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- What factors does Paul Krugman identity that supported expanding international trade in the 1800s?What is the general trend of trade barriers over recent decades: higher, lower, or about the same?Do the jobs for workers in low-income countries that involve making products for export to high-income countries typically pay these workers more or less than their next-best alternative?
- What is the difference between a free trade association, a common market, and an economic union?5. Explain the conditions under which a customs union is most likely to result in an increase in welfare.?For The Canadian Company Embridge choose a country that it exports to (do not chose the U.S.A.) Developan understanding of this foreign country’s trade partnership with Canada by answering the following questions.1. How significant is this country to Canada’s overall trade picture?2. Is it a risky market?3. Is there an imbalance in trade (imports/exports)?4. Is there something unique about doing business with this country?5. How is the country’s economy changing?Resources: Use www.cia.gov/the-world-factbook/ orhttps://wits.worldbank.org/CountrySnapshot/en/CAN
- A customs union is different from a free-trade area, in that: the world. 1.a free-tradearea removes trade barriers between memibercountries, whereas customs union adtopts idtentical tarifts with the rest of the world. 2..a free-tradearea allows for uniform tariffs, whereas aCustamis union does not.3. customs unionremoves trade barriers between membercountries, whereas a free-tracte areaadtopts idtentical tarifts with the rest of the world e. a free-trade area allows for free movement of factors, whereas a Customs union does not. i will 5 upvotesMany U.S. firms import products or parts from other countries indstead of producing them domestically. In fact, most iPhones are other smartphones are made not in the U.S. but in China. Many politicians, notably Presidents Trump and Biden, and commentators argue that the government should protect domestic jobs in this country by penalizing the practice of importing from other countries. How are Americans affected by this practice? Does this hurt Americans by international trade as they are consumers and ordinary resident in the U.S.?23. When one country joins a free trade area with a common external tariff, it causes: O a. Trade agreement Ob. Trade creation Oc Trade diversion O d. Trade union
- 3. Explain the concept of a trade embargo and itseffect on the country where the embargo has beenplaced.You must provide examples to justify your pointsfor each question.A territory within a country where companies benefit from duty-free policies by receiving imported goods for assembly and other processing, and subsequent re-export: O Maquiladoras O Free trade zone O Free trade agreement Regional economic block1. Explain in detail the difference between nominal and “real” tariffs?
