ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 19, Problem 4.9P
To determine
To explain The arguments in favor of trade restriction
Concept Introduction
Trade restriction:The policies taken by the government to curtail or restrict international trade.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
#7. In what product should Japan specialize? In what product should Malaysia specialize?
#8: Name and define three policy tools for enacting protectionism.
#9: Do the rules of international trade require that all nations impose the same consumer safety standards?
#10: Who gains and who loses from trade?
Trade restrictions affect the overall welfare of an economy, since they change the price consumers pay for a good and the quantity produced and consumed domestically.
33.7
5. Protectionisma. is the use of cheap labor to protect firms from paying high wages.b. is the use of trade barriers to protect domestic firms from foreign competition.c. refers to reductions in tariffs and other barriers that protect consumers frompaying high prices.d. refers to the use of copyright and trademark laws to protect inventors and artistsfrom losing the rights to their creative efforts.e. refers to the use of non-tariff barriers to protect the environment in the home country.6. Match each concept to its definition.a. World Trade Organization (WTO) (1). Taxes imposed by a government ongoods imported into a country.b. Quotas (2) Argument against globalization claimingthat the WTO tends to favor high-incomecountries.c. USMCA agreement (3) An international organization that overseesinternational trade agreements.d. Tariffs (4) A numerical limit a government imposes onthe quantity of goods that can be importedinto a country.e. WTO bias (5) A free trade agreement signed by the…
Knowledge Booster
Similar questions
- Several Canadian institutions and actors participate to the growth of international trade. So, they participate to the growth of international trade in services. Say Why? Who are these actors? What are the main institutions? course: export of services write 8 lines onlyarrow_forward16. To facilitate balanced growth of trade and to contribute, thereby to the promotion and maintain high levels of employment and real income, is the function ofarrow_forwardCountries take measures to protect their local industries from foreign competition. In terms of this statement evaluate tariffs and quotas as instruments that can be used to regulate international trade.arrow_forward
- Why would countries promote protectionist laws, while also negotiate for freer trade internationally?arrow_forwardDiscuss four (4) ways in which your government could use trade barriers to protect its market from foreign competition. Include in your discussion who can be affected by these trade barriers and what course of action can be taken by affected parties in seeking remedial action against the measures instituted by your government.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax