Suppose someone makes the following statement in support of introducing barriers to trade for importing men’s clothing into Canada: The garment workers in the developing countries are barely paid a dollar an hour and no benefits, whereas the minimum wage in Canada is eight times or more high than that. It is obvious that we cannot compete with the cheap labour in those countries. Therefore, we should impose high enough tariffs for the imports from those countries to make a level playing field for our workers. What are some of the reasons that workers in developing countries are paid less than Canadian workers?  Explain why the argument presented is not a sound economic argument for trade protection.

Q: What benefits do export quotas provide? In your opinion, what does the U.S produce that would…

A: Export quotas are restrictions placed by the government on the volume of a specific commodity or…

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A: A trade war is what is going on where nations increment tariffs, portions, or other trade hindrances…

Q: Explain three possible theories of international trade.

A: International theories state to the business that sets near national borders. It is how nations…

Q: What does import quotas and local content requirement mean for importing economies? What does it…

A: Answer in below step

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A: A tariff refers to the tax imposed by the government on goods imported into the country.

Q: View picture   Also On the graph, use the grey line (star symbol) to indicate the world price of…

A:

Q: Why do the government sometimes intervene in international trade?

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Trade has income distribution effects. For example, suppose that because of a government-negotiated…

A: The measure that depicts individuals receiving various income levels and the way in which the GDP of…

Q: Make the case for restricting international trade.

A: Countries place restrictions on international trade due to politics related to economics. Even…

Q: Suppose a nation is considering two alternative policies to protect a domestic industry from world…

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Q: Explain how tariffs can serve as a barrier to trade and identify at least two benefits of reducing…

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Q: How exactly does a tariff work to restrict free trade? Who benefits from the tariff? Who is worse…

A: Answer to the question is as follows:

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A: Solution A

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

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Q: Describe the economic impacts of trade.

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