Trade, aid and exchange: แบบฝึกหัด

• a.

  Carbon dioxide emissions per capita and the unemployment rate.

• b.

  The number of active trade agreements and the population density.

• c.

  Military expenditure as a % of GDP and literacy rates.

• d.

  Life expectancy at birth and mean/expected years of schooling.

• a.They caused the total collapse of the banking system in Europe as all gold was sent to the Middle East and never returned.
• b.They led to a complete isolation of Europe from the rest of the world as all borders were permanently closed after the wars.
• c.They facilitated the reopening of Mediterranean trade routes, increasing European demand for Eastern luxury goods like spices and silk, which enriched Italian city-states.
• d.They resulted in the immediate adoption of a single global currency based on the Byzantine hyperpyron across all of Europe and Asia.

• a.

  Country X has a comparative advantage in cloth because its opportunity cost is lower.

• b.

  Country Y should specialize in cloth to maximize its efficiency relative to Country X.

• c.

  Country X has no incentive to trade because it has an absolute advantage in both goods.

• d.

  Country Y has a comparative advantage in cloth because its total production is lower.

• a.

  Primary products are immune to the effects of inflation, leading to stagnation.

• b.

  Raw materials have a higher value-added component than manufactured goods.

• c.

  International laws prohibit the trade of primary products to developed nations.

• d.

  Price volatility in global markets can lead to unstable export revenues and economic shocks.

• a.To ensure that all citizens had an equal distribution of wealth regardless of their contribution to the national economy.
• b.To accumulate national wealth, particularly gold and silver, by maintaining a positive balance of trade through exports and colonial exploitation.
• c.To promote global free trade by removing all tariffs and allowing foreign merchants to compete equally with domestic ones.
• d.To transition the national economy away from trade and focus entirely on self-sufficient agricultural production within the castle walls.

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