International Economy and Globalization (H.W)

Find the attachments please. for sources use: 1- International Economics (13th edition) by Richard J. Carbaugh. ISBN-10: 1439038945 2- The World is Flat: a Brief History of the Twenty-first Century by Thomas L. Friedman ISBN-10: 0374292884. ISBN-13: 9780374292881 Write direct short answers to the each of the following questions: 1- What are some of the major arguments for and against an open trading system? 2- What factors influence the rate of growth in the volume of world trade? 3- When is international trade an opportunity for workers? When it is a threat to workers? 4- Summarize the arguments for and against globalization. In your opinion, on balance, is globalization beneficial or detrimental? 5- How did Smith's views on international trade differ from those of the mercantilists? 6- Develop an arithmetic example that illustrates how a nation could have an absolute disadvantage in the production of two goods and could still have a comparative advantage in the production of one of them. 7- Find the attachment and do Q 12 part a and b. TRUE OR FALSE? (Type T or F only) 1. Mercantilists believed that each nation should try to achieve balanced trade, with exports equal to imports. 2. Hume's price-specie-flow doctrine explained why nations would not be able continually to increase their gold holdings through ongoing trade surpluses. 3. Adam Smith believed that the wealth of nations was established primarily through exports used to purchase gold and silver rather than imports. 4. Smith's absolute advantage theory showed that two nations could both gain from trade by exporting products in which their labor productivity was higher than that of the other nation. 5. Ricardo's principle of comparative advantage showed that nations could gain through trade by specializing in production according to comparative advantage, even if one nation had an absolute cost advantage in all products. 6. The transformation schedule for Ricardo's comparative advantage model is bowed out, rather than straight. 7. In Ricardo's comparative model, trade results in complete specialization. 8. With trade between two countries, the equilibrium terms of trade will equal the domestic price ratio that prevailed in the smaller country before trade began. 9. Mill's theory of reciprocal demand shows that the equilibrium terms of trade between two nations depends only on production costs in the two nations. 10. Between two nations of unequal size, most of the gains from trade are likely to go to the smaller nation. Write direct short answers to the following questions: CH1 1. In Friedman's attempt to draw a parallel between himself and Christopher Columbus, he misinterprets Columbus as someone who had to prove to his contemporaries that the world was round. Does this misinformation hurt Friedman's argument by making him less credible? 2. What are the benefits/ detriments of the "world is flat" metaphor? 3. What is Friedman trying to convey with this image? Is the world he describes really flat? 4. Is there another metaphor that would better explain (or explain just as well) what Friedman details in these chapters? CH2 1. How many of the ten flatteners have affected your life? 2. Do you think Friedman left any flatteners out? 3. Is the importance of any of the flatteners he lists overstated? 4. In Friedman's tenth flattener called "steroids". Are "steroids" crucial to success or are the simply luxuries?