Suppose that Thailand is small in the technical sense relative to India, South Korea, and the United States. India's export supply of cars is perfectly elastic at a price of 40,000. South Korea's export supply of cars is perfectly elastic at a price of 30,000. The U.S. export supply of cars is perfectly elastic at a price of 20,000. Suppose that Thailand and India sign a free trade agreement. Further suppose that economists estimate the value of trade creation is 5 billion, and the value of trade diversion is 2 billion. Which country (or countries) if any benefit from this agreement?
Select all that apply
A. South Korea
B. Thailand
C. The United States
D. India

Question

02-07-2024
Business

Answered

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Suppose that Thailand is small in the technical sense relative to India, South Korea, and the United States. India's export supply of cars is perfectly elastic at a price of 40,000. South Korea's export supply of cars is perfectly elastic at a price of 30,000. The U.S. export supply of cars is perfectly elastic at a price of 20,000. Suppose that Thailand and India sign a free trade agreement. Further suppose that economists estimate the value of trade creation is 5 billion, and the value of trade diversion is 2 billion. Which country (or countries) if any benefit from this agreement?
Select all that apply
A. South Korea
B. Thailand
C. The United States
D. India

Sagot :

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