GATT: A. resulted in higher tariffs worldwide B. was designed by the WTO C. is part of the World Bank D. was the precursor of the WTO E. resulted in high oil prices
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GATT:
| A. |
resulted in higher tariffs worldwide |
|
| B. |
was designed by the WTO |
|
| C. |
is part of the World Bank |
|
| D. |
was the precursor of the WTO |
|
| E. |
resulted in high oil prices |
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- 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 defenseIf 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.Describe a scenario in which a trade surplus benefits an economy and one in which a trade surplus is economy in an economy that performs poorly. What key factor or factors are making the difference in the outcome that results from a trade surplus?
- Write short notes on thefollowing with example: (a) Comparative advantage; (b) Absolute advantage; (c) Trade Surplus; (d) Trade Deficit; (e) Trade protectionismGive typing answer with explanation and conclusion Which of the following was consequence of China joining the WTO? a. Competition from Chinese producers did not harm manufacturing jobs in the United States. b. Trade has brought Western ideas to China, leading to greater openness and political freedom. c. The Chinese economy has grown while on the whole U.S. companies have seen higher profits and U.S. consumers have seen lower prices. d. China has kept to the letter and spirit of WTO regulations and faced no official disputes.Please explain the gains and losses from international trade. Draw the necessary graphs and explain the steps each country takes to reach growth
- The world price of coffee is $30 per kg. The pre-trade price of coffee in Ivory Coast is $20 per kg. What would happen if Ivory Coast allows trade in coffee? Select one: a. Ivory Coast will import coffee, and the price in Ivory Coast will be $20 b. Ivory Coast will export coffee, and the price in Ivory Coast will be $20 c. Ivory Coast will import coffee, and the price in Ivory Coast will be $30 d. Ivory Coast will export coffee, and the price in Ivory Coast will be $30“Free-trade zones such as the EU and NAFTA lead a double life: They can promote free trade among members, but they pose serious trade obstacles for nonmembers.” Do you think the net effects of trade blocks are good or bad for world trade? Why? How do the efforts of the WTO relate to these trade blocks?Trade protectionism a barrier to the recovery of global economies, warns ICS Feb 24, 2021 by Gavin van Marle Increasing trade barriers by governments around the world are hampering the global economy as it attempts to recover from the pandemic’s economic fallout, warned the International Chamber of Shipping today. According to the International Trade Centre, the COVID-19 pandemic has led governments to throw up “temporary trade measures that aim to restrict exports of vital medical supplies, and to liberalize imports of vital medical supplies as well as other essential products”. As of last week, some 98 countries have temporary export restrictions or outright bans in place. In contrast, 102 countries have liberalized their import restrictions. However, it is not just about COVID-19, according to a new ICS Protectionism in Maritime Economics report. It says: “Decades of progress toward open markets has begun to reverse in recent years, with damaging restrictions imposed as weapons…
- What is Protectionism? Group of answer choices State policies imposing barriers to restrict imports for a variety of reasons. Economic theory that international commerce should increase a state's wealth through favorable balance of trade. Beliefs, drawn from Marxist and Neo-Marxist writing, that poor labor conditions, colonial expansion, and divisions between the rich and the poor can be blamed on international capitalism.If trade barriers hurt the average worker (typically due to lower wages and higher prices), then why do you think the government continues to create trade barriers? Use content learned in this unit to shape your answer. Unit: https://openstax.org/books/principles-economics-2e/pages/34-introduction-to-globalization-and-protectionismAt the Bretton Woods Conference it was established: a. the World Trade Organization. b. the International Monetary Fund. c. the World Bank. d. all of the above
