraine has already halted most of Ukraine’s production capabilities. Similarly, the sanctions raised against Russia by the international community end decades of economic cooperation across several economic sectors. Considering both countries main imports and exports along with their export share of world production and how international supply chains will adjust to the economic disruptions brought by violence. Highlight three (3) ways in which you believe the disruptions in the international supply chains may affect the Caribbean region.