QUESTION 1 (A) Briefly explain the concept of International Trade with at least three (3) relevant authorities views. (B) Assess the challenges inherent in International Trade and the benefits associated with it. (C)Explain how the Government of Ghana can use tariff and non-tariff measures to regulate International Trade if the objective is to protect the local firms and local market.

(a) You have read all the time that trade brings net benefits to nations open to it. But are there any costs or drawbacks that come with open global trade? (b) Consider a country that is open to trade, but is using protectionist policies like tariffs and quotas. Why do you think that most consumers do not vigorously oppose these protectionist policies? (c) Suppose the country in (b) imports and exports goods and services from more than 80 different nations, but the bulk of its imports and exports tend to come from the same five nations. What might be the reasons that the majority of its imports and exports come from only five different nations as opposed to being more evenly spread across the 80 different nations that it trades with?

07. Under open trade,     (a) country 1 will be importing and country 2 exporting 12 units at a price of $10.     (b) country 1 will be importing and country 2 exporting 9 units at a price of $11.     (c) country 2 will be importing and country 1 exporting 15 units at a price of $11.     (d) country 2 will be importing and country 1 exporting 9 units at a price of $14.     (e) country 2 will be importing and country 1 exporting 9 units at a price of $11.

help explain this pls.  International trade is the subject of much debate. Many economist favor encouraging international trade, citing the benefits gained by trade. However, there are economic arguments for limiting international trade with protectionism. Classify the given statements into the appropriate category. Look at image for answer bank.  Arguments for promoting international trade Arguments for limiting international trade with protectionism

(c) What might be a set of favorable terms of trade for the two countries?

10) The growing importance of intra-industry trade a. reflects the declining importance of economies of scale b. explains why governments are reluctant to adopt aggressive industrial policies c. primarily involves homogeneous products d. often involves differentiated products in industries where economies of scale are present 10

Which of the following best represents the benefit of trade based on comparative advantage? (a) Countries with better technology cannot benefit by trading with countries that have less technology (b) Large countries will benefit, but small countries will be better off without trade.(c) Each country can buy goods at a cost that is kes than what it would cost to produce the good in the home (d) Small countries will benefit at a cost to larger countries

Discuss three (3) benefits of being a part of a regional trade agreement

What is intra-industry trade?

In principle, the benefits of international trade to a country exceed the costs, no matter whether the country is importing or exporting. In practice, it is not always possible to compensate the losers in a country, for example, workers who lose their jobs due to foreign imports. In your opinion, does that mean that trade should be inhibited to prevent the losses?