Explain how international and regional trade is governed, and evaluate the efficiency of international trade under different economic policies. What are the main differences between The World Trade Organization (WTO) and regional free trade agreements (FTA)? Which is the more efficient approach to managing international trade? Why?

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Related questions

Answer the following questions as briefly and precisely as possilble.

a) why do most countries use trade protection tools?

b) Is there any theoretical justification to use trade protection tools?

c) Explain why rich countries subsidize agricultural sector in their economies.

d)Explain why rich countries subsidize high-tech firms in their economies.

e) which countries (and groups within a country) most likely oppse international labor standards? Explain why.

f) explain why some countries use coluntary export restrains (VER) instead of imports quota?

g) list and explain at least there reason as to why contries decide to form regional trade agreements.

h) why we need to make distinction between large and small countries in making trade policy analysis?

International Trade: Think of the importance of trade in your life. Look simply at what you're wearing today. When you shop, do you look for the "Made in the USA" label? Perhaps you believe we might be better off as a nation economically if we produced more goods in the attempt to become more self-supportive. Perhaps you believe we should increase the amount of goods traded internationally. Opinions and speculation vary as much as the number of economists that predict economic climate. Having said this, as a nation, simply put, we trade. And with that activity come many rules and regulations to try and ensure our best interests are protected. Based on this; 1. How is international trade regulated? Log on to www.wto.org and click the "Trade Topics" tab to learn about the scope of trade agreements and trade controversies. What is involved in "trade agreements"? 2. Log on to www.bea.gov and view the "international" tab, then "Trade in Goods and Services." What is the current balance of trade for the United States? Has this balance been increasing or decreasing? Based on the current economic conditions, how do you think this balance will move in the near future, and why? (Define the overall subject of each question. Cited at least three (3) resources from this week's materials.

coffeemink207

10) Explain the connection between the US trade deficit and financial capital flows.

14) Suppose Laborville has 100 workers and 200 machines while Sleepyville has 20 workers and 80 machines. Which country is labor abundant? How do you know?

15) Using the data from #16, suppose that each country produces both nachos and cell phones. If 1 worker and 1 machine is required to produce phones but 2 workers and Â½ of a machine is required to produce nachos, which country will specialize in the production of phones and which in nachos if the countries open to free international trade?

16) Explain the difference between absolute and comparative advantage.

17) Explain why a trade deficit provides advantages to a country. Is it always advantageous? 18) Explain how comparative advantage determines the pattern of trade. Use an example to aid in your explanation.

19) Explain how factor abundance can explain the pattern of trade.

20) Explain why international trade is not a zero-sum game.