PLEASE GIVE A DETAILED ANSWER: TO QUESTION 1. International Trade has become a hot topic lately...

PLEASE GIVE A DETAILED ANSWER: TO QUESTION 1.

International Trade has become a hot topic lately and after reviewing the chapters and powerpoint presentations,

QUESTION 1

Explain and illustrate the conditions under which two countries can mutually benefit from trading with each other.

QUESTION 2

Explain and illustrate how the terms of trade determine the extent to which each country specializes

QUESTION 3

Then finally explain and illustrate the mutual benefits of trade.

(Use vocabulary from your readings. Examples include comparative advantage, absolute advantage, opportunity costs, production and consumption)

Your initial post must answer all three questions and posts must contain a minimum of 200 words. You must include citations to support your responses.

Expert Solution

only question 1 answered as it is asked to answer only question 1 (its highlighted) if answers of other parts also required please comment.

The fig below shows the gains from trade between two countries that trade ships and trucks among themselves

Rahul Sunny answered 2 years ago

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