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• Explain the differences between how advocates of active policy and advocates of passive policy view the economy.

• Recognize the rationales for international trade.

• Evaluate the arguments for trade restrictions.

• Identify the major types of trade restrictions.

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Hubert Koch
Hubert KochLv2
6 Jan 2019

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Related questions

Question 1 What factors determine the demand for British pounds in foreign exchange markets? How are exchange rates determined under a flexible exchange rate system?

Question 2 Why can't all the balance of payments accounts be in surplus?

Question 3 How can tariffs protect U.S. jobs? Do tariffs lead to a net increase in jobs? Explain. Who are the winners and losers from trade restrictions? Given that trade restrictions impose losses on an economy, why are trade restrictions so common?

Question 4 Describe developing countries and how they differ from industrial market economies. How can international trade aid development? In what ways does the international economy impose problems on developing countries?

Question 5 How can two countries both be better off as a result of trade?

11. List and describe two arguments that help to explain why nations sometimes restrict trade. How do lobbying and logrolling contribute to the creation of tariffs? Identify a U.S. industry and how its management would argue for restrictions on imports. Assume that the industry is unionized and appraise the union's stand on restrictions.

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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