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Example of a recent ruling in the Philippines or ASEAN designed to promote competition in the agricultural sector,
1. garlic and onions
2. rice
3. sugar.
Step by step
Solved in 3 steps
- 1. What is the law of comparative advantage, and why is it important in international trade?Brazil Mexico Soya per unit of labor 0.05 0.02 Corn per unit of labor 1.25 1.40 Which country has absolute advantage in growing corn? Which country should specialize in producing and exporting soya?France and Tunisia both have Mediterranean climates that are excellent for producing/harvesting green beans and tomatoes. In France it takes two hours for each worker to harvest green beans and two hours to harvest a tomato. Tunisian workers need only one hour to harvest the tomatoes but four hours to harvest green beans. Assume there are only two workers, one in each country, and each works 40 hours a week. Draw a production possibilities frontier for each country. Hint: Remember the production possibility frontier is the maximum that all workers can produce at a unit of time which, in this problem, is a week. Identify which country has the absolute advantage in green beans and which country has the absolute advantage in tomatoes. Identity which country has the comparative advantage. How much would France have to give up In terms of tomatoes to gain from trade? How much would it have to give up in terms of green beans?
- World Trade Organization 1. Explain the agreement under the Uruguay Round on the tariff and tariff quotas of agricultural products? 2. What countries used special treatment provisions on imports of sensitive products? Indicate the country and the assigned products. 3. Do you think that WTO can ensures strict health and safety regulations are not being used as an excuse to protect domestic producers? Why? 4. How the least -developed countries became dependent on the on the subsidized exports?5. Discuss the effects of domestic support on imports and export? Give example.15. Why do countries' governments impose commercial policies on international trade? Give one example of a commercial policy.Table 3. This table provides Production Possibility Frontier information for England and France. Country England France Good W 10 20 Good Z 15 40 Refer to Table 3. Which of the following statements is true? England has an absolute advantage with respect to both goods. England has an absolute advantage with respect to Good W and France has an absolute advantage with respect to Good Z. France has an absolute advantage with respect to both goods. England has an absolute advantage with respect to Good Z and France has an absolute advantage with respect to Good W.
- 3. Gains from trade Consider two neighboring island countries called Dolorium and Arcadia. They each have 4 million labor hours available per week that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Corn Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Dolorium 8 32 Arcadia 12 24 Initially, suppose Arcadia uses 1 million hours of labor per week to produce corn and 3 million hours per week to produce jeans, while Dolorium uses 3 million hours of labor per week to produce corn and 1 million hours per week to produce jeans. Consequently, Dolorium produces 24 million bushels of corn and 32 million pairs of jeans, and Arcadia produces 12 million bushels of corn and 72 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of corn and jeans it…Table 2-9 One Canoe One Sailboat Guatemala 10 hours 60 hours Honduras 15 hours 75 hours Table 2-9 shows the number of labor hours required to produce a canoe and a sailboat in Guatemala and Honduras.Refer to Table 2-9. If the two countries specialize and trade, who should export canoes? #90 option A) There is no basis for trade between the two countries. B) Guatemala C) Honduras D) They should both be exporting canoes. Previous PageNext PageRefer to the table below. If Canada and Japan based their trade on comparative advantage, what would be the MAXIMUM number of airplanes that Canada could GAIN if it exports one car? COPYRIGHTED MATERIAL. NOT TO BE SHARED. Hours needed to make one unit: Cars Canada 40 Japan 50 1/12 of a plane 1/4 of a plane 1/3 of a plane 1 plane Airplanes 160 150 Amount produced in 2400 hours: Cars Airplanes 60 48 15 16
