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International trade

International trade
Order Description
Learning outcomes evidenced by this assignment
1. Explore the effects of global trading which can influence employment and growth in different countries.
2. Critically analyse ideas and suggest solutions to the crucial international problems facing the world.
3. Analyse and present findings on a researched topic.
4. Select and implement analytical techniques.
Details of the task
You are required to write an essay on the following:
1. a. Briefly explain why Hume and Smith were critical of the views of the Mercantilists.
b. The following Ricardian model provides the units of labour that are utilised to produce a unit of the following products. The wages paid in France is 7 Euros per
hour whilst the wages paid in the USA it is $6.00 per hour.
Cloth Cheese Butter Wheat Sugar
If the exchange rate is 1 Euro =US $1.50, which products will the USA export? Which products will France export? Explain how trade will be affected if there is a rise
in wage rate in the USA to $8.00 per hour. With the original wage rates how is trade affected if the exchange rate changes to 1 Euro = US $1.40. The five largest
global traders are China, the USA, Germany, Japan and France. Discuss the importance of comparative advantage to these nations and support your answer with examples.
Explain how relatively lower wages in China give it a great advantage in trade over others. What do you regard as the main weaknesses of the Ricardian model as an
explanation of trade patterns?
2. Discuss the Leontief paradox and provide a summary of the work by Keesing and Baldwin on the importance of human capital in helping to resolve the paradox. )
3. Differentiate between inter –industry and intra -industry trade and discuss why an increasing proportion of world trade today involves the exchange of
differentiated products.
4. With the usage of a partial equilibrium approach, explain the real income loss from a tariff imposition by a small country. What is the consumer welfare loss? Why
might consumers prefer a production subsidy rather than a tariff?
5. Discuss why Import Substitution Industrialization policies are a necessary step to the adoption of Export Oriented strategy for developing economies.)
6. Discuss the usefulness of FDI in determining the growth and development of less developed countries

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