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Question 1
a) Discuss the advantages and disadvantages of free international trade.
b) Assume that two countries are competitors in the international trade markets. The two governments are thinking about whether it is profitable to adopt a free trade policy or not. The entries in the table below show (in millions of pounds) the gains of each policy. Find the Nash equilibrium. Explain how you reach your conclusion.
Country A
Free Trade Policy
Impose Restrictions
Country B
60,60
20,70
70,20
30,30
(c) Modify your answer when the table of gains are changed as:
Imposing Restrictions
70,80
70,70
80,60
Question 2
a) Imagine that you are Minister of Finance in a country which is in the middle of a recession. Discuss the economic policies that you can implement to improve the economy and the consequences of such policies if you identify yourself as: (i) Keynesian, giving emphasis in the demand-side of the economy.(ii) Monetarist.(iii) (An economist giving emphasis only to the supply side of the economy.
b) Explain why, under fixed exchange rates, monetary policy is not effective.
Describe some models that forecast the effect that reducing protection Tariffs will have on factor prices Labour and capital.
Determine some of the technological advances in telecommunications and transportation that have impacted global business in the last decade?
Still remaining within the Ricardian framework, Suppose that the Canada has one hundred units of labor available for production while Mexico has two hundred units of labor and both nations produce corn and wheat.
Suppose that the inflation rate in the United State and japan are 4 percent and 2 percent, respectively and that the current spot rate is $.0083333 per Japanese yen or 120 Japanesse yen per one percent dollar.
The job losses to foreign nations have not been limited to low skilled rankings. And that may not necessarily be a real concern in long run.
Below you will get a list of well known firms and items that they sell. Select one and discuss and describe which of 4-types of markets best characterizes market in which they can compete.
International managements whether the UN, NATO, World Bank, WTO, IMF and others are no more than playgrounds of major powers who use these multilateral institutions to advance their interests often at expense of less powerful nations.
In two paragraphs, explain the idea of "return versus risk" and describe how you would use it in selecting a new investment portfolio. Describe how and why you used this idea when you chose your original two stocks.
Smith is a currency trader and reviewing forward foreign exchange rates. His investors have made several statements regarding foreign exchange rates.
Suppose that government imposed price ceiling on gasoline in order to prevent values from getting too high. Determine the economic implications of this action in the gasoline markets?
Determine the government's role be with respect to regulating accounting companies in the wake of mismanagement and accounting irregularities?
"Time" magazine, Canadian edition, has recently published an article on U.S. agricultural subsidies titled "Why our Farm Policy is Failing", November 2nd, 2007.
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