Some Legal experts have described GATT and GATS as the following:    “born like twins joined at the hip, but still entirely different.”   Discuss the similarities and the differences between the General Agreement on Tariffs and Trade (GATT) and the General Agreement on Trade in Services (GATS), with reference to National Treatment Principles and Most Favoured Nation Principles.

Q: The GATT (General Agreement on Tariffs and Trade) was set up as a successor to the WTO (World Trade…

A: General Agreement on Tariffs and Trade refers to a legal agreement between many nations. The main…

Q: Gennifer Flowers knows that restricting trade in an attempt to get another nation to reduce their…

A: Consumer surplus denotes the benefits that the consumer derives through market participation. It is…

Q: Having rejected a tariff on textiles (a tax on imports), the president of Isoland is now considering…

A: The charge that is being levied by the government on goods and services that serves as the main…

Q: Namibia import most of its goods, and to encourage local production it can levy a tariff on imports.…

A: Tariffs: These are the indirect taxes that are being imposed by the governments around the world on…

Q: How does a tariff on the import good affect a small country’s volume of trade,  terms of trade and…

A: In the import market, an import tax reduces consumer excess while increasing producer surplus. A…

Q: Give an outline of the following trade restrictions: Tariffs, Quotas, Export Subsidies and VERs.

A: Trade Restrictions is defined as the restrictions that are imposed on the trade of goods and…

Q: Can you answer this please? Explain the concept of a trade embargo and its effect on the country…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Write a brief explanation of each of the following terms: a. specific tariff b. intra-industry trade…

A: Tarif is , at the most fundamental level, is a duty charged on labor and products as they move…

Q: Explain why a quota may result in lower total surplus in the home country than a tariff, even if…

A: A tariff is a percentage of the product's worth that the importer is required to pay. A quota is a…

Q: Let us consider the case of Venezuela. A tariff is imposed on imported clothes in Venezuela. In the…

A: Since the question you have posted consists on multiple parts, we will answer the first three parts…

Q: Let us consider the case of Venezuela. A tariff is imposed on imported clothes in Venezuela. In the…

A: Domestic production before tariff = 14932 Domestic production after tariff = Domestic production…

Q: An important difference between tariffs and quotas is that tariffs Select one: a. help domestic…

A: In an economy, tariffs and quotas, both are the ways to reduce imports of the country.

Q: Draw the supply-and-demand diagram for an importing country. What is consumer surplus and producer…

A: For an importing country, the domestic equilibrium price is higher than the world price.

Q: In evaluating the level of average tariff protection, is it better to use trade-weighted or…

A: Trade policies influence each international and domestic investment by determinant the scale of…

Q: Now find the free trade equilibrium, assuming no transportation costs or tariffs, by setting P = P*…

A: The answer of only (d) is given here. Free trade, in classical theory, is known as the best way to…

Q: Let us consider the case of Venezuela. A tariff is imposed on imported clothes in Venezuela. In the…

A: Solution:-  Quantity of clothes produce before the imposition of tariff = 15532 The quantity produce…

Q: With the help of a graph, explain how imposition of an import tariff affects the tariff-levying…

A: Tariff: Tariff is a non-quantity barrier. It is a tax which is imposed on the import as well as on…

Q: Consider the following situation: The world price of oranges is $15 per bushel. The domestic supply…

A: International trade refers to the exchange of capital, goods, and services across different…

Q: Although both tariffs and quotas are tools used to restrict or reduce trade, which of the statements…

A: The tariff is a kind of international trade restrictions imposed by the government to protect the…

Q: What is the General Agreement on Customs Tariffs and Trade? For what purpose do countries use the…

A: Countries that engage in trade are called open economies. Trade has been a potential weapon in these…

Q: In the figure given below, Mexico, the importing country in free trade, imposes a binding import…

A: The price in Mexico should change, such that the import demand falls to the Quota level of Q¯.…

Q: A country imposing a tariff can benefit in terms of social welfare if The terms-of-trade benefit…

A: Tariff refers to the tax that imposed by the government on the imported goods in order to restrict…

Q: Suppose in an economy with a tariff on the import of sugar, if the domestic demand for sugar…

A: Given

Q: While import tariffs and import quotas can both be used to protect domestic producers, the import…

A: Import tariffs and import quota are two ways to restrict imports of the country.

Q: Explain how tariffs can serve as a barrier to trade and identify at least two benefits of reducing…

A: A tariff is a tax that has to be paid on goods coming into a country from other countries. It is a…

Q: Write a brief explanation of each of the following terms:< a. specific tariff b. intra-industry…

A: A tariff refers to the imposition of the tax by one nation on the goods and services offered over…

Q: Compare Hecksher Ohlin Trade Theory and new trade theories in terms of a) basis of trade, b) pattern…

A: Comparison of HO model and new trade theory 1.On the basis of trade We can say that HO model was…

Q: Evaluate any six arguments for restricting trade and, for each of these arguments, provide a…

A: Argument for restricting trades are: It helps to protect domestic jobs It helps to protect domestic…

Q: Describe a scenario in which a trade surplus benefits an economy and one in which a trade surplus is…

A: Trade surplus is an economic measure where exports of a country exceed its imports and is a positive…

Q: In 2009, US imposed a tariff of 35% on radial car tires imported from China. The winners from this…

A:

Q: "Imports destroy jobs; exports create them. The average American is hurt by imports and helped by…

A: The importing is the process of purchasing the goods and services that is produced and sold by…

Q: Workers in industries protected by tariffs and quotas are likely to support these trade restrictions…

A: As per Job argument, tariff is beneficial since it prevents job loss in domestic import-competing…

Q: (Figure: Market for Engines) According to the figure, if there is international trade in this…

A: In the given graph, it can be seen that domestic equilibrium price and quantity is $600 and 600…

Q: Openness of an economy is: (a) the extent to which a country is involved in international trade and…

A: An economy is characterized as open or close according to its functioning and ability to make…

Q: Identify which trade flows each international trade theory explains. Please choose at least one from…

A: Hechscher Ohlin theory is the theory of comparitive advantage. This tells us that the country which…

Q: 9

A: USCMA is a trade agreement between the named parties the United States, Mexico and Canada. It has…

Q: Which organization meets regularly to establish rules and settle disputes related to international…

A: "Since you have asked multiple question we will solve only the first question for you. If you want…