Answered: What are some of the main advantages…

What are some of the main advantages and disadvantages of the World Trade Organization(WTO) compared to regional free trade agreements?

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter17: International Trade

Section: Chapter Questions

Problem 3.8P

See similar textbooks

Related questions

Q: How can individual Government hinder the smooth operations of World Trade? in 100 words

A: In world trade, various countries enter the market and make an exchange of different products and…

Q: Differentiate the trade based on absolute advantage vs. absolute disadvantage over another nation…

A: When a nation has the capacity to carry out the production of a particular commodity in large…

Q: Discuss the restrictions nations place on international trade, the objectives of these restrictions,…

A: International trade: It means that the goods and services are exchanged between the two countries…

Q: Identify the major organizations that facilitate internationaltrade and the major trading blocs…

A: Major organizations that facilitate international trade are as follows: WTO (World Trade…

Q: Which of the following is a component of the European Union? а. Security Council b. General Assembly…

A: Different countries have differences in their government functions and their authorities.

Q: The World Trade Organization is controversial because it is dominated by small, developing nations.…

A: The world trade has been said to be unfair by the small and developing nations, because it caters to…

Q: Opponents of free trade zones might use this map to argue that free trade encourages conflict among…

A: Free trade: It is a great extent hypothetical strategy under which governments force positively no…

Q: Neither free trade nor prohibited trade comes with benefits only. Both come with benefits and costs.…

A: Free trade is when the government doesn't place any limitations on trade like amounts or taxes.…

Q: List at least 3 factors that have accounted for the rapid growth of world trade over the past 50…

A: Answer - There are many factors that have accounted for the rapid growth of world trade over the…

Q: Which of the following is a benefit of global trade? a) Increased chances of trade surplus b) Better…

A: The import and export of products and services that take place beyond international borders is the…

Q: Are the Bretton Woods institutions still capable of efficiently governing world trade?

A: The Bretton woods institutions were created to serve the economy with their financial support and…

Q: What is wrong with world trade policy? Cite and explain some suggestion to improve the standing of…

A: Trade is important for different countries of the world. In trade, goods and services are exported…

Q: Match the following Regional Trade Agreement examples to the Type of Regional Trade Agreement to…

A: Customs Union: A customs union is the substitution of a single customs territory for two or more…

Q: Discuss the relevance of the World Trade Organisation (WTO) in 2020.

A: WTO is an organization to promote trade between countries and also to the intermediate trade dispute…

Q: Traditional free-trade theories are based on six crucial assumptions, which may or may not be valid…

A: Free trade refers to the trade when there are no barriers imposed by the government on imports and…

Q: Out of all levels of economic integration what is the most beneficial and the most unfair? Why?

A: Economic integration is an agreement between countries that usually entails the removal or…

Q: What is meant by the concept of "trade creation"? a. Inefficient trade that follows the…

A: Meaning of Trade: The term trade refers to the situation under which the products and goods are…

Q: The World Trade Organization provides legally binding ground rules for international commerce and…

A: The WTO was formed in 1995 and it replaced the GATT. The WTO sets rule for international trade and…

Q: The agreement is in the form of free trade between members and requires uniform external trade…

A: Custom union, Free trade area, Preferential Trading Agreements are different types of the trading…

Q: Does international trade,taken as a whole,increase the total number of jobs, decrease the total…

A: International trade refers to the exchange transactions between the countries. It allows nations to…

Q: What are the causes of disfavourable terms of trade in underdeveloped countries?

A: The ratio of a nation's export prices to its import prices is known as its terms of trade (TOT). The…

Q: The main objective of protectionist trade policies is typically to... a. Maximise world production.…

A: The protectionism can be defined as a policy of protecting domestic industries against the foreign…

Q: Data and empirical observations have validated the fact that a. Sectors specific to export…

A: According to specific factor model, the factors that are, specific to the exports industries or…

Q: What economic impact have pandemics such as COVID-19, had on global trade

A: Globalization refers to integration of a country with rest of the world. Globalization includes…

Q: Explain in detail the key three issues affecting global trade at present?

A: The transfer of capital, goods, and services across international borders or territories in response…

Q: what are the roles and actions of the World Trade Organization, International Monetary Fund, and…

A: The World Bank Group is one of the world's biggest wellsprings of financing and information for…

Q: The following are the neo-liberal economic policies promoted by World Bank and IMF. Which is NOT? A.…

A: Established at the Bretton Woods gathering in 1944, the two foundations have complementary missions.…

Question

What are some of the main advantages and disadvantages of the World Trade Organization(WTO)
compared to regional free trade agreements?
Edit View Insert Format Tools Table
12pt v Paragraph v
BI U
A v 2v T? v

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

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 problemâ€”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 defense
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?
How does international trade affect working conditions of low-income countries?
If trade barriers hurt the average worker in an economy (due to lower wages), why does government create trade barriers?
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.
Name and define three policy tools for enacting protectionism.
Explain how trade barriers save jobs in protected industries, but only by costing jobs in other industries.
In Exercise 33.31, is there an ask where Venezuelans may say no thank you to trading with Canada?
Who does protectionism protect? From what does it protect them?
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?
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?