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Please answer part c
Question 4
a. What are the gains to be derived from free trade?
b. Illustrate, with the use of diagrams, and discuss the
c. Clearly explain and illustrate the gains from exchange and the gains from specialization?
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- Question 4a. What are the gains to be derived from free trade? b. Illustrate, with the use of diagrams, and discuss the gains from free trade?c. Clearly explain and illustrate the gains from exchange and the gains from specialization?Suppose a capital abundant country, such as Canada, enters into free trade with a natural resource rich country, such as India.I. Explain the form of trade, such as, who exports what and imports what, using the concept of comparative advantage in trade theory. Identify each country’s comparative advantage and disadvantage.II. Explain how trade creates winners and losers within each country?Note: You may/may not draw relevant diagrams to answer the above questions.a. What are the gains to be derived from free trade? b. Illustrate, with the use of diagrams, and discuss the gains from free trade. c. Clearly explain and illustrate the gains from exchange and the gains from specialization. (rubric attached as picture)
- 6 Question 1: How China became the production center of the world? Explain using Comparative Advantage theory of trade.If a country closes off to trade and notices that the number of firms in an industry doubles in size, what economic theory would help us explain this phenomenon? A. Stolper-Samuelson. B. Melitz. C. Ricardian. D. Cournot. Explain your answer in up to 200 words and using a diagramWhich of the following statements is true about specialization and trade? Group of answer choices A country should specialize in and import the good for which it has absolute advantage. A country should specialize in and export the good for which it has absolute advantage. A country should specialize in and import the good for which it has comparative advantage. A country should specialize in and export the good for which they have comparative advantage.
- Macmillan Learning The Power of Trade and Comparative Advantage: Work It Out 5 Here's another specialization and exchange problem. This problem is wholly made-up, so that you won't be able to use your intuition about the names of countries or the products to figure out the answer. Consider the following productivity table: Mandovia Ducennia Number of Hours to Make One Rotid Output of rotids for Mandovia: Total rotid output: 50 150 Number of Hours to Make One Tauron d. Now allow specialization. One billion hours of labor are available for making products in Mandovia, and 2 billion hours of labor are available for making products in Ducennia. If each country completely specializes in the product in which it holds the comparative advantage, what will the total output of rotids be? Of taurons? Is the total output of each product higher than before? million 100 million 200 Output of rotids for Ducennia: millionAll of the following are advantages of free trade except: a. Free trade helps keep interest rates high b. The global market consists of more than 7 billion potential customers c. Global competition helps keep prices low. D.. Increase productivity in areas of comparative advantageExplain the two main categories of gains from trade which are 1. gains from exchange and 2. Gains from specialization. Use appropriate diagrams to explain.
- (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?The model (graph) below represents a small country trade of good X after the government decided to impose tariffs on import. Consider the case of trade after tariffs. Please answer the following questions: What area(s) represent the gain of surplus to producers? What area(s) represent government revenue? What area(s) represent the loss of surplus to consumers? What area(s) represent consumers surplus? What's the quantity imported? Describe the impact of a tariff on social welfare. Refer to the graph to support your answer. A Qs Qs,t QD₂t Q₂ Quantity Edit View Insert Format Tools Table Price Pw+t Pw G CQuestion 3: Economies of Scale, Imperfect Competition and International Trade Trade need not be the result of comparative advantage but it can be a result of economies of scale. Discuss in detail