2. During the debate on NAFTA, The Economist (Sept 11, 1993, p.22) noted that average wages...
2. During the debate on NAFTA, The Economist (Sept 11, 1993, p.22) noted that average wages and fringe benefits in Mexican manufacturing industries were about one-fifth of those in U.S. manufacturing, and that U.S. output per worker was about five times that of Mexican manufacturing. (You do NOT have to look up the article to answer this question)
a) Were wages in line with productivity?
b) With free trade, which country would gain more according to the
Classical model?
c) If the peso devalues, whose comparative advantage increases?
Homework Answers
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2. During the debate on NAFTA, The Economist (Sept 11, 1993,
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