A all participating countries in a regional trading

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A. All participating countries in a regional trading agreement have to follow the same tariff schedule. B. All participating countries in a regional trading agreement have to give each other the most-favored nation treatment. C. All participating countries in a regional trading agreement agree to follow the same arbitration procedure. C. The costs of tariff are borne by many people, but the benefits are concentrated in a few industries, which have much greater incentives to lobby the congress. E. None of the above is true. Part II. Short Answers: Briefly answer the following questions (24 pts). 9. Please list two possible legal procedures that American government can take if the foreign-based manufacturers are suspected to practice unfair trading? Which legal procedures are applicable to what type of unfair practice? What is the challenge and common practice in proving the wrong doing? (8 pts) 10. Suppose one unit of labor can produce the following goods in the following countries: Singapore: 2 Pacemakers or 5 Flat screens China: 1 Pacemakers or 3 Flat screens a. What country has an absolute advantage in producing flat screens? Explain your answer. (4 pts) b. What is the opportunity cost of producing a flat screen in Singapore and indicate the units of measurement? (4 pts) c. What is the opportunity cost of producing a flat screen in China and indicate the units of measurement? (4 pts) d. Given your answers above, which country should specialize in flat screens and explain why? (4 pts) Part III. Problems: Do each of the three problems below. Where appropriate, show your work to maximize partial credit. (44pts) 11. For the year 2012 the country of Bangladesh exported $19.9 billion in “clothing” products and imported $0.3 billion of such products. (Data from the WTO.)
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