QUESTION A.1 In free trade a country will not trade if A. Autarky prices and free trade prices are the same. B. Autarky prices are larger than free trade prices. C. Autarky prices are smaller than free trade prices. D. The absolute value of autarky prices are negatively correlated with free trade prices. (1 mark) Explain your answer in up to 200 words and using a diagram (4 marks)

QUESTION A.3
In the Pure Specific Factors model with two sectors, Cars (C) and Wheat (W), Capital (K) is specific to C and Land (A) is specific to W. If the government imposes a tariff on the imports of W then
A. Both owners of K and owners of A will benefit.
B. Owners of A will benefit.
C. Owners of K will benefit.
D. Neither owners of K nor owners of A will benefit.
(1 mark)
Explain your answer in up to 200 words and using a diagram
(4 marks)
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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