Read “Focus on China” on page 58 of the textbook and answer the following questions:
a. What is meant by the statement that China “is labor-abundant and land scarce.”? What affect does that fact on China’s willingness to trade?
b. The predictions for China based on the material in Chapter 4 are said to have started to become true in 1976. What happened in 1976 to affect these predictions and how did that event contribute to these predictions coming true?
c. There has been a shift away from agriculture in China. How are the Chinese supplied with agricultural products? What does this mean with regard to international trade?
(2012). International economics. (Vol. 1, pp. 70-71). The McGraw-Hills Companies.
(International economics, 2012)
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