Exam (elaborations)
ECS3702 Assignment 2 Semester 2 2022
- Institution
- University Of South Africa
ECS3702 Assignment 2 Semester 2 2022 ECS3702 Assignment 2 Semester 2 2022
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stuHSE
ECS3702
ASSIGNMENT
2 SEMESTER
2
, Student no: 49477153 Assignment 2, semester 2 Unique no: 594247
Content:
Question 1
a) Briefly explain why increasing opportunity costs in production arise
b) Briefly explain why the production frontiers of different countries have different shapes
c) Explain with the aid of a diagram, the gains from trade (exchange and specialization)
when increasing costs
Question 2
a) Discuss the forms or regional integration. Give an example of each
b) Under what conditions will a customs union result in trade creation and higher welfare
levels?
c) Discuss the dynamic benefits from joining a customs union
References: Tenth edition, International economics Trade and Finance. Author Dominick
Salvatore
International Trade Study guide for ECS302E
Notes created by Blair MacCarrie 2010
1|Page
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