1. Using a production possibilities frontier, indifference curves, and relative price lines, show how trade improves the wellbeing of an importing country 
2. Using a production possibilities frontier, indifference curves, and relative price lines, show how trade improves the wellbeing of an exporting  country 
3. What is the relationship between wages and the marginal product of labour? 
4. Explain how immigration is likely to affect wages and the marginal product of capital?

Answer rating: 100% (QA)

1 Trade and Importing Country Wellbeing When an importing country engages in trade it can access goods it wouldnt be able to produce efficiently on it... View the full answer