Question: 2 . Please answer the following questions using the table below. ( Total 5 points ) The table indicates the amount of labor required to
Please answer the following questions using the table below. Total points
The table indicates the amount of labor required to produce one unit of each product in the US and Korea.
Current exchange rate: Korean won per dollar
Wages: Korea wonhour; US dollarshour
Explain the patterns of trade based on the table. point
If the wage in Korea rises to won per hour, how will the patterns of trade change? points
If the exchange rate shifts from wondollar to wondollar how will the patterns of trade change? points
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