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This paper consist 4 questions, you are required to provide relevant answers related to the questions about absolute and comparative advantage, factor intensity and factor endowment, non-tariff barriers, and preferential agreements with required and valid examples.
1.Explain the difference between absolute and comparative advantage and the importance of this difference in the volume of international trade that takes place. Give examples 2. Explain the terms factor intensity and factor endowment and give specific examples. 3. Give examples of non tariff barriers to trade and explain why and how they are used 4. Why do countries enter into preferential agreements with other countries? How does this practice affect international trade? Give examples.