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Questions and Answers of Economics

When is international trade an opportunity for workers? When is it a threat to workers?
Identify some of the major challenges confronting the international trading system.
What problems does terrorism pose for globalization?
Identify the basic questions with which modern trade theory is concerned.
How did Smith’s views on international trade differ from those of the mercantilists?
Develop an arithmetic example that illustrates how a nation could have an absolute disadvantage in the production of two goods and could still have a comparative advantage in the production of one of
Both Smith and Ricardo contended that the pattern of world trade is determined solely by supply conditions. Explain.
How does the comparative-cost concept relate to a nation’s production possibilities schedule? Illustrate how differently shaped production possibilities schedules give rise to different opportunity
What is meant by constant opportunity costs and increasing opportunity costs? Under what conditions will a country experience constant or increasing costs?
Why is it that the pre-trade production points have a bearing on comparative costs under increasing-cost conditions but not under conditions of constant costs?
What factors underlie whether specialization in production will be partial or complete on an international basis?
The gains from specialization and trade are discussed in terms of production gains and consumption gains. What do these terms mean?
With a given level of world resources, international trade may bring about an increase in total world output. Explain.
The maximum amount of steel or aluminum that Canada and France can produce if they fully use all the factors of production at their disposal with the best technology available to them is shown
The hypothetical figures in Table give five alternate combinations of steel and autos that Japan and South Korea can produce if they fully use all factors of production at their disposal with the
Table gives hypothetical export price indexes and import price indexes (1990 100) for Japan, Canada, and Ireland. Compute the commodity terms of trade for each country for the period
Why is it that the gains from trade could not be determined precisely under the Ricardian trade model?
How does the commodity terms-of-trade concept attempt to measure the direction of trade gains?
What are the effects of transportation costs on international trade patterns?
Explain how the international movement of products and of factor inputs promotes an equalization of the factor prices among nations.
The factor-endowment theory demonstrates how trade affects the distribution of income within trading partners. Explain.
How does the Leontief paradox challenge the overall applicability of the factor-endowment model?
How can economies of scale production affect world trade patterns?
Distinguish between intra-industry trade and interindustry trade. What are some major determinants of intra-industry trade?
What is meant by the term industrial policy? How do governments attempt to create comparative advantage in sunrise sectors of the economy? What are some problems encountered when attempting to
How can governmental regulatory policies affect an industry’s international competitiveness?
International trade in services is determined by what factors?
Table illustrates the supply and demand schedules for calculators in Sweden and Norway. On graph paper, draw the supply and demand schedules of each country.a. In the absence of trade, what are the
Describe a specific tariff, an ad valorem tariff, and a compound tariff.
Under what conditions does a nominal tariff applied to an import product overstate or understate the actual, or effective, protection afforded by the nominal tariff?
Distinguish between consumer surplus and producer surplus.
Which of the arguments for tariffs do you feel are most relevant in today’s world?
What is meant by the terms bonded warehouse and foreign-trade zone? How does each of these help importers mitigate the effects of domestic import duties?
Assume the nation of Australia is "small" and thus unable to influence world price. Its demand and supply schedules for TV sets are shown in Table. Using graph paper, plot the demand and supply
Assume that the United States, as a steel-importing nation, is large enough so that changes in the quantity of its imports influence the world price of steel. The U.S. supply and demand schedules for
In the past two decades, nontariff trade barriers have gained in importance as protectionist devices. What are the major nontariff trade barriers?
What are the major forms of subsidies that governments grant to domestic producers?
What is meant by voluntary export restraints, and how do they differ from other protective barriers?
Should U.S. antidumping laws be stated in terms of average total costs or average variable costs?
Which is a more restrictive trade barrier: an import tariff or an equivalent import quota?
Differentiate among sporadic, persistent, and predatory dumping.
Rather than generating tax revenue as do tariffs, subsidies require tax revenue. Therefore, they are not an effective protective device for the home economy. Do you agree?
In 1980, the U.S. auto industry proposed that import quotas be imposed on foreign-produced cars sold in the United States. What would be the likely benefits and costs of such a policy?
Which tends to result in a greater welfare loss for the home economy:(a) An import quota levied by the home government(b) A voluntary export quota imposed by the foreign government?
Why might U.S. steel-using firms lobby against the imposition of quotas on foreign steel sold in the United States?
Concerning international dumping, distinguish between the price- and cost-based definitions of foreign market value.
Table illustrates the demand and supply schedules for television sets in Venezuela, a â€œsmallâ€ nation that is unable to affect world prices. On graph paper, sketch Venezuelaâ€™s
Table illustrates the demand and supply schedules for computers in Ecuador, a “small” nation that is unable to affect world prices. On graph paper, sketch Ecuador’s demand and supply schedules
Figure illustrates the practice of international dumping by British Toys, Inc. (BTI). Figure (a) shows the domestic demand and marginal revenue schedules faced by BTI in the United Kingdom (UK), and
Why is a tariff-rate quota viewed as a compromise between the interests of the domestic consumer and those of the domestic producer? How does the revenue effect of a tariff-rate quota differ from
To what extent have the traditional arguments that justify protectionist barriers actually been incorporated into U.S. trade legislation?
