Trade in services such as information technology O makes it highly likely that all information technology jobs will ultimately disappear in the industrialized countries. O creates gains for India's economy, but national welfare losses for the countries that import these services. O is like other trade; it creates winners and losers, but the gains for national economies likely outweigh the costs. O is not perceived as threatening by industrialized countries so is unlikely to lead to any protectionist sentiment or pressures in the thove

Trade in services such as information technology O makes it highly likely that all information technology jobs will ultimately disappear in the industrialized countries. O creates gains for India's economy, but national welfare losses for the countries that import these services. O is like other trade; it creates winners and losers, but the gains for national economies likely outweigh the costs. O is not perceived as threatening by industrialized countries so is unlikely to lead to any protectionist sentiment or pressures in the thove

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 20CTQ: You just overheard your friend say the following: Poor countries like Malawi have no absolute...

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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.
What were some of the reasons for the decline in the import-substituting industrialization strategy in favor of a strategy that promotes open trade? O High rates of effective protection allowed industries to survive when their cost of production was three to four times higher than the price of the imports they replaced. O Protectionist policies had a negative effect on incentives, which led to rent-seeking or corruption in some developing countries. O Countries pursuing import substitution were not catching up with advanced countries. O All of the above.
With multilateral negotiations, a country reduces its trade barriers without other countries also reducing their barriers. exporters will fight any reductions in trade barriers. O import-competing domestic industries can count on support from foreign exporters in the same industries. opposing political interests can cancel cach other out. O the domestic industry lobby inevitably loses.
The reason why international labor standards applied by developed countries are opposed by poor and middle-class countries to be included in international trade negotiations is becausea. this standard of labor is too expensive for poor and developing countriesb. This labor standard can be used by developed countries as a non-tariff barrier policy instrument to protect their industryc. standard labor can reduce their competitivenessd. all answers are correct
Assume two countries: H and F. If the world terms of trade for a country are somewhere between the domestic cost ratio of H and that of F, then
Consider a Ricardian trade model where both countries have expenditure share on manufactures 0 = 1/4, Country 1 has Am = 1 and A, = 4 and L= 100, while Country 2 has A = 2 and A; = 6 and L* = 100. With free trade, which of the following is FALSE? The relative wage is w/w = 3 O None of the other options Country 1 produces 400 services and exports 100 services Country 2 produces 200 manufactures and exports 150 manufactures
The presence of global food corporations like McDonald’s and KFC manifests that goods and services can transcend borders as an offshoot of the workings of the WTO. Together with that, there are multinational corporations that established factories in the Philippines. These factories offer jobs to thousands of Filipinos. Yet, some of these companies offer low salaries to their workers, and sometimes, make their workers work under hazardous conditions. These factories have also destroyed the well-being of the natural environment in some instances. As a Filipino, was it right for the Philippines to include itself as a member of the WTO? Please explain your answer.
Most economists international trade because Select the correct answer below: oppose; it hurts domestic producers and special interest groups oppose; they believe that other countries engage in unfair competition through dumping and other predatory pricing O support; the gains from trade exceed the costs and can be redistributed to make everyone better off O support; it lowers prices for consumers and that is more significant than the cost of lost jobs in domestic production
Many U.S. firms import products or parts from other countries indstead of producing them domestically. In fact, most iPhones are other smartphones are made not in the U.S. but in China. Many politicians, notably Presidents Trump and Biden, and commentators argue that the government should protect domestic jobs in this country by penalizing the practice of importing from other countries. How are Americans affected by this practice? Does this hurt Americans by international trade as they are consumers and ordinary resident in the U.S.?
Since each country's economy is independent from it's neighbors, global trade is strictly an optional exercise. The largest economies in the world do not participate in global trade. O True O False
The table below shows the monetary value of the production of gems and steel respectively in the calendar year of 2019 for the nations of Turkey and Zimbabwe. Use It to answer questions regarding a possible trade scenario between the two nations. Gems in biltions of USD Steel in billions of USD Year - 2019 Zimbabwe 0.2 10 Turkey Using Ricardlan logic, can Zimbabwe and Turkey trade either gems or steel with each other, and mutually benefit? Yes, Zimbabwe should specialize in gems, and Turkey should produce more steel than gems, and then trade its extra steel to Zimbabwe. No, neither nation has a comparative advantage in either the production of steel or gems, so therefore neither can benefit from trade. O a O b Yes, Turkey should speclalize in gems, and Zimbabwe should produce more steel than gems, and then trade its extra steel to Zimbabwe. O c
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