Goods to the rest of the world and imports raw materials

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Japan exports manufactured goods to the rest of the world and imports raw materials (like food and oil) in return. Please analyze the effect of the following developments on Japan's terms of trade. You will find relative supply and relative demand curves helpful in analyzing these.

a) The Iraq war results in a reduction in oil output and exports from the Middle East.

b) Korea introduces a line of automobiles that it is able to sell in the U.S. and Canada.

c) U.S. engineers develop a nuclear fusion technology that sharply reduces use of fossil fuels.

d) A bad harvest in the Soviet Union and dry weather in the U.S. reduces world grain output.

Reference no: EM131005047

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