Has the North American Free Trade Agreement (NAFTA) been beneficial for the United States?

Q: The gravity equation below says that trade between any two countries is proportional to the product…

A: The GDP refers to the value of all the finished and ready to use goods and services that are…

Q: The book states “The pain caused by the movement toward a free trade regime is a short-term…

A: The benefits individuals or countries receive when they participate in trade with others are known…

Q: What NAFTA (North American Free Trade Agreement) stands for

A: NAFTA stands for North American Free Trade Agreement, which is enacted in 1994. The participating…

Q: how do trade agreements affect the US economy?

A: Trade agreements are defined as contractual agreements between states or countries concerning their…

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: It is appropriate for a country to impose trade restrictions on exports that might endanger its…

A: Trade restrictions refer to government policies that limit or regulate the flow of goods and…

Q: Poor countries like Malawi have no absolute advantages.  They have poor soil, low investments in…

A: Benefit of trade happens because of comparative advantage not absolute advantage

Q: Have the Trump tariffs damaged US trade relations with the EU?

A: The Trump Administration's trade policy is motivated by the perception that prior governments have…

Q: You are watching the nightly news. A political candidate being interviewed says, "I'm for free…

A: Before reaching a conclusion about the policy, it is necessary to consider the reaction of other…

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: 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: Which of the following arguments for limitations on trade is more controversial among economists?…

A: In an open economy, government generally intervene in the international trade by using its policies,…

Q: What was the General Agreement on Tariffs and Trade (GATT)? List its main accomplishments.

A: A discipline of economics called "international economics" studies the economic exchanges and…

Q: If the United States produces 8 automobiles and Canada produces 2 automobiles and the United States…

A: Opportunity cost is the cost that is foregone in order to make a choice.

Q: The United States has enjoyed a trade surplus during the last two decades.True or False

A: Balance of trade consists of visible trade of goods traded by the economy. It keeps track of the…

Q: If a certain trade is good for one country, it must be good for the other country?

A: Trading activities benefit all participants. Trade must occur according to the comparative advantage…