Econ 2100 Trading Agreement – TransPacific Partnership
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Assignment Details:-
- Course Code: ECON 2100
- Course Title: Microeconomics
- Referencing Styles: Open
- Words: 2250
- University: British Columbia Institute of Technology
- Country: CA
Question Task:-
- What are (factor) endowments? What are some examples?
- What is the comparative advantage? How do we know if it exists?
- What are some of the sources of comparative advantage?
- What is the absolute advantage? How do we measure it?
- What is specialization? Why does it increase productivity?
- What are the gains from trade? Give an example to show you understand what they are
- How could comparative advantage be “acquired”?
Answer these problems
- Do questions 2.3 pages 54 of the text. Note that there is an error in the question as it relates to Figure 2.4 on page 43, not page 37.
- Do question 2.6, page 56 from the textbook. Draw the PPF for each country on a graph in answering your question. Also, draw a combined PPF for the two countries.
- Why would a trading agreement, such as the TransPacific Partnership (TPP), be of benefit to all the countries, even though they have very different levels of productivity and economic structures?