1. Explain how in theory, free trade between nations will help towards the Hecksher Ohlin outcome of “Factor Price Equalisation” (FPE). Examine explanations for why Factor Price Equalisation may be prevented from occurring in reality.
2. Examine the consequences of economic growth of an economy on its international trade composition. Discuss how the conclusions may vary IF the economy is either a “small” country or a “large” country.
3. Using partial equilibrium supply and demand analysis, examine the welfare effects of governments imposing tariffs to reduce imports. Are all nations able to employ the use of an “optimum tariff” to improve their welfare? Discuss.
4. The problem of “multiple equilibria” for the growth of Less Developed Economies (LDCs) is sometimes the explanation behind the use of active/ discretionary government policy. Examine and discuss with an illustrative example.
5. Critics of international trade from developing economies claim that present trading relationships between developed and underdeveloped countries can be a source of “anti-development” for the later and merely serve to perpetuate their weak and dependent status. Explain this argument. Would you agree or disagree? Explain why.
6. Giving two examples of international debt crisis of developing/ emerging economies, examine if International Monetary Fund lending is the most effective form of support to aid these economies back to a state of economic health.
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