What is meant by the most-favored nation clause, and how does it relate to the tariff policies of the United States?
GATT and its successor, the World Trade Organization, have established a set of rules for the commercial conduct of trading nations. Explain.
What are trade remedy laws? How do they attempt to protect U.S. firms from unfairly (fairly) traded goods?
What is intellectual property? Why has intellectual property become a major issue in recent rounds of international trade negotiations?
How does the trade adjustment assistance program attempt to help domestic firms and workers who are displaced as a result of import competition?
Under the Tokyo Round of trade negotiations, what were the major policies adopted concerning nontariff trade barriers? What about the Uruguay Round?
Describe the industrial policies adopted by the U.S. government. How have these policies differed from those adopted by Japan?
What is the purpose of strategic trade policy?
What is the purpose of economic sanctions? What problems do they pose for the nation initiating the sanctions? When are sanctions most successful in achieving their goals?
Assume that the nation of Spain is €œsmall€ and unable to influence the Brazilian (world) price of steel. Spain€™s supply and demand schedules are illustrated in Table.
What are the major reasons for the skepticism of many developing nations regarding the comparative-advantage principle and free trade?
Stabilizing commodity prices has been a major objective of many primary-product nations. What are the major methods used to achieve price stabilization?
What are some examples of international commodity agreements? Why have many of them broken down over time?
Why are the developing nations concerned with commodity-price stabilization?
The average person probably had never heard of the Organization of Petroleum Exporting Countries until 1973 or 1974, when oil prices skyrocketed. In fact, OPEC was founded in 1960. Why did OPEC not
Why is cheating a typical problem for cartels?
How are import-substitution and export-promotion policies used to aid in the industrialization of developing nations?
Describe the strategy that East Asia used from the 1970s to the 1990s to achieve high rates of economic growth. Can the Asian miracle continue in the new millennium?
How has China achieved the status of a high-performing Asian economy? Why has China’s normal-trade-relation status been a source of controversy in the United States? What are the likely effects of
What led India in the 1990s to abandon its system of import substitution, and what growth strategy did India adopt?
How can trade liberalization exist on a nondiscriminatory basis versus a discriminatory basis? What are some actual examples of each?
What is meant by the term economic integration? What are the various stages that economic integration can take?
How do the static welfare effects of trade creation and trade diversion relate to a nation’s decision to form a customs union? Of what importance to this decision are the dynamic welfare effects?
Why has the so-called common agricultural policy been a controversial issue for the European Union?
What are the welfare effects of trade creation and trade diversion for the European Union, as determined by empirical studies?
Table depicts the supply and demand schedules of gloves for Portugal, a small nation that is unable to affect the world price. On graph paper, draw the supply and demand schedules for gloves in
Multinational enterprises may diversify their operations along vertical, horizontal, and conglomerate lines within the host and source countries. Distinguish among these diversification approaches.
Why is it that the rate of return on U.S. direct investments in the developing nations often exceeds the rate of return on its investments in industrial nations?
What is meant by the term multinational enterprise?
Under what conditions would a business wish to enter foreign markets by extending licenses or franchises to local businesses to produce its goods?
What are the major issues involving multinational enterprises as a source of conflict for source and host countries?
Is the theory of multinational enterprise essentially consistent or inconsistent with the traditional model of comparative advantage?
What are some examples of welfare gains and welfare losses that can result from the formation of international joint ventures among competing businesses?
What effects does labor migration have on the country of immigration? The country of emigration? The world as a whole?
Table illustrates the revenue conditions facing ABC, Inc., and XYZ, Inc., which operate as competitors in the U.S. calculator market. Each firm realizes constant long-term costs (MC AC) of $4 per
Table illustrates the hypothetical demand and supply schedules of labor in the United States. Assume that labor and capital are the only two factors of production. On graph paper, plot these
What is meant by the balance of payments?
What economic transactions give rise to the receipt of dollars from foreigners? What transactions give rise to payments to foreigners?
Why does the balance-of-payments statement “balance”?
From a functional viewpoint, a nation’s balance of payments can be grouped into several categories. What are these categories?
What financial assets are categorized as official reserve assets for the United States?
What is the meaning of a surplus (deficit) on the (a) merchandise trade balance, (b) goods and services balance, and (c) current account balance?
Indicate whether each of the following items represents a debit or a credit on the U.S. balance of payments:a. A U.S. importer purchases a shipload of French wine.b. A Japanese automobile firm builds
Table summarizes hypothetical transactions, in billions of U.S. dollars that took place during a given year.a. Calculate the U.S. merchandise trade, services, goods and services, income, unilateral
What is meant by the foreign-exchange market? Where is it located?
What is meant by the forward market? How does it differ from the spot market?
Explain why exchange-rate quotations stated in different financial centers tend to be consistent with one another.
Who are the participants in the forward-exchange market? What advantages does this market afford these participants?
What explains the relation between the spot rate and the forward rate?

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