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by: Tina Koepp

InternationalTrade INTB334

Tina Koepp
GPA 3.73


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Class Notes
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This 2 page Class Notes was uploaded by Tina Koepp on Wednesday September 23, 2015. The Class Notes belongs to INTB334 at Drexel University taught by VibhasMadan in Fall. Since its upload, it has received 25 views. For similar materials see /class/212313/intb334-drexel-university in International Business at Drexel University.


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Date Created: 09/23/15
Practice questions INTB334 International Trade 1 International prices under free trade Answer C a are always greater than the autarky price of the importing country are always closer to the autarky rice of the smaller trading pa ner 2 In the Ricardian Model free trade results in complete specialization Answer C a because it is assumed that labor is the only input in production b because it is assumed that one country has absolute advantage in both goods n 1 v y competitive d because it is assumed that markets are perfectl 3 In the speci c factor model where labor is mobile across sectors and land and capital are the immobile speci c factors Answer B a If we have free trade then the welfare of labor always goes down Free trade will increase the economic welfare for the exporting compan we hl n L lmw Mutanhiw c If we have free trade th n there is an increase in the welfare of the specific factor associated with the imported good d If we have free trade then there is a decline in the welfare of the specific factor associated with the exported good 4 In the H0 model Answer D 5 l N E a Free trade makes both sectors in the labor abundant country more capital intensive b Free trade makes both sectors in the capital abundant country more labor intensive M 1 All of the above Free Trade Answer B a enables countries to produce all goods more efficiently mquot p c improves the welfare of consumers who consume a large proportion of the exported good d all of the above Essay Questions Within the context of the H0 model use the Relative Supply and Relative Demand curves to analyze the impact of free trade on factor prices and factor proportions in the two industries Use a diagram to show the impact of free trade on wages and allocation of labor across sectors in a Specific Factors Model Carefully explain why the real wages measured in terms of the exported good go down with free trade In the Ricardian framework free trade results in an increase real wages Prove this with the help of a numerical example


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