Need concrete numerical examples and in depth explanations.
Please answer the questions and give one or two examples for each. Explain in depth each theorem and the calculations needed and also give some examples.
1. Do you understand the difference between absolute and relative advantage and how it relates to the PPF Curve (IE where each are determined?)
2. Do you under which terms of trade will allow countries to benefit for trade and which will not?
3. Do you understand Stolper-Samuelson theorem, the Heckscher-Ohlin theorem, and Rybczynski theorem?
4. Do you understand the gravity model as it relates to the recent increase in East Asian trade?
5. Do you understand the winners and losers from trade in the Ricardian, Specific Factor, and Heckscher -Ohlin trade models?
6. Can you solve and analyze a Ricardian model algebraically/graphically and analytically including using RS and RD?
7. Can you explain this graph? Each of the points, the axis, the curves and the implications of opening up to labour migration
8. Discuss the state of globalization from 1880 to 2007.
9. Discuss the state of globalization post 2008 (since the Great Recession). How has the Economic profession's position of unconditional support for trade based on the principal of potential Pareto improvements ie (losers from trade can be potentially compensated) contributed to the rise of populism? As a result, have the opinions of Economists and other experts become more or less relevant to the political discourse. Is globalization and trade likely to expand in the near term? Defend your answer in terms of Brexit and the election of Donald Trump. Cite the additional slides from updated Chapter 2 and former Prime Minister Harper's video speech we watched in class as your answer.
https://www.economicpresence.com/paradox-found/prime-minister-harper-on-trump-income-inequality-globalization