1) https://openstax.org/books/principles-macroeconomics-2e/pages/20-1-absolute-and-comparative-advantage 2) https://openstax.org/books/principles-macroeconomics-2e/pages/20-2-what-happens-when-a-country-has-an-absolute-advantage-in-all-goods 3) https://openstax.org/books/principles-macroeconomics-2e/pages/20-4-the-benefits-of-reducing-barriers-to-international-trade please I need a short summary of these articles

4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFS) for Yosemite and Denali. Both countries produce peas and pistachios, each initially (i.e., before specialization and trade) producing 24 million pounds of peas and 12 million pounds of pistachios, as indicated by the grey stars marked with the letter A. PISTACHIOS (Millions of pounds) 64 56 48 40 32 24 16 8 0 0 PPF 8 Yosemite 24, 12 16 24 32 40 48 PEAS (Millions of pounds) 56 64 ? PISTACHIOS (Millions of pounds) 64 56 48 40 32 24 16 8 0 0 PPF 8 Denali 16 24 32 40 48 PEAS (Millions of pounds) 56 64 Yosemite has a comparative advantage in the production of while Denali has a comparative advantage in the production of . Suppose that…

Questions 12-15 refer to the simple (free) trade model graph of country A on the right that shows what happens to welfare of consumers, producers, and total, when country A opens its border to trade. The domestic price and world price are Pp and Pw, respectively. The equilibrium quantity under autarky (no trade) is Qp. After trade, domestic producers supply Qa and (Qw Qa) is imported from the rest of the world. Domestic Supply (S) Price (in US $) ↑ G PD H Pw Export Supply K Domestic Demand (D) 12. What is the gain in consumers' surplus (CS) after free trade? [Select one] а. Н Qa QD Qw Quantity b. I+J с. Н+1+] d. H +I+J+ K 13. What is the gain in total welfare (CS+PS) after free trade? [Select one] а. Н b. I+J с. Н +1+] d. H +1+J+ K 14. Fill in the blanks: "Due to free trade, gain welfare and lose welfare, respectively. a. consumers, producers b. producers, government c. consumers, government d. government, producers 15. What is the minimum "area" of surplus that needs to be transferred…

Use the following information to answer question: Assume the standard trade model with two countries (Alpha and Beta), two goods (food and drink), and two factors of production (land and labor). Further assume that Alpha is relatively labor-abundant; food is relatively labor intensive; drink is relatively land intensive. The pre-trade price of food in Alpha is while the pre-trade price of food in Beta is than the price of drink in Alpha than the price of drink in Beta. Greater; greater Less; less Less; greater Greater; Less

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Please help me answer each part of the questions in detail. Thank you

true/false explain If an advanced country has an absolute advantage in the production of everything (relative to certain less developed countries), the advanced country will benefit if it eliminates trade with less developed countries and becomes self-sufficient.

BASIL (Millions of pounds) The following graph shows the same PPF for Rainier as before, as well as its initial consumption at point A. As you did for Yosemite, place a black point (plus symbol) on the following graph to indicate Rainier's consumption after trade. 64 56 48 PPF 40 32 24 16 8 0 8 16 Rainier 24 32 40 48 56 64 ALMONDS (Millions of pounds) Consumption After Trade ? True or False: Without engaging in international trade, Yosemite and Rainier would not have been able to consume at the after-trade consumption bundles. (Hint: Base this question on the answers you previously entered on this page.) ○ True False

How can the Big Mac Index be used to make PPP comparisons between countries?

Consider the following dialogue between two economics students, Janet and Larry, after a recent economics lecture.   JANET: Hi Larry. Today the professor said that money is helpful because systems of exchange work better when everyone agrees to use a single common item to buy and sell things. But I don’t see how money is useful. As long as I specialize in something I have a comparative advantage in, like making cookies, I should be able to trade my cookies for whatever I need! I wouldn't need money!   LARRY: Okay, I see where you are confused. Let’s run through it one more time. Suppose there is no money and you continue your job making cookies. With no money, you will actually have to be paid in cookies. Now, you still need water to survive, right? Well, in order to get water, you'll need to pay the water company your _______ (options: cookies, water, cash) in exchange for the water company's _________ (options: cash, cookies, water).  JANET: Yes. So what’s wrong with that?…