Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 18, Problem 3CQ
To determine
The standard of living in the divided Country A.
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Explain how is the production structure (i.e. which goods are produced) affected in each country by opening up to trade. Is this consistent with the empirical evidence we observe in reality? How can this model be modified to produce a less stark result?
In the United States, about 6 million manufacturing jobs disappeared in the first decade of the 21st century. What factors other than free trade and foreign competition might explain that?
“Trade blocs are good for economic well-being and countries should try to join them.” Do you agree or disagree? Why? explain
Chapter 18 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- 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_forwardQuestions D,E,F.arrow_forwardProponents of free trade, primarily developed country economists, argue that the liberalization of trading relationships between rich and poor countries(the removal of tariff and nontariff barriers) would work toward the long-run benefit of all countries. Under what conditions might the removal of all tariff and other impediments to trade work to the best advantage of developing countries? Explain.arrow_forward
- If a country closes off to trade and notices that the number of firms in an industry doubles in size, what economic theory would help us explain this phenomenon? Stolper-Samuelson. Melitz. Ricardian. Cournot. Explain your answer in up to 200 words and using a diagramarrow_forwardHow is diversity in China similar or different from diversity in the United States?arrow_forwardIdentify the groups that are resistant to free trade and explain the reasons for their opposition. Do you agree or disagree with these groups? Why?arrow_forward
- Explain the economic influence China has in the worldarrow_forwardWhy do you study comparative politics? Describe why in 3-5 sentences.arrow_forwardLiberal and Realist perspectives on free trade from a US policy perspective. Are there conditions under which a free trade agreement might threaten US interests? If so, what are they, and which perspective incorporates this view? Which perspective do you believe more accurately reflects reality and why?arrow_forward
- Need for economic integrationarrow_forwardWhich 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.arrow_forwardHow does allowing distribution of goods and services through free trade improve efficiency in production? States will regulate more effectively. People won't need to work as much. It is not true that trade promotes efficiency. Entrepreneurs will be rewarded by improving products and methods.arrow_forward
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