Microeconomics
10th Edition
ISBN: 9781259655500
Author: David C Colander
Publisher: McGraw-Hill Education
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Chapter 10, Problem 4QAP
To determine
Explain the benefit and problems of free trade.
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Discuss whether a government should always pursue a policy of free trade? 
Several countries currently have national laws
against ecocide -- the willful or negligent
destruction of ecosystems -- but these laws
rarely result in penalties. Advocates believe
that international prosecution for crimes of
ecocide via an "ecocide law" at the
International Criminal Court (ICC) would allow
the prosecution of powerful firms and
countries for environmental harm violations.
What overall impact do you think an
international ecocide law would have on
globalization? Explain your answer.
Which of the below statements does NOT reflect the ideas expressed by the author Charles Wheelan in the chapter titled, "Trade and Globalization," in the book, Naked Economics: Undressing the Dismal Science?
Group of answer choices
A majority of U.S. jobs lost since 2000 have been to technology and not to China, Vietnam or Mexico.
Nearly all theory and evidence suggest that the benefits of international trade far exceed the costs.
Tariffs and other barriers to imports will bring manufacturing jobs back into the U.S., exactly as President Trump promised.
Trade creates losers, like any kind of market.
Chapter 10 Solutions
Microeconomics
Ch. 10.1 - Prob. 1QCh. 10.1 - Prob. 2QCh. 10.1 - Prob. 3QCh. 10.1 - Prob. 4QCh. 10.1 - Prob. 5QCh. 10.1 - Prob. 6QCh. 10.1 - Prob. 7QCh. 10.1 - Prob. 8QCh. 10.1 - Prob. 9QCh. 10.1 - Prob. 10Q
Ch. 10 - Prob. 1QECh. 10 - Prob. 2QECh. 10 - Prob. 3QECh. 10 - Prob. 4QECh. 10 - Prob. 5QECh. 10 - Prob. 6QECh. 10 - Prob. 7QECh. 10 - Prob. 8QECh. 10 - Prob. 9QECh. 10 - Prob. 10QECh. 10 - Prob. 11QECh. 10 - Prob. 12QECh. 10 - Prob. 13QECh. 10 - Prob. 14QECh. 10 - Prob. 1QAPCh. 10 - Prob. 2QAPCh. 10 - Prob. 3QAPCh. 10 - Prob. 4QAPCh. 10 - Prob. 5QAPCh. 10 - Prob. 1IPCh. 10 - Prob. 2IPCh. 10 - Prob. 3IPCh. 10 - Prob. 4IPCh. 10 - Prob. 5IPCh. 10 - Prob. 6IPCh. 10 - Prob. 7IPCh. 10 - Prob. 8IP
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- From the trade model, we found that in most cases, trade creates value. Where do we see that conclusion in the Supply and Demand model? You should be able to answer this in a few sentences.arrow_forwardThe United States President decides to raise tariffs on all imports of goods and services from China by 30%. Several studies and analyses have highlighted the costs and benefits of this policy. Which of the following are more likely to be unbiased studies/analyses, and which ones are more likely to be biased? -An article on the New York Times by a Nobel-prize winning economist who serves in the current Administration A peer-reviewed article published on the Scientific Journal "Econometrica" by a Nobel-prize winning economist who serves in the current Administration A working paper (i.e. not yet published) by an Economist which was funded through a research grant from the National Science Foundation to study trade policy A working paper (i.e. not yet published) by an Economist which was funded through a research grants awarded by the a think- tank that supports the ideology of the opposition party A. More likely to be biased B. More likely to be factual/unbiased C. More likely to be…arrow_forwardVarious international crises and issues periodically raise the price of oil imports, which can send ripple effects throughout the economy. While it might not be the producer that other countries are, the U.S. has vast supplies of oil. What is a likely reason it still imports oil despite the impact of these international influences on prices? Group of answer choices Importing oil allows the U.S. to focus on developing other industries. The U.S.’s environmental standards are too high to produce oil domestically. The opportunity costs of producing all oil products domestically must still be higher than importing. The U.S. is trying to prop up its political partners by importing their oil.arrow_forward
- According to globalization opponents, what is a disadvantage of globalization? Multiple Choice Free trade limits countries from specializing in production of goods and services they can produce most efficiently. As a result of globalization, living standards of unskilled workers in developed nations have declined. Globalization results in companies "exporting jobs to low-wage nations. Globalization makes it difficult for poor countries to export more of their agricultural production.arrow_forwardAn examination of the Ricardian model of comparative advantage yields the clear result that trade is (potentially) beneficial for each of the two trading partners since it allows for an expanded consumption choice for each. However, for the world as a whole the expansion of production of one product must involve a decrease in the availability of the other, so that it is not clear that trade is better for the world as a whole as compared to an initial situation of non-trade (but efficient production in each country ?arrow_forward“The world’s a stage; each plays his part, and takes his share” – Dutch proverb. Please state what this proverb means to you in reference to Globalization. (not an essay question)arrow_forward
