International trade processes
Problem: Define and explain the difference between absolute advantage and comparative advantage. What is the significance of each in international trade processes?
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Assume the US can produce Toyotas at the cost of $18,000 per car and Chevrolets at $16,000 per car. In Japan, Toyotas can be produced at 1,000,000 yen and Chevrolets at 500,000 yen. In terms of Chevrolets what is the opportunity cost of producing
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Problem: Describe how comparative advantage is relevant for trade and how even when a country has an absolute advantage in both goods it can still gain from trade.
Question 1. Is this a business failure or a government failure? Question 2. Will trying to move the terns from Rice Island to East Sand Island create a situation of increasing marginal opportunity costs?
Define and explain the difference between absolute advantage and comparative advantage. What is the significance of each in international trade processes?
Question 1. How does trade affect the production possibilities frontier? Question 2. Give an argument for or against trade. Explain your reasons.
Describe how international trade affects our economy. How the concept of comparative advantage was relevant to the trade negotiations? You may use the following scenarios in your discussions.
a. What is the opportunity of producing a unit of wheat in the United Kingdom? In the United States? b. Which country has an absolute advantage in producing wheat? In producing cloth?
Question 1. How do changes in interest rates, inflation, productivity, and income affect exchange rates? Question 2. Is a strong U.S. dollar always good for the U.S. economy? Why or why not?
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