ECS 3702 ASSIGNMENT 3
Johns Hopkins University
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ECS 3702 ASSIGNMENT 3
- Exam (elaborations) • 6 pages • 2021
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- $3.49
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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 ...
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