Answered: 1. Trade patterns a. How big is world…

1. Trade patterns a. How big is world trade today in percentage of world GDP? b. When did world trade begin to grow rapidly? c. Why do you think world trade expanded at that time?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter34: Globalization And Protectionism

Section: Chapter Questions

Problem 40CTQ: If trade barriers hurt the average worker in an economy (due to lower wages), why does government...

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1. Trade patterns
a. How big is world trade today in percentage of world GDP? b. When did world trade begin to grow
rapidly? c. Why do you think world trade expanded at that time?

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In principle, the benefits of international trade to a country exceed the costs, no matter whether the country is importing or exporting. In practice, it is not always possible to compensate the losers in a country, for example, workers who lose their jobs due to foreign imports. In your opinion, does that mean that trade should be inhibited to prevent the losses?
How does international trade affect working conditions of low-income countries?
Does intra-industry trade contradict the theory of comparative advantage?
How do trade barriers affect the average Income level in an economy?
If trade barriers hurt the average worker in an economy (due to lower wages), why does government create trade barriers?
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?