Explain, Foreign Direct Investment, consumer surplus, and producer surplus in the context of global market.
Q# 6. U.S government officials are concerned about importing beef that might be contaminated with hoof and mouth disease and they react by restricting imported beef from Argentina. Explain the impact of this action on price, quantity, consumer surplus and producer surplus in both the U.S and Argentina.
Q# 9. Suppose that the government of a nation whose producers export coffee burns one-third of all the coffee fields before they can be harvested. Explain the impact of this action on the global price and quantity of coffee.