view picture 3. International trade and developmentStarting in the 1970s, the South Korean government actively assisted the development of electronics, shipbuilding, and automobile companies thatsold their products abroad.This is an example of:Export promotionImport substitution● Foreign aidWhat are the primary advantages of this kind of policy? Check all that apply.It forces producers to become more efficient in order to compete in world markets.It emphasizes comparative advantage and trade expansion.It provides a protected market for infant industries.

Export promotion involves actively supporting and assisting domestic industries to increase their…

Answered: 3. International trade and development…

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter19: Economic Development

Section: Chapter Questions

Problem 2.3P

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Give typing answer with explanation and conclusion Which statement is true of tariff reductions? Question 15 options: a) Tariff reductions lead to increased foreign competition that undermines the welfare of a nation. b) Tariff reductions primarily benefit import-competing industries within a nation. c) Reciprocal tariff liberalization has quickly become widespread to support free trade. d) Tariff reductions can increase the overall welfare of a nation when affected industries are compensated for their losses.
1. What is the implication for the domestic industry if the Malaysian government reduces the tariff protection? Select one: A.The prices of products for domestic consumers will increase. B. The share of the domestic market for Malaysian firms will increase. C. Employment in the domestic industry will increase in the short run. D. The shore of the domestic market for Malaysian firms will decrease 2. Macroeconomics includes Select one: A. studying what factors influence the price and quantity of automobiles B. studying the determination of wages and production costs in the software industry C. total, nationwide employment D. the impact of government regulation of markets 3. If the CPI equal to 1.00 in 2015 and 1.56 in 2020 and a household's income equal to RM35000 in 2015 and RM40000 in 2020, then between 2015 and 2020, real household income Select one: A. increased. B. cannot be determined C. constant D. decreased 4. If the value of the Malaysia ringgit depreciates…
4.
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help explain this pls. International trade is the subject of much debate. Many economist favor encouraging international trade, citing the benefits gained by trade. However, there are economic arguments for limiting international trade with protectionism. Classify the given statements into the appropriate category. Look at image for answer bank. Arguments for promoting international trade Arguments for limiting international trade with protectionism
The figure below shows the hypothetical domestic supply and demand for baseball caps in the country of Spain. Domestic Supply and Demand for Baseball Caps Spain Price (€ per cap) 10 X 10 20 30 40 50 60 70 80 90 100 9 8 7 5 3 2 1 0 Sd Dd
1. Wheat and the welfare consequences of trade:a. [Basic static analysis of trade] Construct a simple model of the (wholesale) market for wheatglobally, and in Australia. Provide a brief but clear explanation to accompany yourdiagrams, and reflect on what access to international trade means for Australian farmers,food manufacturers (e.g. bakeries) and food consumers (i.e. households). b. [Extended dynamic analysis] The market for wheat is affected by the recent unrest inUkraine (“Ukraine war could send...”, 2022). Wheat prices are reported to have increased55 per cent even before the invasion, just based on fears of sanctions and disruptedsupply, as Russia and Ukraine account for a large portion of global wheat supply. Russiais also a key supplier of fertilisers used by Australian farmers. How can we expect this toaffect Australian wheat producers? What flow-on effects might we expect to see in thewider Australian economy? 2. Petrol and the welfare consequences of taxes:a. [Basic…
1. The basis of trade Suppose that Germany and Portugal both produce cheese and wine. Germany's opportunity cost of producing a bottle of wine is 2 pounds of cheese. That is, Germany forgoes the production of 2 pounds of cheese when it produces a bottle of wine. Portugal's opportunity cost of producing a bottle of wine is 1/2 pound of cheese. a comparative advantage in the production of wine. a comparative advantage in the production of cheese.
6. The arguments for restricting trade Suppose there is a policy debate regarding the United States' imposing trade restrictions on imported semiconductors.. Read the following scenario and answer the question that follows. A political pundit argues that the government should impose a tariff on semiconductors because they are a necessary input into the production of various weapons. Free trade, she contends, would make the United States overly dependent on foreign countries for the supply of semiconductors and thus, in case of war, unable to make enough weapons to defend itself. Which of the following justifications is the pundit using to argue for the trade restriction on semiconductors? O Using-protection-as-a-bargaining-chip argument O Jobs argument O National-security argument Unfair-competition argument Infant-industry argument
Domestic Supply and Demand for Baseball Caps Spain 10 8. 7. 4 10 20 30 40 50 60 70 80 90 100 Baseball caps (thousands per month) Suppose that the world price of baseball caps is €1 and there are no import restrictions on this product. Assume that Spanish consumers are indifferent between domestic and imported baseball caps. Instructions: Enter your answers as whole numbers. a. What quantity of baseball caps will domestic suppliers supply to domestic consumers? 10 thousand b. What quantity of baseball caps will be imported? 80 thousand Now suppose a tariff of €1 is levied against each imported baseball cap. c. After the tarif is implemented, what quantily of baseball caps will domestic suppliers supply to domestic consumers? 30 thousand d. After the tariff is implemented, what quantity of baseball caps will be imported? 40 thousand Price (€ per cap) 3.
1. Regional trade agreements In the following table, indicate whether each statement about regional trade agreements is true or false. Statement Under regional trade agreements, several countries eliminate tariffs among themselves but maintain tariffs against countries outside the region. Regional trade agreements are not permitted under GATT. The countries of the European Union (EU) maintain a common schedule of tariffs with countries outside the EU. A good that Mexico imports from China can be shipped duty-free to the United States. Countries that enter into a free trade area agreement keep the tariffs that they formerly had with the rest of the world. The countries within a customs union agree to a common schedule of tariffs with countries outside the union. True O O O O O False O O O O
Homework: International Trade and Comparative Advantage PRICE (Dollars per bushel) 440 415 300 365 340 315 290 265 240 215 190 A tariff of Supply Demand Pw 0 30 60 90 120 150 180 210 240 270 300 QUANTITY (Thousands of bushels of wheat); A tariff set at this level would raise S per bushel will achieve this. Market for Wheat In New Zealand Price (Dollars per bushel) Domestic Demandi (Thousands of bushels of wheat) 365 If New Zealand is open to international trade in wheat without any restrictions, it will import Suppose the New Zealand government wants to reduce imports to exactly 60,000 bushels of wheat to help domestic producers. 90 Domestic Supply (Thousands of bushels of wheat) in revenue for the New Zealand government. bushels of wheat. 210

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