Answered: Which of the following trade…

Which of the following trade restrictions can help UAE to protect its local economy? Select one: All of the answers ag questions b. Local Content requirements C. Ad valorem tariff d. Currency control

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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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 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.
If trade barriers hurt the average worker in an economy (due to lower wages), why does government create trade barriers?
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?
How does protectionism affect the price of the protected good in the domestic market?
nternational trade benefits a nation whena. its revenue from selling abroad exceeds itsoutlays from buying abroad.b. its trading partners experience reduced economicwell-being.c. all nations are specializing in producing whatthey do best.d. no domestic jobs are lost because of trade.