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One of the objectives of the European Union is to abolish restrictions on the free movement of all factors of production, including labor, services, and capital. Considering the latest financial crisis in Cyprus, would you suggest modifying the EU Charter to expel countries who don

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Related textbook solutions

Principles of Economics
2nd Edition, 2017
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ISBN: 9781947172364
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2 Edition,
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ISBN: 9781947172388
Principles of Microeconomics
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ISBN: 9781947172340

Related questions

Question 1

  1. In 2003, the ________ ruled that U.S. tariffs on steel imported from the EU were unfair and allowed the EU to issue retaliatory tariffs on U.S. products.
    Ā  Ā 
    World Trade Organization
    Ā  Ā 
    United Nations
    Ā  Ā 
    European Central Bank
    Ā  Ā 
    International Human Rights Commission

Question 2

  1. The idea of the U.S.-Canadian Free-Trade Agreement that ________ barriers to trade including tariffs and quotas between the United States and Canada by 1998 was to increase the amount that the United States exports to Canada and the amount that the United States imports from Canada.
    Ā  Ā 
    increased all
    Ā  Ā 
    removed some
    Ā  Ā 
    removed all
    Ā  Ā 
    increased some

Question 3

  1. According to the theory of comparative advantage, a country should specialize and ________ goods with ________ opportunity cost.
    Ā  Ā 
    import; the lowest
    Ā  Ā 
    import; negative
    Ā  Ā 
    export; the lowest
    Ā  Ā 
    export; the highest

Question 4

  1. A quota is a restriction on imports.
    True
    False

    Question 5

    1. If Holland decreases subsidies to its tulip growers, the price of tulips in the United States will rise.
      True
      False

    Question 6

    1. According to comparative advantage, trade between two countries allows ________ of the trading countries to use its resources most efficiently.
      Ā  Ā 
      only the smaller
      Ā  Ā 
      only the larger
      Ā  Ā 
      neither
      Ā  Ā 
      each

    Question 7

    1. ________ U.S. president(s) who has/have held office since GATT was signed has argued for free-trade policies, yet each one has used his powers to protect various sectors of the economy.
      Ā  Ā 
      Only one
      Ā  Ā 
      No
      Ā  Ā 
      Every
      Ā  Ā 
      Only 3

    Question 8

    1. In 1991, the European Union began the process of forming the
      Ā  Ā 
      largest free-trade zone in the world.
      Ā  Ā 
      only continental military force in the world.
      Ā  Ā 
      first international trade agreement in the world.
      Ā  Ā 
      first unified currency in the world.

      1. Question 9

        1. The Smoot-Hawley tariff set off an international trade war in the
          Ā  Ā 
          1930s.
          Ā  Ā 
          1950s.
          Ā  Ā 
          1970s.
          Ā  Ā 
          1990s.



          Please help me with these questions Thank you.

ead The Economist's articles, "Obama to raise trade talk concerns with Merkel."

Do you think the reduction or elimination of tariffs and notariff barriers between the U.S. and the EU through the Trans-Atlantic Trade and Investment Partnership will increase demand for U.S. goods and services in Europe and make european goods and services cheaper for Americans? In the face of a global recession is it wise for nations to begin raising tariffs and increasing subsidies to domestic producers? Why or why not?

Each student replies to instructorĆ¢Ā€Ā™s initial discussion question with a substantive post (minimum 250 words). Your initial post as well as a response to two other classmates initial discussion question should be done by 11:59 PM Central Standard Time (CST) - Sunday evening.

February 9, 2015 3:05 am

Obama to raise trade talk concerns with

Merke

l

Shawn Donnan, World Trade Editor

ƂĀ©AFP

US President Barack Obama is expected to raise concerns about the pace of

trans

-

Atlantic trade

talks with Angela Merkel when the German chancellor visits Washington on Monday with US

officials fretting that supposedly reinvigorated negotiations are instead getting off to a false start.

Following the November appointment of Cecil

ia Malmstrom, the new European trade

commissioner, both sides pledged a Ć¢Ā€Āœfresh startĆ¢Ā€Ā to talks over a

Trans

-

Atlantic Trade and

Investment Partnership

, or TTIP, that had been crawling along since beginning in July 2013.

But a senior US official told the Financial Times that Washington was disappointed with the

progress made in last weekĆ¢Ā€Ā™s round of formal negotiations, the first since the re

-

launch, and had

decided to press

its case with Ms Merkel on Monday and in European capitals in the coming

weeks.

That frustration was partly in evidence in Brussels last week. Ć¢Ā€ĀœThis weekĆ¢Ā€Ā˜s round was

constructive, but we do need to see more, further concrete progress ... if we are to turn

this fresh

start into a reality,Ć¢Ā€Ā the chief US negotiator, Dan Mullaney, told reporters on Friday as the

discussions wrapped up.

The US has in recent months been pressing the European Union to agree to exchange new offers

on the number of tariff

-

free goods

. Many see this as the easier part of the negotiations compared

with the more complex question of easing regulatory barriers to trade across the Atlantic.

Last year the US offered to eliminate tariffs on 88 per cent of goods traded between the two

economie

s, significantly lower than the 96 per cent put forward by the EU. But since then US

officials have been trying to improve their offer while also extracting more from the EU.

Liberalisation of services is another bone of contention for Washington, which is

irked that the

EU has refused to offer a similar package to that negotiated with Canada in a recently concluded

trade agreement.

