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MASTERPIECE2020

International Trade Philosophy

International Trade Philosophy

Your essay should include the following:

• Compare absolute advantage, comparative advantage, and the Ricardian model.

• Determine and argue which one of the philosophies is best for a nation state in terms of trade, and use sources to back up this claim.

The essay should be at least 500 words in length. This does not include references. You are required to use your textbook as source material for your response in addition to outside sources. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. The paper must be written using the APA style of writing.

Your response should be at least 75 words in length for the eight questions below. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.

1. What are some of the trade barriers countries put up to restrict imports and what do these trade barriers achieve for the country that is using these barriers?

2. What is the difference between horizontal FDI and vertical FDI? Give an example of each.

3. Define trade deficit and give a detailed example between two countries and explain why a trade deficit may exist between the two countries.

4. What is international trade and why do countries do it? Also, give a good example of international trade in the context of your answer.

5. In the unit lesson for this module, it is suggested that all things in trade are not equal. How would you help disadvantaged countries to find better equality for them in our world trade system? Please consider the Hecksher-Ohlin model when answering this question.

6. Why is the specific-factors model called the short-run model?

7. In the specific-factors model, why would any country employ an embargo of any industry? (Keep in mind that the U.S. still has an embargo on Cuba.) If given the opportunity would you lift it? Why or why not?

8. According to the Hecksher-Ohlin model, two countries can equalize wage differences by either engaging in international trade of goods or allowing skilled and unskilled labor to move freely between the countries. Discuss whether this statement is true or false and explain why or why not