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- In principle, the benefits of international trade to a country exceed the costs, no matter whether the country is importing or exporting. In practice, it is not always possible to compensate the losers in a country, for example, workers who lose their jobs due to foreign imports. In your opinion, does that mean that trade should be inhibited to prevent the losses?If opening up to free trade would benefit a nation, then why do nations not just eliminate their trade barriers, and not bother with international trade negotiations?What insights do welfare analysis (consumer surplus/producer surplus) offer into international trade? a. That trade increases the welfare of producers, so trade may make total surplus fall. b. That nations are better off NOT trading with each other, because lower world prices harm most nations producers and consumers. Oc. That while trade increases total surplus, consumers or producers in a country may gain or lose, depending on world price. C. d. That tariffs make a country better off and trade wars can definitely be won!
- What is the concept of comparative advantage in international trade? A. A country's ability to produce all goods more efficiently than other countries B. A country's ability to produce a good at a lower opportunity cost than other countries C. A country's ability to produce goods using the most advanced technology D. A country's ability to produce goods at the lowest absolute costWhy are international negotiations important in order to reduce tariff rates worldwide? A. Special-interest groups cannot affect international negotiations. B. Large countries can impose policy restrictions on smaller countries. C. They help avoid trade wars. D. The world as a whole gains from free trade.Two countries, A and B, produce cotton and wine. The table below describes their maximum daily production of each good in kilograms for cotton and liters for wine. Maximum daily production Country A Country B Cotton 40 40 Wine 50 40 Which country has the comparative advantage in the production of a. wine? Why? b. If these two countries trade, which good will each of them export? Why?
- ee-trade benefits Ttion to the positive welfare effects that free trade has on an economy, there are a variety of other benefits of international trade ng scenario: Thout free trade, Sapphira has market power as a local producer. Once free trade is implemented in the local economy, Sapphira ger able to raise its prices above competitive levels. vious scer represents which of the following benefits of free trade? D An enhanced flow of ideas Increased variety of goods Increased competition Lower costs through economies of scale Grade It Now SavWhat is the essence of the "terms-of-trade" argument against free trade? A. A large country can improve its terms-of-trade by subsidizing exports, and the optimal export subsidy is positive. B. A large country can improve its terms-of-trade by imposing tariffs, and the optimal tariff is positive. C. Terms-of-trade is an important policy tool that is not available if the government commits to free trade. D. A small country cannot affect its terms-of-trade, so it might as well impose tariffs to raise government revenues. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.The measure of the US's garment intra-industry trade with the rest of the world is 0.2. This implies that the garment trade of the US is mostly based on... ag tion • a. Monopolistic Competition • b. Comparative advantage • c. Internal Increasing Returns to Scale • d. External Increasing Returns to Scale
- Use the chart to answer the following question. Reduce the number of quotas Growth of trade Reduce protective tariffs Increased number of exports Variety of goods and services What is the BEST title for the chart? O A. Arguments for Protectionism B. Benefits of Free Trade O C. Disadvantages of Free Trade O D. Advantages to Trade Barriers1. Trade patterns a. How big is world trade today in percentage of world GDP? b. When did world trade begin to grow rapidly? c. Why do you think world trade expanded at that time?Food (Comparative Advantage) The consumption possibilities frontiers shown by the blue lines in the following exhibit assume terms of trade of 1 unit of clothing for 1 unit of food. What would the consumption possibilities frontiers look like if the terms of trade were 1 unit of clothing for 2 units of food? Production (and Consumption) Possibility Frontiers with Trade (Millions of Units Per Day) (a) United States (b) Izodia 600 500- 400 600 500 U 400 300 200 U 100 Food 300 200 100 13 0 100 200 300 400 Clothing 0 100 200 300 400 Clothing
