ECS 3702 ASSIGNMENT 3

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 ...