The World Trade Organization tries to strike a balance between international desires for free trade and Onational desires for foreign investment. O global desires for peace. Olegal desires to follow international law. national desires for protection.

The World Trade Organization tries to strike a balance between international desires for free trade and Onational desires for foreign investment. O global desires for peace. Olegal desires to follow international law. national desires for protection.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter28: International Trade

Section: Chapter Questions

Problem 15P

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The World Trade Organization tries to strike a balance between international
desires for free trade and
Onational desires for foreign investment.
O global desires for peace.
Olegal desires to follow international law.
national desires for protection.

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If trade barriers hurt the average worker in an economy (due to lower wages), why does government create trade barriers?
If opening up to free trade would benefit a nation, then why do nations not just eliminate their trade barriers, and not bother with international trade negotiations?
How do trade barriers affect the average Income level in an economy?
You just overheard your friend say the following: Poor countries like Malawi have no absolute advantages. They have poor soil, low investments in formal education and hence low-skill workers, no capital, and no natural resources to speak of. Because they have no advantage, they cannot benefit from trade. How would you respond?
If trade increases world GDP by 1 per year, what is the global impact of this increase over 10 years? How does this increase compare to the annual GDP of a country like Sri Lanka? Discuss. Hint To answer this question, here are steps you may want to consider. Go to the World Development Indicators (online) published by the World Bank. Find the current level of World GDP in constant international dollars. Also, find the GDP of Sri Lanka in constant international dollars. Once you have these two numbers, compute the amount the additional increase in global incomes due to trade and compare that number to Sri Lankas GDP.
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A German worker takes 400 hours to produce a carand 2 hours to produce a case of wine. A Frenchworker takes 600 hours to produce a car and X hoursto produce a case of wine.a. For what values of X will gains from trade bepossible? Explain.b. For what values of X will Germany export carsand import wine? Explain.
nternational trade benefits a nation whena. its revenue from selling abroad exceeds itsoutlays from buying abroad.b. its trading partners experience reduced economicwell-being.c. all nations are specializing in producing whatthey do best.d. no domestic jobs are lost because of trade.
Select the most appropriate trade pact for each description and explain each right and wrong answers also 11. An updated version of an existing trade agreement that includes new provisions for local content requirements for automakers and more open dairy trade. USMCA NAFTA MERCOSUR Andean Community ASEAN EU 12. The terms of the agreement will require minimum wages for auto workers in one bloc-member country to triple. EU MERCOSUR Andean Community USMCA NAFTA ASEAN