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Japan primarily exports manufactured goods, while importing raw materials such as food and oil. Use the standard trade model to analyze the impact on Japan's
Japan primarily exports manufactured goods, while importing raw materials such as food and oil. Use the standard trade model to analyze the impact on Japan's terms of trade of the following events. Draw the relative supply and relative demand model to illustrate your analysis. a. A war in the Middle East disrupts oil supply. b. A reduction in Japan's tariffs on imported beef and citrus fruit. c. Korea develops the ability to produce automobiles that it an sell in Canada and the United States
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