The country of Argonia and the country of Berylia imposed ta…

The country of Argonia and the country of Berylia imposed tariffs on imports from all countries. They set up a free trade area, removing all trade barriers between themselves but maintaining tariffs on imports from the rest of the world. Argonia now begins to import sugar from Berylia. Previously, Argonia was indigenously producing sugar at a higher cost. Thus, Argonia benefits from this transaction. This is known as _____.  

Questions 21, 22, 23 and 24 refer to the scenario below: Exa…

Questions 21, 22, 23 and 24 refer to the scenario below: Examine the table below giving foreign exchange rates expressed in dollars for one unit of each country’s currency for 6 consecutive years (2016-2021). Note that exchange rates are given with the most recent year listed first. For all related questions, assume that the exchange rates given in this table are the rates which were used for the different reports. Country 2021 2020 2019 2018 2017 2016 1 India (Rs)= $0.0149 $0.0159 $0.0163 $0.0185 $0.0199 $0.0221 1 China (CNY)= $0.1597 $0.1533 $0.1625 $0.1609 $0.1581 $0.1521 1 Brazil (Real)= $0.2614 $0.3106 $0.4263 $0.5046 $0.5546 $0.5995   Based on the data displayed above answer the following questions: