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- Name and define three policy tools for enacting protectionism.Do the jobs for workers in low-income countries that involve making products for export to high-income countries typically pay these workers more or less than their next-best alternative?Why do you think that the GAIT rounds and, more recently, WTO negotiations have become longer and more difficult to resolve?
- How does protectionism affect the price of the protected good in the domestic market?Why might the unsafe consumer products argument be a more effective strategy (from the perspective of the importing country) than using tariffs or quotas to restrict imports?1. What is domestic price and what is world price? How does it connect with international tradeand in tune with demand supply conditions?
- 1) Using the most recent Occupational Employment Statistics located at the US bureau of labor statistics determine: a.Which five (5) occupations have the highest wage growth? Do you think these occupations could be offshored? b.Which five (5) occupations have the lowest wage growth? Do you think these occupations could be offshored? 2) Using the International Trade and Market Access Data located at the World trade organization stats dashboard: Identify three (5) countries with high average tariffs. Are the countries large or small? What might explain the high tariffs in these countries?16. Suppose the US imposes trade barriers against Peru’s exports, and Peru charges the US with violating WTO rules. A WTO dispute settlement panel then decides that the US is guilty of violating the rules. Why might the existence of the WTO dispute settlement system make the US more likely to reverse its policies (i.e., remove the trade barriers against Peru)? Put differently, how does the existence of this institution change the US calculus compared with the non-institution counterfactual?16 Consider a Ricardian trade model where both countries have expenditure share q =0.2 on manufactures, Country 1 has Am =1 and As=4 and L= 100 while Country 2 has Am*=As*= 0.5 and L*= 200. With free trade, which of the following is true? a.The relative wage is w/w*=8 b. Country 2 produces 100 manufactures and exports 80 manufactures c.Country 1 produces 400 services and exports 80 services d.All of the other options
- 2. Evaluate the benefits of globalization and Western hegemony to our country. TITAS11. The International Monetary Fund (IMF) was created to promote trade through financial cooperation by working to eliminate trade barriers True FalseCould you please explain the reason of international communities want to increase GATT to be World Trade Organization? What are the benefits in generally by practicing the model of liberalism in trading sector?