How is the trade to gdp ratio measured

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Reference no: EM133412190

Questions:

1) How is the Trade to GDP ratio measured? How has this value been trending over the years?

2) How does labor mobility far compared to the early 1900s?

3) Describe two features of contemporary international economic relations.

4) Briefly describe what a trade deficit is and the US track record on deficits.

5) Describe the employment possibilities and occupations open to students of international economics.

6) How would you define Capital Abundance under a Heckscher-Ohlin model setting?

7) What does the capital-labor ratio of a specific pair of countries tell us about their patterns regarding trade specialization?

8) Describe the key differences that distinguish the HO model from the Ricardian model. Why did the Ricardian model assumptions face concerns in latter years of use?

9) How do outcomes play out for factor owners when trade opens? (E.g. What happens to labor earnings for the labor-abundant country?) Address capital and labor income in both settings, when a given country is abundant in either capital or labor.

10) Consider the Specific-Factor model. What are the implications for domestic labor income of switching from autarky to open trade, when a given country is land-abundant? Does this impact differ if the country is instead capital-abundant?

Reference no: EM133412190

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