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Chapter 21: Q. 17 (page 522)

What might account for the dramatic increase in international trade over the past 50 years?

Short Answer

Expert verified

Things that would be more known to the population to ease of living in the world, would be the dramatic increase in international trade over the past 50 years.

Step by step solution

01

Step 1. Meaning

International trade- is the trade of goods & services globally.

02

Step 2. Explanation 

Transportation would be improved, a reduction in traffic, non-tariffs, quotas, and other trade barriers, and awareness would be better among the population of the world like what is available in the rest of the world to make living much more comfortable.

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Most popular questions from this chapter

Name several of the international treaties where countries negotiate with each other over trade policy.

Name and define three policy tools for enacting

protectionism.

You have just been put in charge of trade policy for Malawi. Coffee is a recent crop that is growing well and the Malawian export market is developing. As such, Malawi coffee is an infant industry. Malawi coffee producers come to you and ask for tariff protection from cheap Tanzanian coffee. What sorts of policies will you enact? Explain.

The country of Pepperland exports steel to the Land of Submarines. Information for the quantity demanded (Qd) and quantity supplied (Qs) in each country, in a world without trade, are given in Table 21.6 and Table 21.7.

a. What would be the equilibrium price and quantity in each country in a world without trade? How can you tell?

b. What would be the equilibrium price and quantity in each country if trade is allowed to occur? How can you tell?

c. Sketch two supply and demand diagrams, one for each country, in the situation before trade.

d. On those diagrams, show the equilibrium price and the levels of exports and imports in the world after trade.

e. If the Land of Submarines imposes an antidumping import quota of 30, explain in general terms whether it will benefit or injure consumers and producers in each country.

f. Does your general answer change if the Land of Submarines imposes an import quota of 70?

Why would countries promote protectionist laws, while also negotiate for freer trade internationally?
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