ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
4th Edition
ISBN: 9781285423548
Author: William A. McEachern
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 21, Problem 3.4PA
To determine
Benefits and drawbacks of international trade for the citizens in a developing country.
Concept Introduction:
The exchange of goods and services between two or more countries of the world is known as international trade. Trade refers to both import and export of goods and services for cash or cash equivalents.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
7. Japanese labor productivity is roughly the same as that of the United States in the manufacturing sector (higher in some industries, lower in others), while the United States is still considerably more productive in the service sector. But most services are nontraded. Some analysts have argued that this poses a problem for the United States,because our comparative advantage lies in things we cannot sell on world markets.What is wrong with this argument?
Economics
#1 What are the five key international expansion decisions? Use an example to explain the process and briefly describe the steps within. What are some of the related common risks when considering international expansion?
9
How free trade zones or special economic zones affect exports.
Chapter 21 Solutions
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Knowledge Booster
Similar questions
- 34. To obtain good A in which one does not have a comparative advantage, it is better to acquire it by "indirect production" – producing good B, in which one does have a comparative advantage, and trading it for good A. True False Falsearrow_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_forwarddiscuss relationship distance and Income with trade.\arrow_forward
- Subject: OM | International Business and Trade Question: 3.How do you think the transition to a normal economy in Lebanon, after the war in 2006, would differ from the experiences of European countries after World War II? (Cite citations if needed)arrow_forwardQuestion 40 When a country opens for trade and becomes an exporter of a good, which of the following is a consequence? The price received by domestic producers of the good decreases. The gains of domestic consumers of the good exceed the losses of domestic producers of the good. The gains of domestic producers of the good exceed the losses of domestic consumers of the good. The price paid by domestic consumers of the good decreases.arrow_forward5 major imported product in USA and 5 major exported products in USA Name of major trading partners of (5 major imported product in USA and 5 major exported products in USA) from where they importedarrow_forward
- Country Report for China - Membership in trades, economic or political organizations - Fiscal policy - International trade Please explain these topics based on China.arrow_forward19. _______________ topics relate to how much money the country makes in a year, how many resources a country imports and exports in a year, and the number of available jobs in the U.S. at a given time.arrow_forward1. Which of the following is true and which is false:a) The trade-to-GDP ratio for a nation that had €600 million in exports, €400 million in imports,and GDP of €2,000 million is equal to 0.5.b) The trade-to-GDP ratio for a nation that had €600 million in exports, €400 million in imports,and GDP of €2,000 million is equal to 0.05.c) A trade-to-GDP ratio in percentage terms equal to 120% means that the country exchanges1.2 times worth of goods and services of what it generates domestically over a certain period.d) The trade-to-GDP ratio is a measure of how income distribution between nations.e) The trade-to-GDP ratio is a measure of how intensively a country participates in internationaltrade.f) The higher the trade-to-GDP ratio, the stronger is the purchasing power of the country in theworld marketsarrow_forward
- At one point Canadas GDP was 1,800 billion and its exports were 542 billion. What was Canadas export ratio at this time?arrow_forward4-Trade with Cuba All Sections Free trade rearranges the economy, it creates jobs in some sectors and destroys them in others. Suppose we open up with free trade with Cuba. This eliminates 20,000 jobs in the American tobacco and sugar industries, whereas it causes 5,000 more jobs in the car industry, In Cuba, it creates 15,000 jobs in the tobacco and sugar industries and costs 5,000 jobs in the car industry. The price of sugar and cigars falls in the US, and the price of cars falls in Cuba as a result Should the US. welcome free trade in this situation? Should Cuba?arrow_forward5. The Gap between Imports and Exports is called as Question 5 options: Trade gap Trade Balance Trade Deficit Tradingarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax