Principles of Macroeconomics 2e
2nd Edition
ISBN: 9781947172388
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 21, Problem 53CTQ
Economists sometimes say that protectionism is the “second-best” choice for dealing with any particular problem. What they mean is that there is often a policy choice that is more direct or effective for dealing with the problem—a choice that would still allow the benefits of trade to occur. Explain why protectionism is a “second-best” choice for
- helping workers as a group
- helping industries stay strong
- protecting the environment
- advancing national defense
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Recent research indicates potential health benefits associated with coffee consumption, including a potential reduction in
the incidence of liver disease. Simultaneously, new technology is being applied to coffee bean harvesting, leading to cost
reductions in coffee production. How will these developmentsaffect the demand and supply of coffee? How will the
equilibrium price and quantity of coffee change? Use both words and graphs to explain.
Chapter 21 Solutions
Principles of Macroeconomics 2e
Ch. 21 - Explain how a tariff reduction causes an Increase...Ch. 21 - Explain how a subsidy on agricultural goods like...Ch. 21 - Explain how trade barriers save jobs in protected...Ch. 21 - Explain how trade barriers raise wages in...Ch. 21 - How does international trade affect working...Ch. 21 - Do the jobs for workers in low-income countries...Ch. 21 - How do trade barriers affect the average Income...Ch. 21 - How does the cost of saving jobs in protected...Ch. 21 - Explain how predatory pricing could be a...Ch. 21 - Why do low-income countries like Brazil, Egypt, or...
Ch. 21 - Explain the logic behind the race to the bottom...Ch. 21 - What are the conditions under which a country may...Ch. 21 - Why is the national security argument not...Ch. 21 - Assume a perfectly competitive market and the...Ch. 21 - What is the difference between a free trade...Ch. 21 - Why would countries promote protectionist laws,...Ch. 21 - What might account for the dramatic increase in...Ch. 21 - How does competition, whether domestic or foreign,...Ch. 21 - What are the gains from competition?Ch. 21 - Who does protectionism protect? From what does it...Ch. 21 - Name and define three policy tools for enacting...Ch. 21 - How does protectionism affect the price of the...Ch. 21 - Does international trade, taken as a whole,...Ch. 21 - Is international trade likely to have roughly the...Ch. 21 - How is international trade, taken as a whole,...Ch. 21 - Is international trade likely to have about the...Ch. 21 - What are main reasons for protecting infant...Ch. 21 - What is dumping? Why does prohibiting it often...Ch. 21 - What is the race to the bottom scenario?Ch. 21 - Do the rules of international trade require that...Ch. 21 - What is the national interest argument for...Ch. 21 - Name several of the international treaties where...Ch. 21 - What is the general trend of trade barriers over...Ch. 21 - If opening up to free trade would benefit a...Ch. 21 - Who gains and who loses from trade?Ch. 21 - Why is trade a good thing if some people lose?Ch. 21 - What are some ways that governments can help...Ch. 21 - Show graphically that for any tariff, there is an...Ch. 21 - From the Work It Out Effects of Trade Barriers,...Ch. 21 - If trade barriers hurt the average worker in an...Ch. 21 - Why do you think labor standards and working...Ch. 21 - How would direct subsidies to key industries be...Ch. 21 - How can governments identify good candidates for...Ch. 21 - Microeconomic theory argues that it is...Ch. 21 - How do you think Americans would feel if other...Ch. 21 - Is it legitimate to impose higher safety standards...Ch. 21 - Why might the unsafe consumer products argument be...Ch. 21 - Why might a tax on domestic consumption of...Ch. 21 - Why do you think that the GAIT rounds and, more...Ch. 21 - An economic union requires giving up some...Ch. 21 - What are some examples of innovative products that...Ch. 21 - In principle, the benefits of international trade...Ch. 21 - Economists sometimes say that protectionism is the...Ch. 21 - Trade has income distribution effects. For...Ch. 21 - Assume two countries, Thailand (T) and Japan (J),...Ch. 21 - You have just been put in charge of trade policy...Ch. 21 - The country of Pepperland exports steel to the...
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