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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

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?

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To determine

To state: The reasons for which the countries do not eliminate trade barriers and engage in international treaties even when international trade is beneficial to a nation.

Explanation

Trade agreements are international treaties regarding trade negotiations between countries. Countries engage in international trade agreements for various reasons. This includes reducing tariffs among member countries, increasing employment opportunities in home country, increasing cross border mobility of goods, labor, capital, etc. Also, treaties help countries to restrict imports in their own special interests. For example, if US enters into trade agreement with another countries, it would lay down certain rules protecting its home industries...

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