Further information on the activities of the Juice industry in 2023 is providedin table 2.1 below in millions of Eastern Caribbean dollars (ECD).Table 2.1ECD millionSubsidies 0Gross national product at market prices 300Imports 30Net national product 275Exports 30Net national product at factor cost 260Personal savings 15Personal income 225Government transfer payments 5Undistributed corporate profits 20Government expenditure on commodities 40Personal consumption 160Using the following Global-Land 2022 data in table 2.1 provide Estimates of the Following KeyNational Accounting Aggregates: (30 marks)(1 mark each for the formula, 4 marks each for the working and the solution

Why does the United States not have an absolute advantage in coffee?

Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram onto a sheet of paper and then add a foreign county as a third agent. Draw a rough sketch of the flows of imports, exports, and the payment for each on your diagram.

At one point Canadas GDP was 1,800 billion and its exports were 542 billion. What was Canadas export ratio at this time?

Review the numbers for Canada and Venezuela from Table 33.12 which describes how many barrels of oil and tons of lumber the workers can produce. Use these numbers to answer the rest of this question. Draw a production possibilities frontier for each country. Assume there are 100 workers in each country. Canadians and Venezuelans desire both oil and lumber. Canadians want at least 2,000 tons of lumber. Mark a point on their production possibilities where they can get at least 3,000 tons. Assume that the Canadians specialize completely because they figured out they have a comparative advantage in lumber. They are willing to give up 1,000 tons of lumber. How much oil should they ask for in return for this lumber to be as well off as they were with no trade? How much should they ask for if they want to gain from trading with Venezuela? Note: We can think of this ask as the relative price or trade price of lumber. Is the Canadian ask you identified in (b) also beneficial for Venezuelans? Use the production possibilities frontier graph for Venezuela to show that Venezuelans can gain from trade.

Why might the unsafe consumer products argument be a more effective strategy (from the perspective of the importing country) than using tariffs or quotas to restrict imports?

Are differences in geography behind the differences in absolute advantages?

Why might Belgium, France, Italy, and Sweden have a higher export to GDP ratio than the United States?

Why do low-income countries like Brazil, Egypt, or Vietnam have lower environmental standards than high-income countries like the Germany, Japan, or the United States?

What is splitting up the value chain?