formal education and hence

Q: Proponents of free trade, primarily developed country economists, argue that the liberalization of…

A: Free trade means there is free movement of goods and services between two countries, free trade is…

Q: What is globalization? What is Protectionism? What are the benefits of trade?

A: Globalization is the widespread of products, technology, information, and employment across nations.…

Q: Discuss the role of trade policy in your daily life.

A: Trade refers to the activity in which different countries come together and exchange goods and…

Q: Since many companies cut jobs or outsource overseas when they cannot compete with foreign companies,…

A: Free trade is a complex and contentious economic policy that has both proponents and critics. One of…

Q: In the United States, about 6 million manufacturing jobs disappeared in the first decade of the 21st…

A: Import and export restrictions are not present in a free trade system. A free trade agreement is a…

Q: The theories of absolute and comparative advantage have been offered as economic rationale for trade…

A: Absolute advantage and comparative advantage are two important concepts in economics and…

Q: If you were to purchase a foreign car, how might trade barriers impact the price of that you have to…

A: Answer: Trade barriers: trade barriers refers to the restrictions imposed by the government to…

Q: Technology has increased trade? True or False

A: Technology has affected the world in a very much positive way.

Q: Some economist argued that globalization and international trade affect the domestic producers in a…

A: The term "globalization" describes how economies, civilizations, and cultures are intertwined and…

Q: Why might Belgium, France, Italy, and Sweden have a higher export to GDP ratio than the United…

A: Export to GDP ratio = how much a country exports/country's GDP  The main reason behind these…

Q: A country is the only producer of a particular prescription drug. This country has a comparative…

A: The inquiry concerns the economic principle of comparative advantage, a cornerstone of international…

Q: The country of Autarkistan is currently closed off from the world and engages in no international…

A: As per H-O model, a country should specialize in production of that good which has intensive use of…

Q: Discuss the strategies of the United States and Europe in dealing with trade over the last several…

A: United States is the world’s largest economy. Although Europe has more GDP than that of US,…

Q: When two or more nations engage in free trade, how is the standard of livin mproved in the…

A: Free-trade is a situation where the participants of trade do not impose any restriction upon the…

Q: Is it possible for a country to gain from trade even when it has lower productivity than its trading…

A: Is it possible for a country to gain from trade even when it has lower productivity than its trading…

Q: Traditional free-trade theories are based on six crucial assumptions, which may or may not be valid…

A: Free trade refers to the trade when there are no barriers imposed by the government on imports and…

Q: How important is international trade to the United States? Are other countries more or less…

A: America could not become a rich country unless it could sell its product its goods and services…

Q: do you think countries with distinctively different cultural, historical, and economic histories can…

A: A growing emphasis on regional integration and the creation of diverse trade blocs that support free…

Q: How does allowing distribution of goods and services through free trade improve efficiency in…

A: By creating an atmosphere that encourages innovation and the improvement of products and processes,…

Q: Ghana imports and exports food from and to neighbouring Côte d'Ivoire. The latter nation is very…

A: Ghana imports and exports food from and to neighboring Côte d'Ivoire. The latter nation is very…

Q: From an economic point of view, India and China are somewhat similar: Both are huge, low-wage…

A: Terms of trade: It represents the ratio of a country's export prices to its import prices. It…

Q: Would the U.S. government gain any advantage from using tariffs or quotas to restrict imports?

A: Trade restrictions: -trade restrictions are the barriers imposed on international trade by the…

Q: In practice do the policies of countries around the world reflect a commitment to free trade?

A: The free trade is the unrestricted trade between the nations. When there is free trade, there should…

Q: Many economists predict the eventual rise of China as a "superpower" because of economic reform,…

A: The question is asking about the potential impact of China's continued development on the trade…

Q: Proponents of free trade argue that that liberalisation of trade relationships between rich and poor…

A: The removal or lowering of constraints or barriers to the free exchange of products between states…

Q: Trade blocs are good for economic well-being and countries should try to join them.” Do you agree or…

A: Trade Blocs Groups of countries that form trade agreements between themselves. It may be of…

Q: In principle, the benefits of international trade to a country exceed the costs, no matter whether…

A: Both parties must be made better off for trade to occur. This is a positive-sum game because both…

Q: What is the role of Jollibee Food Corporation in economic globalization.

A: In the era of economic globalization, businesses have transcended national boundaries to become…

Q: American firms outsource many jobs to other, lower cost countries. How can this outsourcing actually…

A: Hey, Thank you for the question. According to our policy, we can only answer 1 question per session.…

Q: Would free trade occur with a small agricultural country and a large industrial country?

A: Free trade policy is an agreement among the countries that provide them free import and export…

Q: Assume that you were a small country, what would you rather have a comparative or absolute advantage…

A: ABSOLUTE ADVANTAGE   When a country produces more units of good/service than other countries using…

Q: Explain the importance of foreign trade

A: International Trade or Foreign Trade is the exchange of goods and services between the various…

Q: Create a diagram similar to Figure 1.4 in which demand in both countries is identical and trade…

A: International trade is the exchange of goods and services between different countries. It includes…

Q: Explain what may cause a deterioration of the terms of trade. 

A: The proportion of a nation's export prices to its import costs is known as terms of trade (TOT). To…

Q: The United States has an absolute advantage in producing sugar over all of the other sugar producing…

A: Relative to all other sugar producing countries, the US has absolute superiority in sugar…

Q: A friend tells you the following: “Free trade sounds good, but a country like Honduras doesn’t have…

A: Introduction A free trade area (FTA) is where there are no import tariffs or quotas on products from…