{he country Autarka does not allow international trade. In Autarka, yo ucan buy a wool suit for 3 ounces of gold. Meanwhile, in neighboring countries, you can buy tire same suit for 2 ounces of gold, If Autarka were to allow free trade,would it import or export wool suits.' Why?

QUESTIONS : D. Would you agree if the UK imposed import protection for wheat and corn to protect domestic wheat and corn farmers? Give reasons and basis for your argument. What are the negative and positive impacts that will be faced by the UK when implementing this protection policy (Give at least 5 answers for each positive & negative impact). POINT D ANSWER : Would defeinetly not go with the idea and not accept the trade proctectionsim, as it of more harm than good. Reasons are as follow: -The restricted options of customers and paying more for products and services. A main consequence of trade protectionism would be that, as there can be limits on how much can be imported, buyers may have a restricted variety of products and services. Shoppers would have a very limited option as to the amount, standard and form of product that might otherwise be available to them without competitive protection due to these quotas. -Exchange rate caps have induced long-term inflation because…

Suppose two countries, A and B, trade two goods, Good 1 and Good 2. Production of both goods requires capital (K) and labor (L) and production of one unit of Good 1 requires more capital relative to labor than production of one unit of Good 2. We also know that ΚΑ > KB, where upper bars denote the total amount of a factor in a country. LB LA State the Heckscher-Ohlin theorem. What does it predict about trade patterns between countries A and B once they open up for trade? ii. Using a production possibility frontier and an indifference curve, draw a diagram that shows no-trade and free-trade equilibrium in country A.

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$ 14 SMexko 8 9 3 2 Price World Tarriff Price world 0 10 40 60 80 110 ONexico Pocket Calculators Refer to Figure. How many calculators would Mexico import with free trade. O 40 calculators O 60 calculators O 80 calculators O 100 calculators

What were some of the reasons for the decline in the import-substituting industrialization strategy in favor of a strategy that promotes open trade? O High rates of effective protection allowed industries to survive when their cost of production was three to four times higher than the price of the imports they replaced. O Protectionist policies had a negative effect on incentives, which led to rent-seeking or corruption in some developing countries. O Countries pursuing import substitution were not catching up with advanced countries. O All of the above.

Please explain why the answer is false. Specializing in its comparative advantage and trading with other nations benefit a country in terms of its total output but not individuals when it comes to their wages.a.Trueb.False

ce Question 9 Consider Figure 4.1. With free trade, the total value of Mexico's imports equal 14 09 3 2 $220. O $260. 10 40 60 80 SMexiko Price world+Tarrit 110 Price world OMexico Pocket Calculators