- Imagine that you work for the World Bank and you have been called to Ghana to aid the new president to come up with a new international trade strategy. You are told that the new government is interested in moving away from agriculture and into manufacturing. To do so, the government wants to pursuit a policy of import substitution industrialisation (ISI). You are given a brief about Ghana highlighting the following points: About half of Ghana’s population depends on agriculture, but Ghana still imports some of its food. The majority of Ghana's people live in rural areas and exist on a subsistence way of life. Ghana has one of the highest rates of income inequality in the world. Nearly half of the population is employed in agriculture. QUESTION B.2 Explain import substitution industrialisation and how it can affect Ghana. What role does learning by doing play and when does it make sense for the government to interfere?arrow_forwardSuppose an economist develops an international trade model based on the assumption that there are only two countries and two goods. We can say that the model is worthless, since the actual world has many countries trading many goods. can be useful in the classroom, but has no use in the real world. can be useful only in situations involving two countries and two goods. can be useful in helping economists to understand the complex world of international trade involving many countries and many goods.arrow_forwardCan question B be further explained? There is already an answer on Bartleby but I am unsure how the expert arrived at that answer.arrow_forward
- During the last 20 to 30 years, there have been a number of countries whose economies have experienced important economic expansion and development. One group of countries has been labeled the BRIC countries and the other the VISTA countries. Identify each of the nine countries and provide some insights about their economies and economic importance. The theories of absolute and comparative advantage have been offered as an economic rationale for trade between and among regions and countries. Compare and contrast the two concepts. Which of the two do you think is more important for explaining the growth in global trade during the last 25 years? Why”arrow_forwardImagine that you work for the World Bank and you have been called to Ghana to aid the new president to come up with a new international trade strategy. You are told that the new government is interested in moving away from agriculture and into manufacturing. To do so, the government wants to pursuit a policy of import substitution industrialization (ISI). You are given a brief about Ghana highlighting the following points: About half of Ghana’s population depends on agriculture, but Ghana still imports some of its food. The majority of Ghana's people live in rural areas and exist on a subsistence way of life. Ghana has one of the highest rates of income inequality in the world. Nearly half of the population is employed in agriculture. After a meeting with Ghana’s president you learn that the government is also interested in repatriating migrants that went to European countries to study engineering a decade ago. Explain how this is likely to change Ghana’s comparative advantagearrow_forwardImagine that you work for the World Bank and you have been called to Ghana to aid the new president to come up with a new international trade strategy. You are told that the new government is interested in moving away from agriculture and into manufacturing. To do so, the government wants to pursuit a policy of import substitution industrialization (ISI). You are given a brief about Ghana highlighting the following points: About half of Ghana’s population depends on agriculture, but Ghana still imports some of its food. The majority of Ghana's people live in rural areas and exist on a subsistence way of life. Ghana has one of the highest rates of income inequality in the world. Nearly half of the population is employed in agriculture. Ghana imports and exports food from and to neighbouring Côte d'Ivoire. The latter nation is very similar to Ghana in most ways. Can you explain what may drive two very similar nations to trade?arrow_forward
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