02 May Question: In 2015, one of the largest multilateral trade deals in history was struck (but not ratified at…
In 2015, one of the largest multilateral trade deals in history was struck (but not ratified at the time of writing) by negotiators representing 12 countries (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, New Zealand, Peru, Singapore, the United States, and Vietnam). The TransPacific Partnership, or TPP, will dramatically reduce trade barriers between countries accounting for about 40 percent of the world’s economy. Some opponents of the deal argue that there is no way for Canada to benefit from trade with developing countries like Vietnam, as Canada is more productive (has an absolute advantage LOADING… ). Is there any way for Canada to gain from trading with a country over which we have an absolute advantage in virtually everything? A. Since Canada has an absolute advantage, it had more bargaining power and could gain from importing products from developing countries, regardless of the absolute advantage. B. Even with an absolute advantage, Canada could benefit from importing products for which the developing country has the same opportunity cost. C. Even with an absolute advantage, Canada could benefit from importing products for which the developing country has produced at a lower total cost. D. Since Canada had an absolute advantage, it also had a comparative advantage in each industry and would not have anything to gain from importing products from a developing country. E. Even with an absolute advantage, Canada could benefit from importing products from a developing country as long as that country has a comparative advantage.
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