d. "Lower-priced goods from abroad often result from comparative advantage rather than unfair competition." This22statementopposestheunfair competitionargument.e. “A country must be able to access strategically important goods, such as weapons, oil, and food, if trade were to cease,as during a war." This statementopposesthenational securityargument.f. "Labor and environmental requirements that are appropriate for a developed, wealthy economy may not be appropriatefor less developed, poorer nations." This statementopposesthefair standardsargument.g. “A country rarely relies on a single international source for strategic goods." This statementopposesthenational securityargument.h. “Foreign firms sometimes temporarily charge below-cost prices, driving U.S. competitors out of business." Thisstatementopposestheinfant industryargument. International TradeEnd of Chapter ProblemConsider each argument for limiting international trade:• The national security argument suggests that national security requires that strategically important goods be produceddomestically.• The infant industry argument suggests that protection can help infant industries develop.• The unfair competition argument suggests that anti-dumping laws prevent unfair competition.• The fair standards argument suggests that trade should not enable firms to skirt regulations.Determine which argument each statement is related to and whether the statement supports or opposes the argument.a. "Industries that are protected from foreign competition often never develop to a point where they can competeinternationally." This statementילopposestheinfant industryargument.b. "If foreign importers do not meet U.S. requirements regarding child labor, safety, and the environment, they will have anunfair cost advantage over domestic firms." This statementsupportsthefair standardsargument.c. “If a fledgling industry is temporarily shielded from foreign competition, it can ultimately become globallycompetitive." This statementsupportstheinfant industryargument.

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d. "Lower-priced goods from abroad often result from comparative advantage rather than unfair competition." This the unfair competition argument. statement opposes -

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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explain that how this international trade plays its significant role in the economic development of our country? Furthermore, international trade is not free from disadvantages. Explain some of the disadvantages briefly which are linked with international trade.
Trade that occurs in a particular industry is called a. intra-industry trade b. inter-industry trade c. inter-sector trade d. intra-sector trade
4. Explain (with example) the concept of public policy induced comparative advantage. 5. Explain in what sense a tariff and a quota are equivalent.
1. Assume a Ricardian trade world where there is only one factor of production. We divide the world into two regions, the East and the West. We assume full employment. Output per unit of labor East Corn (tons) Wine (barrels) Labor available 4 6 1.8 million West 2 5 3 million The East consumes 4,800,000 barrels of wine whether it is in autarky (no trade) or engaging in free trade. When trade occurs, the two regions completely specialize and trade according to their comparative advantage. The terms of trade are 1 corn = 2 wine. When the two regions move from no trade to free trade: (a) what will be the gains of trade for the East (in terms of corn)? (b) how much wine and corn will the West consume. (c) explain carefully how the West gains from trade.
QUESTION 36 The phenomenon that occurs when high-cost domestic producers are replaced by low-cost producers within the free trade are is called O A. trade alteration. B. trade qualification. C. trade creation. D. trade diversion.
The cheap imports from China to Kenya come at a steep cost in terms of lost jobs and lower wages for Kenyan workers. - True - False
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4) According to the theory of comparative advantage, a country A. imposes tariffs on goods in which it does not have comparative advantage. B. imports the goods in which it has plenty of factors of production. C. exports the goods in which it does not have comparative advantage. D. imports the goods in which it does not have comparative advantage.
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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
5. The following is a list of other factors that can make trade beneficial (i) Trade is an engine of growth. (ii) Non-economic factors. (iii) Increased competition. (iv) Differences in demand. (v) Decreasing costs. Into which one of these five categories do the following examples fit? (a) By specialising in certain export, the country may become increasingly skilled in their production. (b) Free trade between countries may encourage closer political co-operation (c) When the rest-of-the-world economy expands, this will increase the demand for a country's exports and also raise its export prices relative to import prices. (d) Consumer tastes for products differ between different countries. (e) Allowing imports freely into a country may stimulate domestic producers to be more efficient.
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