9. It has been stated that a partial explanation of intra-industry trade is provided by: a. The principle of absolute advantage b. Highly competitive product markets c. Diseconomies of large-scale production d. International transport costs

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1.Using the concept of free trade and the 3 free trade theories discussed in the class materials, explain the difference between absolute advantage and comparative advantage. Explain the difference between free trade and fair trade. Provide an example of your own household or work experience.

1. 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…

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Reasons for international trade include all except: a. Differences in technology b. No difference in capital stock c. Difference in demand d. Increasing returns to scale

A large share of intrafirm trade suggests Group of answer choices 1. There are increasing returns to trade in the industry. 2. The industry produces a highly differentiated, knowledge-intensive product. 3. Offshoring is important in the industry. 4. Strong comparative advantages.