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- International Trade End of Chapter Problem Consider each argument for limiting international trade: • The national security argument suggests that national security requires that strategically important goods be produced domestically. • The infant industry argument suggests that protection can help infant industries develop. • The unfair competition argument suggests that anti-dumping laws prevent unfair competition. • The fair standards argument suggests that trade should not enable firms to skirt regulations. Determine which argument each statement is related to and whether the statement supports or opposes the argument. a. "Industries that are protected from foreign competition often never develop to a point where they can compete internationally." This statement יל opposes the infant industry argument. b. "If foreign importers do not meet U.S. requirements regarding child labor, safety, and the environment, they will have an unfair cost advantage over domestic firms." This…The graph below shows the trend of the terms of trade for the U.S. and China. Which would be inferred from the graph? Figure 6.9 Evolution of the Terms of Trade for the United States and China 125 120 - 115- 110 - China 105 100 95 90- 85 United Statoo 80 75 70 1980 1982 1984 1986 1088 1990 1092 1994 1096 1998 U A) China's growth may have hurt the U.S. terms of trade. 2000 2002 2004 2006 2008 2010 B) China's recent growth may have been export-biased. C) U.S. terms of trade have been hugely deteriorated over the past decasde. O D) U.S. exports have been competing with China's imporing sectors. 2012 2014Question 1 a. What is international trade? and justify the rationale for ITb. Identify and explain 3 advantages and 2 disadvantages of your country engaging in internationaltrade. c. Identify and explain 2 types of terms of trade indices and their measurements.
- Which of the following refers to a two-way trade in which a country both exports and imports the same or very similar products? a. Inter-industry trade b. Net trade c. Internal trade d. Intra-industry tradeDefine. The international trade helps in developing a nation.Question 1 a) What is international trade? b) Using a country of your choice, explain using data 3 advantages and 3 disadvantages of trade onthat country. c) What is the mercantilist views to international trade?
- The World Trade Organisation was established to implement the final act of the Uruguay Round Agreement of __________. a. NAFTA b. MFA c. ASEAN d. GATT15. Data and empirical observations have validated the fact thata. Sectors specific to export industries tend to lose from international trade, while sectorsspecific to import-competing industries tend to gain.b. All sectors tend to lose.c. All sectors tend to gain.d. None of the above is true.free trade, whereas others are unhapppy, even angry, that the government has reduced regulations on imports of such products as textiles and furniture, causing factories to shut down and employees to lose their jobs. they feel that the U.S. government should legislate greate egulation of imported goods to give American companies an advantage or at least to lessen the advantage that companies in other countries receive from their government. What do you think? How do you justify your answer?
- Figure 3-1 An Example of China-U.S. Trade Possibilities Textiles (labor intensive) 32 20 19. 8 China PPF 12 A Terms of Trade 20 US PPF Aircraft (capital intensive) Refer to Figure 3-1. What are the terms of trade represented? The terms of trade are 2/3 textile per aircraft. The terms of trade are 1½ textiles per aircraft. The terms of trade are 1 textile per aircraft. The terms of trade are 1½ aircraft per textile.assist please Which of the following statements best exemplifies the concept of relative advantage in international trade?A. USA can produce both wheat and textiles more efficiently than any other country.B. USA can produce wheat more efficiently than China, while China can produce textiles moreefficiently than USA.C. USA can produce more wheat than China, but China can produce more textiles than USA.D. USA and China have the same level of efficiency in producing wheat and textiles.What are the positive effects of international trade? Select one: a.stimulates and facilitates the full use of national capital; b.ensure the full use of the resources available in each country, contributing to market growth; c.it is a tool sometimes used to transfer new ideas and technologies; d.does not contribute to the fight against monopolistic tendencies;