Q: How are trade creation and diversion defined, and what roles do they play in the world gains and…
A: Trade creation It is a term that refers to the generation of business opportunities inside and…
Q: Explain the difference between free trade and protectionism
A: International trade: - it means the buying and selling of goods and services with other countries.
Q: Why would protectionism cost jobs
A: The international trade would result in the exchange of the goods and services between one or more…
Q: How would you define and explain the balance of payments, and how this concept affects the ability…
A: Global trade: It means the import and export of goods and services across international boundaries.
Q: Why is it likely that ‘FTAs (free trade areas) will remain FTAs, unless the process of integration…
A: The nations around the globe are involved in trading activities with each other. The international…
Q: What trade barriers were in place between the years 2000 to 2010.
A: Trade barriers refers to the restrictions placed by the government on international trade.
Q: What can be regarded as the correct mix between free trade and protectionism
A: In an economy, free trade and protectionism are two opposite concepts or approaches to make economic…
Q: Do you think it is important for the Philippines to join a trade organization? Why or why not?
A: The World Trade Institution (WTO) is the sole international organisation that deals with global…
Q: Explain why governments try to enhance and restrict trade. Thank you
A: Why they enhance trade : Nations exchange with one another when, all alone, they don't have the…
Q: Which feature is found in a customs union but not a free trade area? (Pick either a,b,c, or d) a)…
A: A customs union basically refers to an agreement between two or more nearby nations to minimize…
Q: Discuss how international trade influences the job market. What are the opportunity costs to…
A: The movement of a country from a situation of autarchy to free trade can have varied impacts on the…
Q: What NAFTA (North American Free Trade Agreement) stands for
A: NAFTA stands for North American Free Trade Agreement, which is enacted in 1994. The participating…
Q: The two highest levels of economic integration are: a)Customs union and common market. b)Customs…
A: Economic integration is a pact between countries that usually entails the removal or lowering of…
Q: A free trade union with a common policy regarding tariffs and measures having an equivalent effect…
A: Free trade agreement is an agreement which is signed between the countries to remove the tariffs and…
Q: What is the role of the European Union (EU)?
A: EU (European Union) is the union in which there are 28 member countries. The aim of this union is to…
Q: What effect did creating a single market and single currency within the European Union have on the…
A: European Union Single market: The single market was formed within the European Union so that while…
Q: Write about two types of trade barriers and explain in detail.
A:
Q: List and briefly describe the principal restrictions that may be applied to a nation’s imports.
A: Import restriction are the restrictions which are imposed to control the goods volume coming into a…
Q: Speculate as to why some U.S. firms strongly support trade liberalization while other U.S. firms…
A: ANS Any U.S. businesses will be harmed by increased competition from international competitors if…
Q: What is a free trade zone?
A: Free trade zones are a type of special economic zones which are free of fees related to trade like…
Q: Explain ‘trade creation’ and ‘trade diversion’ in a customs union. What factors influence the extent…
A: ▪︎ Trade creationTrade creation is the expanded exchange that happens between part nations of…
Q: Explanation of why government try to enhance and restrict trade.
A: Different government policies suggest different restrictions on international trade. Here are some…
Q: Describe the European Union (EU) and why it’s considered the most integrated economic cooperative…
A: EU (European Union) is the union in which there are 28 member countries. The aim of this union is to…
Q: Countries in a customs union must agree on common: ¨ a. languages in which they communicate.…
A: A customs union is a contract between the two or more bordering countries to lower or eliminate…
Q: what is the number one rule in international relations or international community
A: International relations are the relations between one country and other countries. International…
Q: explain the measures companies could take to overcome trade barriers
A: Trade barriers are the agreements or policies between two or more nations to limit imports and…
Q: What is the relation of General Agreement in Tariffs and Trade to World Trade Organization?
A: On January 1, 1948, the GATT came into effect. 2 It has been improved since then, culminating in the…
Q: Explain differences between a Customs Union and a Free Trade Agreement, i.e EU and NAFTA? Briefly
A: "Export refers to the sale of domestic goods in foreign countries." "Import refers to the purchase…
Q: what is the impact of trade barriers on globalization
A: Open Trade is important for a country to grow at a higher rate and pace, for enhanced productivity,…
Q: Cars imported into the United States must have certain safety features to be allowed on highways and…
A: Economist argue that the world resources are better utilised if the trade is free among the…
Q: What Is North American Free Trade Agreement (NAFTA)?
A: Free trade agreement refers to the agreement made between two or more countries to remove the…
Q: involves removing barriers to trade between different countries. Trade restriction Trade…
A: Economist argues that the the world resources are optimally utilised if the trade among the…
Q: Use the graph below to answer the following question: What is the total amount of shoes the US will…
A: Free trade is a trade policy that refers to a policy that does not restrict imports or exports.
Q: “India’s trade policy is becoming increasingly protectionist"
A: In the course of the most recent couple of months, various media articles have inferred that India's…
Q: WHAT IS ADDED TO A CUSTOMS UNION SO THAT AN AREA BECOMES A COMMON MARKET – WHAT IS ADDED TO A…
A: When it comes to economic integration, there are various stages. Each stage has something more than…
Q: country has a trade surplus when
A: THE COUNTRY HAS A TRADE SURPLUS WHEN - EXPORTS EXCEED IMPORTS
Q: Explain what may cause a deterioration of the terms of trade. 
A: The proportion of a nation's export prices to its import costs is known as terms of trade (TOT). To…
Q: Are technical regulations in different countries equal and constitute they barriers to trade? Which…
A: A technical regulation is a Government document that lays down product characteristics or their…
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- What distinguishes a customs union from a free trade area? What distinguishes a common market from a customs union?Which feature is found in a customs union but not a free trade area? (Pick either a,b,c, or d) a) uniform direct tax rates b) uniform indirect tax rates c) a common external tariff d) a common currencyWHAT IS ADDED TO A CUSTOMS UNION SO THAT AN AREA BECOMES A COMMON MARKET – WHAT IS ADDED TO A COMMON MARKET SO THAT AN AREA BECOMES A 2. POLITICAL UNION –
- What trade barriers were in place between the years 2000 to 2010.Trade Protectionist tools include all of the following except: Select one: a. Open Borders for Goods, Capital and labor b. non-tariff barriers c. trade quotas d. tariffs e. capital controlsUnder what conditions would you advocate for trade restrictions?