The decision to raise the issue with Ms Merkel did not reflect any conflict between the German

chancellor and Mr Obama over TT

IP, the official said. Washington remains convinced she

supports the trans

-

Atlantic talks, in spite of

scepticism

among many Germans.

The concerns were instead focused on EU officials and the European Commission, the senior US

official said, and whether officials in Brussels were meeting their leadersĆ¢Ā€Ā™ desire for

more rapid

progress

. David Cameron, the UKĆ¢Ā€Ā™s prime minister, last year called for Ć¢Ā€Āœrocket boostersĆ¢Ā€Ā to be

placed und

er the talks.

Two senior EU trade officials on Sunday dismissed the US concerns as Ć¢Ā€ĀœspinĆ¢Ā€Ā and told the FT

that they hoped to exchange new tariffs and services offers by July.

The EU officials also said that there had been progress in discussions over the i

nclusion of

financial services regulation in TTIP, something the US side has resisted in part because of fears

that it might water down the strict Dodd

-

Franck regulations introduced in the wake of the 2008

crisis.

But the disagreement highlights how tensio

ns remain between both sides despite efforts to make

a fresh start.

European officials have also privately raised concerns that Mr ObamaĆ¢Ā€Ā™s administration is more

focused on sealing a 12

-

country Pacific Rim trade agreement now nearing conclusion, the Trans

-

Pacific Partnership, or TPP, than the trans

-

Atlantic one.

Speaking at a security conference in Munich on Saturday, Vice President Joe Biden sought to

placate the EU. Ć¢Ā€ĀœTTIP is not the stepchild to TPP,Ć¢Ā€Ā the vice president

said

.

Ć¢Ā€ĀœWe have not taken our focus off of Europe. We have not decide

d that the future lies in the

Pacific Basin. We are a Pacific power. We will assert that power, and we will remain a Pacific

power. But we are also an Atlantic power.Ć¢Ā€Ā

Question 6: Which of the following economic goals focuses on equal opportunities for education? (5 points)

-Equity

-Freedom

-Growth

-Security

Question 7: Marcel takes out student loans and works part-time to put himself through college. In time, he earns an advanced medical degree and goes to work in an understaffed city -hospital. Marcel's economic decisions benefit the goal of efficiency by (5 points)

-making his own job

-related decisions

-paying back loans to reduce the debt

-contributing to the nation's productivity

-taking advantage of equal opportunities

Question 8: Two countries produce milk and dairy products efficiently. Neither has an absolute advantage. However, Country A exports milk to Country B, and Country A imports cotton from Country B. Which of the following is inferred? (5 points)

-The opportunity cost of producing milk is lower for Country A.

-The opportunity cost of producing cotton is higher for Country B.

-Country A has a natural resource advantage in cotton.

-Country B has a natural resource advantage in milk.

Question 9: Worker hours to produce one unit of natural gas; Worker hours to produce one unit of oil; Brazil 4 9; Argentina 2 10; Mexico 3 7; United States 1 6. According to the chart, which country has the comparative advantage in oil production? (5 points)

-Brazil

-Mexico

-Argentina

-United States

Question 10: The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason? (5 points)

-Indonesia, as a developed country, has a highly paid and experienced workforce

-Indonesia, as a developing country, has a less advanced manufacturing infrastructure

-The United States, as a developing country, has a high comparative advantage in manufacturing.

-The United States, as a developed country, has a lower cost of living than Indonesia

Question 11: A group of nations establishes a free-trade zone. What is the most likely effect? (5 points)

-Cost of trade increases

-Exports decrease

-Imports decrease

-Trade increases

Question 12: The United States may have a tariff on cotton products from China in order to (5 points)

-prevent Chinese manufacturers from losing profit because of low prices

-protect the business of the American cotton growers and manufacturers

-stop trade due to political disagreement on economic policy

-promote sales in the United States of cotton products from China

Question 13: A Chinese international salesperson hoping to increase exports to the U.S. may worry about the inflation of the U.S. dollar because the inflation may (5 points)

-increase the United States' supply of Chinese products

-decrease tariffs on Chinese products sold to the United States

-increase taxes on the United States' products sold to China

-reduce the United States' demand for Chinese products

Question 14: How would a strong U.S. dollar impact the trade of grain produced in the United States? (5 points)

-U.S. grain exports decrease

-U.S. grain exports increase

-U.S. grain imports decrease

-U.S. grain imports stagnate

Question 15: Which of these can be a result of inflation? (5 points)

-Businesses grow cautious about spending

-The government has to cut spending

-The price of household items increases

-Workers benefit from a lower cost of living

Question 16: If the inflation rate increases faster than their income, people will most likely (5 points)

-use a higher proportion of their incomes on basic needs

-spend a lower proportion of their incomes on basic needs

-get more goods and services for less money

-obtain fewer goods and services for less money

Question 17: To increase your standard of living, your wages must (5 points)

-rise faster than the inflation rate

-rise more slowly than the inflation rate

-keep pace with the inflation rate

-have a negative inflation rate

Question 18: Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which is true about most current EU free-trade agreements? (5 points)

-The European Union's free-trade agreements are with all of the most developed nations in the world.

-The European Union's free-trade agreements include agreements with both developed and developing nations.

-The European Union's free-trade agreements focus on nations with access to overland trade routes

-The European Union's free-trade agreements focus on the Southern Hemisphere, as distant countries have access to goods not grown in Europe.

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