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by: Miss Adeline Weimann


Miss Adeline Weimann
GPA 3.57


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This 2 page Study Guide was uploaded by Miss Adeline Weimann on Wednesday September 9, 2015. The Study Guide belongs to ECON 471 at University of Washington taught by Salehi-Esfahani in Fall. Since its upload, it has received 31 views. For similar materials see /class/192476/econ-471-university-of-washington in Economcs at University of Washington.




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Date Created: 09/09/15
Econ 471 Brief Review of Topics we will expand on these in our review session 1 Ricardian model Labor as the only factor Comparative advantage due to differences in relative productivityrelative labor costs Source of benefits from free trade exploiting the differences in relative costs and trade based on comparative advantage The effects of a change shift in the relative demand changing the equilibrium TOT 2 The H O model 3 Assumptions are different here technologies are identical but two factors are used Also goods use these factors with different intensities and two countries have different relative abundance of factors CRS production functions PPF is bowed out The StolperSamuelson effect the income distribution effects of a change in price The Rybczynski effect The predictions of HO the income distribution and consumer welfare effects The factor price equalization effect and implications for labor migration Using the H0 model to analyze the effects of economic growth and tariffsexport subsidies etc 43 UI The effect of growth in laborcapital and the immiserizing growth in the export sector Section 1 of Chapter 4 International trade in the presence of economies of scale Establishing that identical countries can benefit from free trade due to IRS With monopolistic competition variety and price is affected under free trade With monopoly we can explain the existence of persistent dumping Dynamic economies of scale or dynamic increasing returns and the case of infant industry protection from free trade argument International movement of factors of production Effects of movement of labor Political economy of labor migration On FDI the differences with portfolio investment The analysis of FDI in a developing country vs in a developed country Costs and benefits of FDI for the multinational country of origin and the host country 6 The analysis of tariffs o In a small country 0 In a large country 0 Quotas and other non tariff barriers VERs 0 local content requirements government red tape safety issues etc 7 Arguments in favor of free trade 0 All the different bene ts of free trade 0 What arguments do governments put forward to justify tariffs and other limits to free trade 0 For the only legitimate reason market failure the best policy to protect an industry is a production subsidy 8 The movement towards free trade History of GATT and the establishment of WTO


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