Answered: 1. An updated version of an existing…

1. An updated version of an existing trade agreement that includes new provisions for local content requirements for automakers and more open dairy trade. USMCA NAFTA MERCOSUR Andean Community ASEAN

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter28: International Trade

Section: Chapter Questions

Problem 15P

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Question

Select the most appropriate trade pact for each description and explain each right and wrong answers also

11. An updated version of an existing trade agreement that includes new provisions for local content requirements for automakers and more open dairy trade.

USMCA
NAFTA
MERCOSUR
Andean Community
ASEAN
EU

12. The terms of the agreement will require minimum wages for auto workers in one bloc-member country to triple.

EU
MERCOSUR
Andean Community
USMCA
NAFTA
ASEAN

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Similar questions

If opening up to free trade would benefit a nation, then why do nations not just eliminate their trade barriers, and not bother with international trade negotiations?
You just overheard your friend say the following: Poor countries like Malawi have no absolute advantages. They have poor soil, low investments in formal education and hence low-skill workers, no capital, and no natural resources to speak of. Because they have no advantage, they cannot benefit from trade. How would you respond?
If trade barriers hurt the average worker in an economy (due to lower wages), why does government create trade barriers?
Trade has income distribution effects. For example, suppose that because of a government-negotiated reduction in trade barriers, trade between Germany and the Czech Republic increases. Germany sells house paint to the Czech Republic. The Czech Republic sells alarm clocks to Germany. Would you expect this pattern of trade to increase or decrease jobs and wages in the paint industry in Germany? The alarm clock industry in Germany? The paint industry in Czech Republic? The alarm clock industry in Czech Republic? What has to happen for there to be no increase in total unemployment in both countries?
How do trade barriers affect the average Income level in an economy?
From the Work It Out Effects of Trade Barriers, you can see that a tariff raises the price of imports. What is interesting is that the price rises by less than the amount of the tariff. Who pays the rest of the tariff amount? Can you show this graphically?
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.