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- 9 Explain what the World Trade Organization is and how it is working to reduce trade barriers on a global basis6) The trade model of the "factor endowment theory" maintains that a. Comparative advantage determines the distribution of the gains from trade b. Absolute advantage determines the distribution of the gains from trade A country exports goods for which its resource endowments are most suited C. d. The division of labor is limited by the size of the world market00 7 F. PRICE (Dollars per ton) 4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for soybeans in Honduras. The world price (Pw) of soybeans is $530 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of soybeans and that there are no transportation or transaction costs associated with international trade in soybeans. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. 2. Domestic Demand Domestic Supply 770 740 710 680 650 620 06 P, 530 MacBook Pro Search or type URL 4. 51 9.
- NoneQUESTION 36 The phenomenon that occurs when high-cost domestic producers are replaced by low-cost producers within the free trade are is called O A. trade alteration. B. trade qualification. C. trade creation. D. trade diversion.The biggest regional trade agreement in history is ____. (fill in the blank)
- 96 25 (Table) Referring to the table, we see that France may now consume wine and cheese. Country and Product Before Specialization After Specialization After Trade 45 France 09 Checse England Wine Cheese O more; less 20 O less; the same amount of O less; more O more; the same amount of Unit 7- Chapter 1...xlsx O Unit 7- Chapter 1..xlsx O Topic 2 (2).docx Topic 2 (1).docx Show all 11:07 PM search 73°F 4202/8/21 delete 10 92 num lock -> 7. home enter T shift end alt ctrl( Economic History of North America ) Discuss the role of the Hudson Bay Company in the fur trade?Explains it correctly Not copy paste
- 6. The arguments for restricting trade Suppose there is a policy debate over whether the United States should impose trade restrictions on imported tires: The president of the United States argues that the government should impose a tariff on tires because they are a necessary input into the production of various weapons. Free trade would make the United States overly dependent on foreign countries for the supply of tires. In case of a war, the United States might not be able to make or purchase enough tires and, therefore, would not be able to make enough weapons to defend itself. Which of the following justifications is the president using to argue for the trade restriction on tires? Jobs and income argument Infant-industry argument OUsing-protection-as-a-bargaining-chip argument O Unfair-competition argument National-defense argument5) Ricardo's simplified trade model is based on all of the assumptions except a. costs do not vary with the level of production b. the level of technology is fixed for all nations c. perfect competition prevails in all markets d. capital is the only factor of production 51. Wheat and the welfare consequences of trade:a. [Basic static analysis of trade] Construct a simple model of the (wholesale) market for wheatglobally, and in Australia. Provide a brief but clear explanation to accompany yourdiagrams, and reflect on what access to international trade means for Australian farmers,food manufacturers (e.g. bakeries) and food consumers (i.e. households). b. [Extended dynamic analysis] The market for wheat is affected by the recent unrest inUkraine (“Ukraine war could send...”, 2022). Wheat prices are reported to have increased55 per cent even before the invasion, just based on fears of sanctions and disruptedsupply, as Russia and Ukraine account for a large portion of global wheat supply. Russiais also a key supplier of fertilisers used by Australian farmers. How can we expect this toaffect Australian wheat producers? What flow-on effects might we expect to see in thewider Australian economy? 2. Petrol and the welfare consequences of taxes:a. [Basic…