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only part b, c, d (please draw the graph manually if you can)
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- In its recent report, The Conference Boards Global Economic Outlook 2015, updated November 2014 (http://www.conference-board.org/data/ globaloutlook.cfm), projects Chinas growth between 2015 and 2019 to be about 5.5%. International Business Times (http//www.ibtimes.com/us-exports-china-have rown-294-over-past-decade- 1338693) reports that China is the United States third largest export market, with exports to China growing 294 over the last ten years. Explain what impact China has on the U.S. economy.In what way does comparing a countrys exports to GDP reflect its degree of globalization?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.
- A French worker has 100 shirts or 20 in a yeara computer can produce, while a British worker can produce 100 shirtsor let's say it can produce 10 computers.- In this direction, as in question l, both the French andProduction possibilities for the British in Tabular Formyour show.- France and England each have 100 workerslet's assume. Each country, half of its employees in each sectorif it does, how many shirts and computers does each country produce?What is the total output of the shirt and computer in the worldmuch?- Now compare all employees of each countrythat he specialises in the industry in which he has the upper handlet's assume. In this case, shirts and computershow much is the total output in the world?When countries specialize in the production of goods they have the comparative advantage in, both and will increase O prices, the trade deficit O production, consumption price level, unemployment consumption, unemploymentA4 In the Ricardian model, the opening of trade raises the real wage in terms of the imported good without reducing it in terms of the exported good, so workers should favor trade. But workers facing import competition usually oppose trade, so there is something wrong with the model
- Jsing the specific factors theory and the following table on relative factor apundance, what is the predicted impact of China's accession to the WTO 1999 on its trade with the US (i.e. which type of goods will be traded and in which direction)? Please explain (no computations needed) your answer and give examples on no more than three paragraphs. High- Physical Skilled Capital Labour Medium- Skilled Unskilled Arable Forest Labour Labour Land Land USA 26 30 8 1 17 China 5 12 31 25 14 Table 1: Share in percent of country's factor endowment of world factor endowments, early 2000s, rough approximation.4. Assume a two-country two-good two-input model. Let the countries in the model be Vietnam andMyanmar and the goods be shirts and natural gas. The two factors of production are labor and land.Further, Vietnam is labor-abundant and shirts production is labor-intensive. Suppose, in the absenceof trade, Vietnam operates at a point on its production-possibility curve where it produces andconsumes 20 units of shirts and 25 units of natural gas. Once it engages in free trade, the internationalprice of one unit of natural gas is .8 units of a shirt. In response to the opening of trade, Vietnammoves along its production-possibility curve to a new point where it produces 100 units of shirts and10 units of natural gas. Assume that with free trade, Vietnam chooses to consume 52 units of shirtsand chooses to trade all of its remaining surplus of shirts.a. Demonstrate the gains to trade for Vietnam.1. Notice how U.S. imports rose at roughly the same rate asthose of other countries until the 1970s. What accounts forthe acceleration of U.S. imports thereafter? 2. China’s exports rose spectacularly after the 1990s. Germanyincreased its exports in this period dramatically as well. Whatevidence do you see here for increasing competition for theUnited States in a globalizing economy?
- 4. What does the phrase “Golden Age of Primary Products Exports” mean to you? Discuss what measures would be associated with economic success and what years this applied to Latin American economic history. Also, what would be specific “primary products” associated with this phrase, and provide information about how this phrase applied to a specific country.Question Match the term to its correct definition. Column A 1. 2. 3. 4. 5. f 6. Asia-Pacific Economic Cooperation (APEC) European Union International Trade Agreements North American Free Trade Agreement (NAFTA) O a O b O c Od Protectionism United Nations (UN) What happens when a nation's currency depreciates? Its products become cheaper to other nations. Its trade decreases. Its trade increases. Its products become more expensive to other nations. Question 3 (1 point) Column B a. A trade agreement between the United States, Mexico, and Canada established in 1994 and renegotiated as the United States-Mexico-Canada agreement. b. A political and diplomatic organization established to promote economic and social cooperation between nations. c. Multinational agreements on trade conditions. d. A political and economic union of European states. e. An economics forum consisting of 21 countries in the Asia-Pacific region. f. The concept of protecting a country's domestic industries from foreign…2. 10 Bananas (thousand tons) 88 69 9. 18 7. LL 2. 4. 10 8. 5. Bananas (thousand tons) Submit All O Completed 20 out of 20 Question 20 of 20 > The production possibilities frontier (PPF) for Honduras and Brazil, representing hypothetical levels of production, are shown in the graphs. Assume that, without trade, each country is initially producing and consuming at point A on its PPF curve. Suppose these countries decide to trade. Each country will specialize in the production of the good for which it has a comparative advantage. Brazil Honduras 6. 7. 7. Post-trade consumption 5. 5. post-trade consumption 3. A. 3. 1. Activate Windows 4. 5o to6Sett7gs t8 acti9ate 19indow 2. Steel (thousand tons) 3. 1 2 3. Steel (thousand tons) 9. 8. 4. LAPTOP LOGIN ICH USERNAME: student PASSWORD: Broward1 TravelMate B PrtSc Pause F11 F12 Scr Lk Break bysks NumLk L 7. 6. 6. %3D