Apply the gravity model to India and China. Why has it taken so long for India and China to become serious trading partners? Think of 18th century trade patterns, importation of raw materials back to the UK from their colonies.

Give two arguments each for and against globalization. What is your conclusion and why? Short answer please

If the world price of oil increases, what impact will this have on the welfare of an oil importing country like Germany? Use the Ricardian trade model assuming that Germany is specialized in the production of “Manufacturing Goods” and imports Oil to answer this. You can ignore the Foreign Country and just focus on Germany

Standard trade Model When comparing the agricultural sectors of the USA and the UK, we can analyze it within the framework of the standard trade model, also known as the neoclassical trade model. This model assumes perfect competition, constant returns to scale, and comparative advantage based on differences in factor endowments. Here's how the standard model can be applied to the agricultural sectors of the USA and the UK:     a) Land: The USA has vast amounts of arable land, which can be used for agriculture. Its large land endowment can give it a comparative advantage in the production of various agricultural commodities.   b) Labor: The UK's agricultural sector might not have a significant comparative advantage in labor-intensive agriculture due to relatively high labor costs compared to countries with lower wage levels. However, it may focus on niche agricultural products or high-value crops that require specialized labor or have specific geographical advantages.   c) Capital: The…