Study Hints for some/most of the Midterm questions1. Do you understand the difference between absolute and relative advantage and how it relatesto the PPF Curve (IE where each are determined?) 2. Do...

Study Hints for some/most of the Midterm questions1. Do you understand the difference between absolute and relative advantage and how it relatesto the PPF Curve (IE where each are determined?) 2. Do you under which terms of trade will allow countries to benefit for trade and which will not? 3. Do you understand Stolper-Samuelson theorem, the Heckscher-Ohlin theorem, and Rybczynskitheorem? 4. Do you understand the gravity model as it relates to the recent increase in East Asian trade? 5. Do you understand the winners and losers from trade in the Ricardian, Specifc Factor, andHeckscher –Ohlin trade models? 6. Can you solve and analyze a Ricardian model algebraically/graphically and analytically includingusing RS and RD? 7. Can you explain this graph? Each of the points, the axis, the curves and the implications ofopening up to labour migration 8. Discuss the state of globalization from 1880 to 2007. 9. Discuss the state of globalization post 2008 (since the Great Recession). How has the Economicprofession’s position of unconditional support for trade based on the principal of potentialPareto improvements ie (losers from trade can be potentially compensated) contributed to therise of populism? As a result, have the opinions of Economists and other experts become moreor less relevant to the political discourse. Is globalization and trade likely to expand in the nearterm? Defend your answer in terms of Brexit and the election of Donald Trump. Cite theadditional slides from updated Chapter 2 and former Prime Minister Harper’s video speech wewatched in class as your answer.http://www.economicpresence.com/paradox-found/prime-minister-harper-on-trump-incomeinequality-globalization